Why Banks Are the Worst Option for Sending Money Abroad


 When people think of financial advice, they often picture complex strategies, hefty fees, and intimidating jargon. But sometimes, advice can be as simple as, “Next time you transfer money internationally, let me help you save at least AED 100—completely free.” It’s not rocket science; it’s about being smart with your money and avoiding unnecessary costs.

The Hidden Costs of Banking Transfers

Banks are the go-to for most people when transferring money internationally or exchanging currencies. Why? Convenience. But what many don’t realize is that this convenience often comes at a steep price.

  • Transfer Fees: Most UAE banks charge anywhere from AED 50 to AED 200 for international transfers, not including intermediary bank fees that can eat into your transfer amount.
  • Currency Exchange Spreads: Banks add a markup—often between 1-3%—to the exchange rate you see online. This is on top of the transfer fee. That small percentage can mean hundreds, if not thousands, of dirhams lost, depending on the amount transferred.

For something as routine as moving money, these charges add up fast, and they’re entirely avoidable.

The Simplicity of Smarter Solutions

Financial advice doesn’t have to be complex or intimidating. It’s not always about investments or retirement plans. Sometimes, it’s as straightforward as helping you avoid unnecessary fees.

That’s why we highlight alternative solutions for our clients. For example, using a dedicated FX service can drastically reduce the cost of transferring money internationally or converting currencies. With these services:

  • You don’t pay transfer fees.
  • The currency exchange rates are often much closer to the market rate, meaning the spread is smaller.
  • You’re in control. You get a quote, compare it to your bank’s rate, and make the decision yourself.

It’s not a sales pitch; it’s about giving people the tools to make better financial decisions. The best part? Many of these services are user-friendly and transparent—qualities banks often lack.

Why Financial Advice Isn’t Scary

There’s a misconception that financial advisors only deal with complex portfolios or charge you for advice. But the truth is, a lot of good advice is practical, actionable, and free. It’s about showing you where you’re losing money and how to keep more of it in your pocket.

Whether it’s optimizing your international money transfers or showing you how to save on fees, financial advice isn’t just for the wealthy or financially savvy. It’s for anyone who wants to make smarter decisions with their money.

So next time you’re about to hit "transfer" at your bank, pause. Think about the fees and the rates. Then remember—financial advice doesn’t have to be complicated or costly. Sometimes, it’s as simple as finding a better way to move your money. Let us help you save.

Book an appointment and take! control

https://outlook.office365.com/book/SkyboundWealthManagement4@skyboundwealth.com/s/GxL75GQxr0KaVOmhTMCyZg2

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