The Biggest Money Sink Expats Fall Into: The Currency Trap

 

If you’re still using your bank to send money home or convert your salary, you’re likely losing thousands — and you probably don’t even realize it.

Many expats believe their bank is giving them a “good rate” — they even advertise “no transfer fees”. But the catch isn’t in the fee — it’s in the spread.

What’s the spread?

It’s the hidden difference between the real exchange rate (the one you see on Google) and the rate the bank gives you. That small percentage difference goes straight into the bank’s pocket — and out of yours.

In the example here, sending 20,000 AED:

  • Using a specialist platform: ~20,000 AED → £4,012
  • Using a bank: ~20,531 AED → £4,012

That’s 531 AED wasted — on just a small transfer. Imagine the loss when sending a house deposit or school fees.

Why do banks get away with it?

Because they advertise “no fees”, and most people don’t question the rate itself.

If you’re serious about keeping more of your money — stop using your bank for transfers. Be smart and explore better options.

A financial advisor is not just about investments.

Too many people think financial planning begins and ends with “where should I invest?”

The reality? It’s about everything connected to your personal finances — risk management, estate planning, taxes, savings, insurance, and even simple things like smarter money transfers.

If I can add value on something as small as saving you hundreds on a currency transfer… Imagine what I can help you achieve in a full meeting.

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Book a meeting using the link below, financial planning is for everyone.

https://outlook.office365.com/book/SkyboundWealthManagement4@skyboundwealth.com/s/GxL75GQxr0KaVOmhTMCyZg2?ismsaljsauthenabled=true

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