MoneyCamel.com in Media

Business Loans in UAE

Applying for a business loan in the UAE can be a tricky matter. Research shows that only 4 per cent of the bank lending in the UAE goes to small and medium enterprises (SMEs), which make up the lion’s share of businesses. But the tide is changing and the lending from banks and financial institutions to SMEs is increasing. From realising the importance of SMEs to the economy to the UAE Cabinet stipulating that government agencies, institutions and companies wholly or partially owned by the government will allocate 5 per cent of their budget to SMEs, things are looking up for smaller enterprises in terms of borrowing from banks.

Published: Gulf News- May 29,2014

Remitting money from UAE

Many of us have a myopic view of transferring money, looking only at the currency exchange rate. We don’t bother with the bigger picture: how to make the most of the transfer to get the biggest bang for your buck. Here’s a quick rundown of what you need to remember when sending remittances home.

When it comes to money transfer fees most exchange houses offer the same rate, says Preeti Harrison Bhambri, Managing Director, MoneyCamel, a personal finance website. “A survey of the top five money exchanges revealed an average difference of only .04 fils. So the consumer does not lose any money as long as he is using one of the bigger exchange houses.”

Published: Gulf News- May 26, 2014

Deposits in UAE

Savers will continue to see their nest eggs whittled away by inflation, as interest rates in the country continue their downward trend.

According to Preeti Bhambri, managing director of personal finance site MoneyCamel.com, the 12-month average interest rate for deposits dropped from 1.6 per cent in 2012 to a measly 0.85 per cent to date. “UAE banks are still flush with liquidity, owing to capital flowing in from the Middle East region. With limited avenues to invest, banks have no incentive to attract more deposits and pay a higher rate to investors. This is also evident from the falling rates on personal loans and mortgages,” she added.

Published: Gulf News- April 27, 2014

Saving Offerings in UAE

With many consumers now increasingly aware of the need to save for the future, banks in the UAE are stepping up their game, tailoring savings schemes that promise positive returns.

Preeti Bhambri, managing director of MoneyCamel.com, a personal finance and comparison site, said that with economic instability and rising prices, there is a growing awareness among consumers of the need to set aside for the future, and banks are riding this trend.

Published: Gulf News- August 5, 2013

Travel insurance UAE

Most residents in the UAE don’t buy travel insurance when they go abroad. According to research by Zurich Insurance, more than half of UAE residents have never bought travel insurance. Of the UAE residents surveyed, 58 per cent indicated that they had never bought travel insurance, while 32 per cent said they did so on occasion.

“The reason for low uptake in our experience is primarily due to the fact that a large amount of trips abroad for the UAE residents tends to be travel back to home country and they assume that they may not require emergency medical coverage when they are home".

Published: Gulf News- 18 July,2013

When sending money overseas, paying attention to the hidden charges could reap some rewards. Many expatriates who regularly transfer funds abroad are concerned mostly about the transaction fees and have very little regard for the hidden costs.

When making a remittance, it is important to find out if there are “little extras” that the service provider is tacking into the bill. These not so obvious add-ons can be in the form of poor exchange rates, and the so-called “back-end fees” that apply to money transfers in certain markets.

Published: Guldf News- August 17, 2013

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