Establishing Money Exchange and Transfer Business Research Proposal

Establishing Money Exchange and Transfer moving in - Research Proposal ExampleUAE has an extensive record of the money changers who ar involved in flip of foreign currencies and remittance. The process of remittances took place in the form of a third party money wages system, where the person may pass on the gold to the second party located within or outside the country. This service was utilized heavily by the emigrants in UAE. In the other countries money changers are prohibited, while in UAE and the other Gulf countries they are regulated, licensed, and supervised by the central bank. The money telephone permutation and transfer industry in UAE comprises of more than 212 offices. These money changers utilize the banks, exchange houses, and even agents to take and ask over remittances. This system might appear to be informal, but they are formal contractual agreements, and their business is jural and well-established in UAE. The currency of UAE is Dirhams which is linked t o the US Dollar. However, Dirham has remained constant more than a period of 20 years (Campbell, 2007, p. 354). Even the foreign exchange market in UAE is not centrally controlled by detail exchange. It is mainly run by the bank through over-the counter and by the companies who trade in currencies. The currency brokers are there in the market to offer good deal in foreign exchange because the exchange rate is not the same. There are different prices on which currency is traded depending on the range offered by the banks or companies into trading and fund transferring business.