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Management Services

Foreign Currency

We carry out this kind of business through our correspondent banks. Moving, living, travelling or working abroad? If you need to manage your finances in your local currency we have a range of products, services and advice for your financial needs.

Sterling
US Dollar
Euro
Other

Fluctuating exchange rates

The world's major currencies float freely against each other so like anything else that is traded on an open market, the unit of currency is worth what people are prepared to pay for it. As such, if you buy your currency at a hotel reception, bureau de change, bank or through a specialist foreign exchange broker, the exchange rates and therefore value for money, will vary. There are some specialist foreign exchange companies that can buy ‘wholesale' from the market, which means better exchange rates for buyers.

Variations in exchange rates

Of course this works the other way round too – the exchange rates can favour one currency over another and they continually fluctuate so assets and liabilities vary.

Bills Collections

You can be your utility bills at any of our branch office. The utility companies (i.e. the gas, water and electricity companies) usually offer a variety of ways for you to pay your bills. Here are some of the most common:

Payment plans

Most companies offer schemes to help you spread the costs of your bills over the whole year. Monthly payments are usually made by direct debit or standing order and sometimes there are discounts for paying in this way. With direct debit you allow the company to take money on a regular basis from your account. If the amount changes you should be told (the companies should have a Direct Debit Guarantee Scheme). You should be told how much this is and when it will be taken from your account.

Direct debit

This is the easiest way for the big companies to collect bills. Most of the work is done by the bank and they are guaranteed money from your bank account every month without having to chase you for payment. With a standing order payment you decide how much to pay each month and the money is taken from your account until you give a written instruction to stop the payments.

Both payment plans and direct debit mean that you are unlikely to miss a payment. You agree a time when the money is to be taken from your account and you can ensure that this occurs before the bill is overdue.

Cheque

When the bill arrives you write a cheque and send it off to the company. Remember to put your customer reference number on the back. Alternatively you can pay the bill by cheque through the post office or your bank.
Cash

WE CAN HELP!
Don't pay cash through the post. Pay in the our's local branch bank and let us do the rest. All the payment methods above work on a credit principle. This means you generally pay for your gas, electricity or water after you've used it, although some of your bill may include an advanced payment. If you have a payment plan you have to make sure that the amount of gas or electricity you are using is not going a long way over your monthly payments. Otherwise you will be left with a huge bill at the end of the year.

Money Transfer

If you need to transfer fund overseas or Withing Nigeria, there is a much better and cheaper alternative than using bureau exchange. Mutual Alliance Savings and Loans has teamed up with the foreign exchange specialist banks to offer market-leading exchange rates for larger transactions.

* Request a currency transfer quote from any of our branch today.

Key features

    * a better rate of exchange than your bank
    * faster transfer of funds
    * the removal of charges by the receiving overseas bank
    * constant monitoring of the currency markets
    * telephone helpline

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