Exchange houses in the United Arab Emirates announce a 15% increase in remittance fees

Expat money transfer fees from the United Arab Emirates will increase by 15 percent, it was announced on Monday

He Foreign Exchange and Remittances Group (FERG), representing the exchange houses of the United Arab Emirates, said that they received approval from the authorities to increase the fee in 15 percentequivalent to 2.5 dirhams.

The agency said that the increase in rates will apply to remittance services provided through physical branches of exchange houses. However, remittances offered through mobile apps will most likely remain unchanged or even reduced to maintain digital competitiveness.

“This measure ensures that exchanges can sustain the provision of high-quality services while addressing changing regulatory requirements and associated operating costs, all of which have remained without rate increases for the past five years.”

saying Mohammad A. Al Ansari, President of Fergram.

The United Arab Emirates is one of the largest remittance markets in the world, with most remittances flowing to India, Egypt, Pakistan, Bangladesh, the Philippines and other countries in Asia and the Middle East. The UAE also has one of the highest populations of foreign workers: they make up almost 85 percent of the UAE’s population.

Ferg It said this is the first exchange rate adjustment in five years to cover related cost increases since the previous update.

News Source: Khaleej Times