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Sat 1 Sep 2018 12:07 AM

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UAE bank adds Pakistan to 'remit in 60 seconds' service

Emirates Islamic says that its 60 second online fund transfer service QuickRemit is now available for remittances to Pakistan

UAE bank adds Pakistan to 'remit in 60 seconds' service
Money dealers counts Pakistani rupees and US dollars at a currency exchange in Islamabad. (AAMIR QURESHI/AFP/Getty Images - for illustrative purposes only)

Emirates Islamic has announced that its 60 second online fund transfer service ‘QuickRemit’ is now available for remittances to Pakistan.

The bank said it has launched the service to coincide with Pakistan’s Independence Day.

Emirates Islamic customers will be able to conduct QuickRemit transfers to any Faysal Bank account in Pakistan in less than 60 seconds, and transfers to other Pakistan banks within one hour.

Faysal Bank is a leading bank with a footprint of over 365 branches across 100 cities in Pakistan.

Emirates Islamic customers can avail the QuickRemit service via the bank’s online and mobile banking channels, without any fees and at competitive exchange rates, the bank said in a statemment.

Wasim Saifi, deputy CEO - Consumer Banking and Wealth Management, Emirates Islamic said: “Extending our QuickRemit transfer service to Pakistan enhances our value proposition to one of our key customer segments. Pakistan and UAE share long-standing trade ties, with a high number of Pakistani expatriates residing in the UAE.”

Saifi also announced that the bank is working to extend QuickRemit services to other countries. The bank recently announced the launch of the QuickRemit service to India, tying up with HDFC Bank for 60-second transfers.

Pakistan is among the top three countries receiving the highest remittances from the UAE and the rest of the world.
According to State Bank of Pakistan (SBP), Pakistan received $19.3 billion in remittances from abroad in the 2017 fiscal year.

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