Dubai-based Mashreq Bank has announced the launch of its credit card remittance service which allows customers to use their credit cards to make instant money transfers to all banks in India and Pakistan at zero fees, zero cash advance charges.
The new service is available by using the bank’s mobile banking app, Snapp, and is designed to make remittance transfers easier.
Rohit Garg, head of remittances at Mashreq Bank said: “Mashreq understands the importance of sending money to friends and family back home. Sometimes, circumstances arise unexpectedly and we want to fully support our customers’ financial needs by giving them the flexibility to make payments 24*7.
"We expect this new service to be welcomed by our expatriate customers, and will continue to look for innovative ways to make managing your everyday finances simpler, more seamless and more convenient.”
Launched in 2017, Mashreq Quick Remit has seen a 73 percent increase in remittances for the bank since its introduction.
According to the latest quarterly report released by the UAE Central Bank, India accounted for a total of AED13.6 billion worth of cash sent through banks and exchange houses during the fourth quarter of 2018, while Pakistan came in second with a total share of AED3.8 billion, or 9.4 per cent of the total remittances.
Mashreq said it aims to replicate the success of its service for Indian and Pakistani customers by expanding Quick Remit into other expatriate communities across additional territories.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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