Money transfer firms in Dubai are bracing for currency swings as Trump’s tariffs shake global trade, impacting remittances to India, Pakistan, and the Philippines
Remittance
Latest in Remittance
Remittance
India receives over $100bn remittances for three consecutive years
India, Mexico and China lead global remittance inflows
GCC
GCC worker remittances hit $131.5bn in 2023, global highest after US
The centre’s data indicated a slight dip of 0.4% from 2022
Al Ansari Exchange
UAE’s Al Ansari Exchange, BILRS partner to expand global bill payment services
The facility will be made available through Al Ansari Exchange’s extensive branch network across India, Pakistan, Philippines, Egypt, and more
Careem
UAE’s Careem Pay expands remittance service to 18 European countries
Careem users can now send near-instant money transfers to bank accounts in Austria, Belgium, Croatia, Cyprus, Estonia and more
indian expats
Massive spike in remittances by Gulf-based NRIs as rupee nosedives to record levels
The rupee’s sharp decline is likely to drive a further increase in non-resident Indian (NRI) remittances, particularly from the Gulf region
Remittance
Saudi Arabia’s expat remittances hit $38.4bn in 2024, highest since 2022
The increase was reportedly mainly due to the growth in employment rates and the improvement of wages in some sectors
money transferring
UAE’s Al Fardan Exchange ties up with Visa for enhanced cross-border remittance services
The company announced launching a new cross-border remittance service through Visa Direct
Careem
EXCLUSIVE: Careem Pay launches fee-free remittance service, undercuts traditional exchanges
The move comes as conventional exchange houses increased their fees by 15% last year
expat remittances
Expats in the UAE look to digital apps to transfer money; exchange rates and fees lead remittance concerns
UAE remittance senders prefer digital methods of transferring money as they support family overseas
astra tech
Astra Tech launches ‘Send Now Pay Later’ remittance service on BOTIM in UAE
Through this strategic move, Astra Tech aims to capture a significant share of the UAE’s multi-billion-dirham remittance market
non-resident Indians
NRI remittances to India hit $107bn in FY24: Report
This is the second year in a row expat Indian remittances cross the $100 bn mark
DFSA
Dubai’s Fuse secures DIFC license to tap surging digital remittance demand in UAE
The license will enable the company to cater to the growing demand for remitting money into the UAE
cash remittance
UAE remittance fees set to increase by 15%
UAE exchange houses are set to increase remittance fees by 15 per cent
astra tech
Botim launches UAE’s first remittance to China with Tencent Financial Technology
The collaboration enables PayBy-powered Botim users to make international transfers via its messenger platform directly to over 1 billion Weixin users
cash remittance
Remittances to MENA region fall over 5% to $61bn, Egypt slumps while India and Philippines among top recipients
Remittances into the Middle East and North Africa fell during 2023, according to a World Bank report
Arab Monetary Fund
Pakistan announces remittances deal with Arab countries
Pakistan and Arab countries to boost remittance payments with cross-border money transfer deal