Urgent UAE: Statement regarding fees for financial transfers to other countries

Abdallah Shahin - | Business

The Chairman of the Board of Directors of the Group of Banking and Money Transfer Institutions in the Emirates, Muhammad Al-Ansari, said that “exchange companies still maintain their share in the money transfer market in the country, even with the presence of many entities that provide the same services, whether foreign companies or through telecommunications companies’ applications and others.” .

Al-Ansari further mentioned that the rates for transferring money to other nations through online exchange businesses are the lowest at the state level and do not surpass 12 to 15 dirhams. This is in contrast to the prices that range between 50 and 100 dirhams in other regions on average.

As per the data provided by the Central Bank, exchange companies are responsible for thirty percent of the financial transfers that take place within the country. The remaining seventy percent of these transfers are carried out through banks.

This came about as a result of the arrival of foreign companies operating in the field of money transfer into the local market. These companies offered a variety of services at costs that were extremely low and sometimes even free of charge.

In his statement, Al-Ansari added that exchange firms offer the same services that are offered by banks, international corporations, and telecommunications companies, but at costs that are competitively discounted. Additionally, exchange companies have ongoing development plans, the primary purpose of which is to provide a variety of services and to ensure the satisfaction of their customers. There are other services that are also given by exchange firms, the most important of which are wages, payment of various bills, and other similar services. This gives the exchange sector weight, since it is the most important in the country's financial sector after banks. He pointed out that exchange companies also provide other services.

Al-Ansari emphasized that "the share of exchange companies was affected slightly, not to mention, as a result of the presence of great competition in the Emirati market, thanks to the reputation achieved by local companies, and with the support of the reliability of transfers on time and the reassurance of customers in dealing with them," pointing out that "the entities that provide financial transfers" affected the share of exchange companies. It is free, and it typically does this within the framework of promotional offers for a specific period of time. After that period, it begins to charge fees, so it is possible to say that there are no concerns regarding the presence of foreign money transfer companies within the country. This is because the exchange sector in the Emirates is strong, and it is organized in a manner that is considered to be the best in the region. In addition, the transfer fees themselves are competitive and among the lowest rates in the world, regardless of whether they are paid in-person or online.

We are witnessing a demand for presence there by many international money transfer companies, in addition to banks, and we anticipate that the year 2024 will witness stronger growth in the movement of money transfers, supported by the economic momentum that is being witnessed by all sectors. He emphasized that the market in the United Arab Emirates is active and has great opportunities. Due to this, we are witnessing a demand for presence there. The nation.

According to Al-Ansari, "During the second half of this year, there is a decline of approximately 10 to 15 percent in transfers to a number of countries, which account for the largest percentage of financial transfers from the state. These countries include India, Pakistan, and Egypt. This decline is due to the preference of the citizens of these countries to keep their savings within their own country." The state, and keep it in the local currency, as it is stable and does not suffer from the fluctuations witnessed by their countries’currencies,” saying that the economic conditions in these important destinations impose this situation, but it is a positive sign of the strength of the dirham vis-à-vis other currencies.

Al-Ansari continued by saying, "The measures that were taken by the government regarding the granting of long-term residencies within the country encouraged investors to come and transfer their money to the Emirates market, and it also increased the number of millionaires who wish to be in the country." There is little doubt that all of this will result in an increase in the number of tourists, which will immediately be reflected in the country. Movement of financial assets and currency exchange are also included.

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Abdallah Shahin
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