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UAE Exchange Houses Raise Remittance Fees by 15% Amid Economic Shift

 

Expatriates in the UAE are set to face a 15% hike in remittance fees, as announced on Monday by the Foreign Exchange and Remittance Group (FERG), the representative body for exchange houses in the country. This increase, equivalent to Dh2.5, has received approval from authorities and is applicable to remittance services conducted through physical branches of exchange houses.

FERG indicates that the adjustment is a response to the changing regulatory landscape and associated operational costs. The last fee adjustment occurred five years ago, making this the first such modification in that time. Mohammad A. Al Ansari, Chairman of FERG, emphasizes that this move is crucial to ensure exchange houses can maintain high-quality services while navigating evolving regulatory requirements and rising operational expenses.

Notably, the fee increase pertains to transactions conducted at physical branches, while remittances facilitated through mobile apps are expected to remain unchanged or may even see reductions to stay competitive in the digital space.

The UAE is recognized as one of the world's largest remittance markets, with a significant portion of remittances flowing to countries such as India, Egypt, Pakistan, Bangladesh, the Philippines, and other Asian and Middle Eastern nations. The UAE's demographic landscape is characterized by a substantial foreign workforce, constituting nearly 85% of the country's total population.

This adjustment addresses the economic shifts and cost increments experienced by exchange houses over the past five years. As the first fee modification in this period, it aims to strike a balance between meeting the financial needs of exchange houses and sustaining the affordability and competitiveness of remittance services for the expatriate population in the UAE

Feb. 12, 2024 3:47 p.m. 1395

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