Expats to pay more for sending money home

Sending money home becomes costlier for expats living in the UAE from this week.

Major money exchange houses have increased their charges for remittance from April 15.

Most of the leading money exchange houses raised the transaction fee by up to Dh2 for bank transfers from Saturday, April 15.  However, some exchanges had raised the fee from first week of April.

For bank transfers exceeding Dh1,000, customers have to pay Dh22, compared to Dh20 earlier. Similarly, for bank transfers up to Dh1000, the service charge has been increased to Dh16 from Dh15.

Service charge for currency exchange has also been increased by Dh1, from Dh2 to Dh3 per transaction.

Although most of the leading players, which raised the charges, are members of the Foreign Exchange and Remittance Group (FERG) — an official platform of the money exchange houses in the UAE, it was not a FERG decision, its chairman said on Monday. “We had shared a study, which had suggested making nominal increase in charges, among our members. It is up to the individual members to make a decision about it,” said Mohammad Al Ansari, who is also the managing director of Al Ansari Exchange.

He said the raise was minimal to meet the increasing operational costs only.

“We are aware that there will be further increase in operational costs due to new regulations. Some categories of exchanges may have to increase their capital and bank guarantee as per the Central Bank regulations,” he said. (source credit – Gulf News)

 

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