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Remittance fee hiked
Inayat-ur-Rahman April 18, 2017
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DUBAI: A few major money exchange houses in the UAE have increased their charges for remittance from April 15 “to cope with the rising cost of doing business.”

Rajiv Raipancholia, CEO, Orient Exchange and treasurer of Foreign Exchange and Remittance Group (FERG), told The Gulf Today that his company has implemented the raise from April 15, adding that it would have a minimal effect on low-income workers.

He mentioned that due to rising costs such as rentals, salaries and cost of compliance, they have made a nominal increase in the service charges by around 5 per cent to all corridors from Dhs15 to Dhs16 for transactions up to Dhs1,000 and Dhs20 to Dhs22 for transactions over Dhs1,000.

He noted that Dhs2 increase per transaction for middle-and higher-income expatriates would be very nominal.

The decision to increase fee was taken by some of the major exchange houses on an individual level and not as a group under FERG, industry sources said.

According to the World Bank’s latest Remittance Prices Worldwide report, the global average fee remained stable at 7.45 per cent in first quarter 2017, compared to the 7.40 per cent recorded in fourth quarter 2016.

Annually, the amount of money that UAE expatriates send to their home countries is estimated at above $20 billion.

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