Fastest remittance service in UAE now available for India, Philippines and Pakistan

Dubai, April 4, 2015

Emirates NBD, a leading bank in the region, announced today the launch of its 60 second DirectRemit service to Pakistan. DirectRemit, a money transfer platform that is considered the fastest in the UAE, allows Emirates NBD customers to remit money to Pakistan within a minute with zero remittance fees.

The direct bank transfer service enables Emirates NBD customers to perform Pakistani Rupee remittances to Faysal Bank accounts in Pakistan in less than 60 seconds, and transfers to other Pakistan banks within one hour. Faysal Bank is a leading bank with a footprint of over 270 branches across 80 cities in Pakistan. Customers of Emirates NBD can avail DirectRemit service to Pakistan via online banking channels. 

Commenting on the launch of the service, Suvo Sarkar, General Manager - Retail Banking and Wealth Management, Emirates NBD, said: "Remittances by the Pakistani expatriate population in the UAE is the second largest source of remittance inflow to Pakistan, so the introduction of the DirectRemit service is an excellent value proposition to our Pakistani expatriate customers.

"We are confident that our Pakistani customers will take advantage of this unique facility, which enables them not only to transfer funds to their beneficiaries back home almost instantly, but also to pay their bills, insurance premiums and loan payments, through their bank accounts in Pakistan," Sarkar added.

Money flows from the UAE are among the highest to Pakistan and other countries in South East Asia. According to recent World Bank estimates, Pakistan remittances amounted to US $17 billion from around the world.

The DirectRemit service is seen as a key component of Emirates NBD's value proposition to its account holders. Since the launch of DirectRemit in 2014, the service has proven to be extremely successful, with an increasing number of the bank's customers remitting money to India and Philippines via DirectRemit.

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About Emirates NBD
Emirates NBD is a leading banking Group in the region.  As at 31st December 2014, total assets were AED 363 billion, (equivalent to USD 98.8). The Group has a leading retail banking franchise in the UAE, with more than 215 branches and over 889 ATMs and CDMs in the UAE and overseas.  It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations. 

The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Qatar, Singapore, the United Kingdom and representative offices in India, China and Indonesia.

The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.

For further information, please contact:
Ajith Henry
Communications - Group Marketing, Emirates NBD
Tel: 971-4-3874421
Mob: 971 55 6612391
Email: AjithH@emiratesnbd.com

Tricia Rego
ASDA'A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.rego@bm.com

© Press Release 2015