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Dubai: Emirates NBD, a leading bank in the region, today announced the launch of DirectRemit services to the United Kingdom (UK), enabling customers to transfer money instantly back home, free of any charges and at competitive exchange rates.
Emirates NBD’s remittance service is the fastest in the UAE and enables GBP transfers to Lloyds Bank accounts in less than 60 seconds and transfers to other UK based banks within an hour, via Emirates NBD Online Banking.
Commenting on the announcement, Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD said, “DirectRemit is amongst our most popular services as it provides customers with an on-the-go yet safe channel to transfer money. We are glad to extend this instant and free money transfer service to the UK, an important remittance corridor for a wide cross-section of our customers in the UAE, providing added convenience to their daily banking.”
The UAE is home to a substantial British expatriate population who with the new service will not only be able to transfer funds to their family back home conveniently, on an ongoing basis or on special occasions, but also be able to make timely payments for mortgages, insurance plans or for investments. The service will also be helpful to other UAE residents who may have frequent need to remit funds to the UK in connection with children studying there or during holiday travel.
Since the introduction of the DirectRemit service to India in 2014, Emirates NBD has expanded the service to cover Philippines, Pakistan, Sri Lanka, Egypt and now, the United Kingdom, with more corridors expected to be introduced in the near future. UAE Central Bank figures report that the UK was among the top six beneficiaries of remittances from the UAE, receiving about AED 7 billion in 2017.
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About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 30th June 2018, total assets were AED 477.5 Billion, (equivalent to approx. USD 130 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 227 branches and 1065 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. 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, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China and Indonesia.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is an Official Premier Partner of Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
For further information on Emirates NBD, please contact:
Ibrahim Sowaidan
Senior Vice President
Head - Group Corporate Affairs
Emirates NBD
Telephone: +971 4 609 4113 / +971 50 6538937
e-mail: ibrahims@emiratesnbd.com
Tricia Kaul | Vinisha Khatwani
ASDA’A Burson-Marsteller; Dubai, UAE
Tel: 971-4-4507600; Fax: 971-4-4358040
Email: tricia.kaul@bm.com | Vinisha.khatwani@bm.com
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