UAE: With the aim of further boosting remittances to Egypt, Xpress Money, one of the most dependable money transfer brands in the world, offers the lowest transfer fees, amongst international money transfer companies, starting at AED 15 for remittances from the UAE to Egypt. Egyptian expats in the UAE also get better exchange rates on their money transfers. The organization aims to further support the recent resurgence of remittances to the Arab Country, which witnessed a 19.2 percent growth in remittances in 2017 since the devaluation of its currency in November 2016.

With lower transfer fees and better exchange rates, Egyptians in the UAE get more value as their beneficiaries receive more Egyptian Pounds from the Dirhams sent. Ever since Egypt devalued its currency, Egyptians across the world have been encouraged to send money and use official channels to do so. Before the devaluation, the country witnessed a decrease in remittances owing to speculations and many choosing to opt for other modes of money transfer.

Speaking about the move to reduce transfer fees, Arvind Mylar, Vice President – Business Development (MEASA & CIS), Xpress Money, said, “Remittances play a key role in the Egyptian Economy; being one of the few sources of foreign currency coming into the country. With the country’s Central Bank devaluing the Egyptian pound by nearly a third of the former price earnings per growth (PeG), in 2016, remittances to the country have seen a recent surge. Being one of the leading money transfer companies in the region, and witnessing an increase in remittances from the UAE to Egypt, we believe that it is necessary to facilitate this resurgence by offering low remittance fees and better exchange rates, so that Egyptians receive more money on every transfer. With over 857,000[1] Egyptians living in the UAE, better exchange rates and low transfer on remittances could add great value to the expats.”

Egypt is the largest receiver of remittances in the Arab World and the Egyptian diaspora is widely spread across the world. With 480 Xpress Money locations in Egypt, beneficiaries can receive the money sent as cash (Egyptian Pounds or US Dollars) or in their bank accounts (Egyptian Pounds).

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About ‘Xpress Money’

‘Xpress Money’ is a global money transfer brand with a thriving presence in more than 165 countries across all continents through 200,000 agent locations. ‘Xpress Money’ has come to be known as the most dependable international money transfer brand and provides its customers a simple, fast & safe way to transfer money through innovative technology, superior customer service and its extensive worldwide network. For more information, follow us on Facebook: www.facebook.com/XpressMoney, Twitter: @Xpress_Money or visit www.xpressmoney.com

Media Contacts:

Xpress Money –Daphne Correa; daphne.correa@xpressmoney.com; +971 526748557  

Quill Communications – Manoshi Banerjee; mbanerjee@quillmena.com; +971 52 445 4388

[1] http://www.un.org/en/development/desa/population/migration/data/estimates2/estimates17.shtml

© Press Release 2018