NRIs accelerating India's growth

UAE Exchange wishes the citizens of India a very Happy Independence Day.


After India, the UAE is home to the second largest population of Indians around the world standing at 2.62 million (source: Global Media Insights 2018). Indians, who make up nearly 27.49 per cent of the UAE population (source: Global Media Insights 2018), have been integral to this Gulf nation for decades. In 2017, India received $69 billion in remittances from NRIs around the world, out of which $13.8 billion was from the UAE alone (source: World Bank Bilateral Remittance Matrix 2017).

The money sent by NRIs to India helps them achieve their various aspirations - children's education, savings, investments, family maintenance etc. Irrespective of the reasons behind remittances, the money sent is a boon to the Indian economy, contributing 2.7 per cent towards the country's GDP in 2017 (source: World Bank). This, by far, is the most significant impact made by NRIs around the world.

Connecting the bridge between these two worlds, for nearly four decades now, is UAE Exchange. What differentiates the brand from others is its endeavour to connect the two worlds seamlessly through its bouquet of products and services across remittance, payments and foreign exchange.

For customers who visit the retail outlets and who want to instantly transfer money, FLASHremit comes to the rescue with its real-time account credit facility. While the MasterCard powered pre-paid multi-currency travel card, gocash, facilitates transactions at any MasterCard merchant locations and withdrawal of money from any ATMs worldwide.

In line with the digital era, the brand has already introduced cashless payments and is in the middle of a transformation to meet the changing needs of the digital customer. Through its online remittance channels, UAE Exchange now offers a slick user experience of remitting money with the click of a mouse anytime from anywhere and even on the move. Complementing this service are its digital apps that offer customers the facility to check and track exchange rates and remittance charges. UAE Exchange also provides utility bill payment solutions at its retail stores and through online portals.

As the country celebrates its special day today, UAE Exchange wishes the citizens of India a very Happy Independence Day.

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