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Dubai, UAE: Mashreq Bank, a leading financial institution in the UAE, today announced the launch of its credit card remittance service. Mashreq customers will now be able to use their credit cards to make instant money transfers to all banks in India and Pakistan at zero fees, zero cash advance charges.
The new simple-to-use service is available by using the bank’s mobile banking app, Snapp, and is designed to make remittance transfers a seamless, easy, and hassle-free experience for Mashreq customers, who can now send money home easily, at anytime they choose.
Commenting on the new launch, Rohit Garg, Head of Remittances at Mashreq Bank said, “Mashreq understands the importance of sending money to friends and family back home. Sometimes, circumstances arise unexpectedly and we want to fully support our customers’ financial needs by giving them the flexibility to make payments 24*7. We expect this new service to be welcomed by our expatriate customers, and will continue to look for innovative ways to make managing your everyday finances simpler, more seamless and more convenient.”
Pankaj Kundra, Head of Payments at Mashreq Bank added, “Mashreq’s Quick remit service offers customers the added benefit of easily transferring money remotely 24 hours a day, avoiding the need to visit a branch. The success of Quick Remit last year highlights an appetite for simple digital banking, and we are committed to expanding our capabilities in this area.”
Launched in 2017, Mashreq Quick Remit has seen a 73% increase in remittances for the bank since its introduction. According to the latest quarterly report released by the UAE Central Bank, India accounted for a total of Dh13.6 billion worth of cash sent through banks and exchange houses during the fourth quarter of 2018, while Pakistan came in second with a total share of Dh3.8 billion, or 9.4 per cent of the total remittances.
Mashreq aims to replicate the success of its service for Indian and Pakistani customers by expanding Quick Remit into other expatriate communities across additional territories. For more information, please visit: mashreq.com/CCremit
*The service is available to select customers of the bank based on internal criteria.
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About Mashreq
Established in 1967, Mashreq is the oldest Bank in the UAE with award-winning financial solutions and services. Throughout its 50 years' history, Mashreq has differentiated itself through innovative financial solutions, making it possible for its customers to achieve their aspirations. Today, Mashreq has a significant presence in 11 countries outside the UAE with 26 overseas branches and offices across Europe, USA, Asia, and Africa.
Mashreq launched its new Vision and Mission in 2016, outlining its commitment towards its clients, colleagues and the community. In line with its new Vision to be the region's most progressive bank, Mashreq leverages its leadership position in the banking industry to enable innovative possibilities and solutions for its customers across Corporate, Retail, International, Treasury and Islamic Banking. Mashreq is proud to be the first financial institution in the UAE to be awarded the Gallup Great Workplace Award for fifth consecutive years from 2014-2018. Mashreq also continues to invest in recruiting, training and developing future generations of UAE National bankers.
For media enquiries, please contact:
Rana ElBorno
Public Relations, Mashreq
Tel: 04 –6083629
Email: RanaAlb@mashreq.com
David Ross
Weber Shandwick
Tel: +971 4 445 42 22
Email: Dross@webershandwick.com
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