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Expats in UAE to pay more for money transfers

Expats in UAE to pay more for money transfers

Sending money has become expensive for expats living in the UAE starting this week, according to exchange firms. The exchange houses have increased their charges by up to Dhs 2 for remittance starting last weekend. For bank transfers more than Dhs 1,000, the service charge has increase from Dhs 20 to Dhs 22. For bank transfers below Dhs 1,000, the service charge has increased from Dhs 15 to Dhs 16. Similarly, currency exchange service charge has increased from Dhs 2 to Dhs 3 per transaction.

The money remittance industry is an open market in the country and private businesses have the right to decide their charges without the need to get approval from the UAE Central Bank.

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