Xpress Money marks rise in remittances to Jordan from UAE

Great signs for Jordan’s economy as remittances from around the world begin to stabilize

Xpress Money, one of the most dependable money transfer brands in the world, has marked a recent rise in expat remittances sent by Jordanians living in the UAE and around the world. In January 2018, global remittances to Jordan increased by 4% as compared to the same month last year, according to the Central Bank of Jordan. The value of remittances reached $308.2 million, compared with $296.3 million in January 2017. Xpress Money has also witnessed a 5% increase in remittances from UAE to Jordan in March 2018 vis-à-vis the same period last year. To aid the rise in remittances, the company is offering remittance services from UAE to Jordan at an affordable transfer fee of AED 15 only, available at over 580 Xpress Money locations in the UAE.

Expat remittances play a key role in Jordan’s economy as a prominent source of foreign currency inflows, along with commodity, service exports, grants and foreign aid. About 70% of foreign remittances come from the GCC, and the rest from US and Europe. Remittances from the UAE, which is home to over 200,000 Jordanians, make up a large portion of the inflow into the country.

Arvind Mylar, Vice President “ Business Development (MEASA & CIS), Xpress Money, said, “The stabilization of remittances and trends showing signs of resurgence, are great for the Jordanian economy. A recent report issued by Jordan Strategy Forum also emphasized on the need for Jordan’s government to take proactive steps for improving policies for expats. The report also concluded that, remittances have a positive impact on the national GDP and the real GDP per capita income of Jordanians as well as on bank deposits and bank credit to local companies. At Xpress Money, we have always believed in the positive macro and microeconomic impact of remittances, and therefore, we constantly work to offer more affordable and convenient money transfer solutions to both, the sender and the receiver. Apart from the low transfer fee of AED 15, we also offer great exchange rates so that people receive better value from their remittances.

As per estimates, there are over 750,000 Jordanian expats around the world, with most of them living in Gulf countries. Through Xpress Money, Jordanian expats around the world can send money instantly to over 125 locations in Jordan.

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About ‘Xpress Money’:

Incorporated in 1999, 'Xpress Money' is a global money transfer brand with a thriving presence in more than 170 countries across the globe through partnerships that have a network of over 200,000 locations. It is one of the most dependable and renowned international money transfer brands across the globe. 'Xpress Money' provides customers convenient, simple and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organizations that include international money transfer operators (IMTOs), banking as well as non-banking institutions, retail chains, online remittance players and fintech companies. Xpress Money's state of the art compliance and security policies ensure customers a secure and hassle-free money transfer process.

Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.

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