Xpress Money offers the lowest transfer fees and great exchange rates from UAE to Egypt

In an endeavor to further encourage Egypt’s growing remittances

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 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).

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

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.

For more information, follow us on Facebook: www.facebook.com/XpressMoney, Twitter: @Xpress_Money LinkedIn: https://www.linkedin.com/company/xpress-money-services-ltd/ or visit www.xpressmoney.com

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