Xpress Money sees 12% rise in remittances in the first two weeks of Ramadan

~ Season of generosity translates to more remittances to friends and family back home ~

Xpress Money, one of the world’s most dependable money transfer brands has recorded a 12% increase in remittances in the first two weeks of Ramadan as compared to the same period last year (first 2 weeks of Ramadan last year). The increase is reflected in outward remittances to South Asia, the Levant and other parts of the MENA region.

“Ramadan is the month of giving, and we traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12% increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr. The increased remittances are a sign of generosity, and also help families back home prepare for Eid festivities,” said Xpress Money’s COO, Sudhesh Giriyan.

The increased remittances are part of a broader shift in spending, consumption and behavioural habits during the holy month. Last year, a comprehensive GCC-wide survey by Xpress Money showed that 44% of UAE expatriates transferred more money to their loved ones during the month, while 69% spent more on charitable acts. 43% of respondents also said that they spend more time socialising with friends and family during Ramadan.

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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