Remitting money back home has become costlier for expatriates living in the UAE from this week, national dailies have reported.
According to Gulf News, major money exchange houses have increased their charges for remittance from April 15.
- For bank transfers exceeding Dh1,000, expatriates will now have to pay Dh22, a hike of Dh2 per transaction, according to staff at various money exchange houses in Abu Dhabi.
- Similarly, for bank transfers up to Dh1,000, the service charge has been increased to Dh16 from an earlier fee of Dh15.
Khaleej Times reported that money exchange houses in the UAE have increased remittance fees to “cope with the rising cost” of doing business.
The decision to increase fee was taken by some of the major exchange houses on an individual level and not as a group under Foreign Exchange and Remittance Group (FERG), industry sources told the daily.
Money exchange houses had last revised charges in January 2014.
Annually, the amount of money that UAE expatriates send to their home countries is estimated at above $20 billion.
The 2016 World Bank migration and remittances fact-book ranks the UAE as the fourth top remittance-sending country in the world.