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Remittance fees from UAE to increase by 15%

Expatriates remitting money from the UAE to their home country will soon have to pay more after the Foreign Exchange and Remittance Group (FERG) announced on Monday (February 12) an expected increase in remittance fees.

The group, which represents money exchange houses in the UAE, said that authorities have approved an increase in remittance fees by 15 percent, or Dh2.50.

The fee increase will apply on remittance services done in stores, but fees for remittances done online will likely remain the same.

Mohammad Al Ansari, Chairman of FERG, said this is the first remittance fee increase in five years. The fee increase “ensures that exchange houses can sustain the delivery of high-quality services while addressing the changing regulatory requirements and associated operational costs,” Al Ansari said.

The biggest remittances from the UAE come from Indians, Filipinos, Pakistanis, Egyptians and Bangladeshis. ICA/Expat Media

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