UAE is the second largest remittance market in GCC after KSA where Indians, Pakistanis, Filipinos, Egyptians, Americans, British and Bangladeshi expatriate remit money to their home country. Remittances by UAE expatriates have risen 17% in the first quarter of this year, according to state-run news agency WAM.
Remittance is vital, especially in a country like the UAE where the majority of the people residing are expats that send money back home. Furthermore, RAKBANK’s customer base are as diverse as the population here in the UAE, and to cater to them the Bank offers a more wholesome banking experience through its effective global award-winning remittance service, RAKMoneyTransfer (RMT).
RAKMoneyTransfer offers customers access to features such as real time transfers, competitive exchange rates, and 24-hour access to the RMT services without any cut-off time. The beneficiary based in the Philippines can instantly collect the money from any of the 1800 Cebuana Lhuillier branches with no deduction charges on the amount received as cash. Similarly, customers can also send money by directly crediting the amount to the beneficiary’s account for a minimum charge as low as AED 21.
Likewise, it is important to highlight features where the Bank’s customers have the flexibility to send money through to the Philippines via their RAKBANK Credit Cards. Thus offering benefits such as no hidden fees, competitive exchange rates, no cash advance fees limit charged for sending money abroad, and lastly customers can benefit from an interest free period of up to 55 days.
The Bank’s RMT service offers customers a secure, convenient, and cost-effective money remittance solution that can be completed at just the click of a button using RAKBANK’s Digital Banking platform and through all of the Bank’s branches. RMT is designed to enable everyday money transfer needs of customers when remitting money abroad.
Once customers use RAKBANK’s RMT services they will never go back to the old ways, it is simply better!
