Emirates NBD, Dubai's largest bank, on Wednesday announced the launch of DirectRemit services to the United Kingdom, enabling customers to transfer money instantly back home, free of any charges and at competitive exchange rates.
Emirates NBD said its remittance service is the fastest in the UAE and enables GBP transfers to Lloyds Bank accounts in less than 60 seconds and transfers to other UK based banks within an hour, via Emirates NBD Online Banking.
Suvo Sarkar, senior executive vice president and group head – Retail Banking and Wealth Management, Emirates NBD said: “We are glad to extend this instant and free money transfer service to the UK, an important remittance corridor for a wide cross-section of our customers in the UAE, providing added convenience to their daily banking.”
The UAE is home to a substantial British expatriate population who with the new service will not only be able to transfer funds to their family back home but also be able to make timely payments for mortgages, insurance plans or for investments.
Since the introduction of the DirectRemit service to India in 2014, Emirates NBD has expanded the service to cover Philippines, Pakistan, Sri Lanka, Egypt and now, the United Kingdom, with more corridors expected to be introduced in the near future.
UAE Central Bank figures report that the UK was among the top six beneficiaries of remittances from the UAE, receiving about AED7 billion in 2017.