Expatriates in the UAE will see a 15% increase in remittance fees, as announced on Monday.
The Foreign Exchange and Remittance Group (FERG), representing exchange houses in the UAE, disclosed that authorities have approved a 15% fee hike, equivalent to Dh2.5.
This adjustment applies to remittance services conducted through physical branches of exchange houses. However, fees for remittances via mobile apps are expected to remain stable or possibly decrease to maintain competitiveness in the digital realm.
According to Mohammad A. Al Ansari, Chairman of FERG, this move is aimed at sustaining high-quality service delivery while addressing evolving regulatory requirements and associated operational costs. Remarkably, such adjustments have not been made for the past five years.
The UAE stands as one of the world’s largest remittance markets, with significant flows directed towards countries such as India, Egypt, Pakistan, Bangladesh, the Philippines, and others across Asia and the Middle East. With foreign workers comprising nearly 85% of the UAE’s population, this adjustment marks the first fee revision in five years, aimed at aligning with increased operational expenses since the last update.