Emirates NBD, Dubai’s biggest bank, has just announced a new remit service for customers sending money to the UK.
The bank has added the UK to its DirectRemit service, which provides international money transfers free of charge at competitive exchange rates.
Emirates NBD said that this makes for the UAE’s quickest money transfer service for transfers to the UK.
The bank said that transfers to Lloyds Bank accounts can be completed in less than 60 seconds, while transfers to other UK-based banks can be completed in less than an hour. And transfers can be done online, or through the Emirates NBD mobile banking app.
“DirectRemit is amongst our most popular services as it provides customers with an on-the-go yet safe channel to transfer money,” said Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management at Emirates NBD.
“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.”
Indeed, with this service, Emirates NBD is hoping to tap into the considerable expat British population in the UAE. The bank points out that the new DirectRemit service can not only be used to send money home for families, but also for things like mortgage and insurance payments.
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 destinations 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 AED 7 billion in 2017.