UAE exchange houses increase remittance fees by 15% for the first time in five years to sustain high-quality services, address regulatory requirements, and maintain digital competitiveness.

UAE exchange houses have announced a 15% increase in fees for remittances, marking the first increase in five years. The Foreign Exchange and Remittance Group (FERG) stated that this move is to ensure exchange houses can sustain high-quality services while addressing changing regulatory requirements and operational costs. Remittance services provided through physical branches of exchange houses will see the fee increase, while mobile app-based remittances are expected to remain unchanged or potentially be reduced to maintain digital competitiveness.

February 12, 2024
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