From UAE, Philippines is 7th Cheapest Country to Send Money to

The Philippines is the 7th cheapest country to send money to from the Emirates, Gulf News reported based in a recently released World Bank report.

The report collected data from January to March 2017. It said it takes Dh26.88 to send some Dh735 from the United Arab Emirates (UAE) to the Philippines.

The Philippines is followed by Egypt and Yemen, and Jordan. Sudan tops the list, followed by Pakistan, Bangladesh, India, Nepal, and Sri Lanka.

“The report, which is part of an on-going campaign to make money transfers cheaper for expatriates – especially those from the developing countries, looks at the total cost of moving cash around the world, including transaction fees and other charges that remitters may not be aware of,” the Gulf News said.

“The World Bank report is used as a reference for measuring progress on efforts to reduce the global cost of remittances to 5 per cent,” it added.

This month, major remittance firms in the UAE hiked their fees by Dh2.

Reports said some branches as well as small remittance outlets have yet to hike their rates.

UAE expatriates send money totalling $20 billion yearly to their home countries, Khaleej Times reported.

The UAE is the fourth top remittance-sending country in the workd, the report also said based on a 2016 World Bank fact book.

 

(Source: FilipinoTimes.ae)

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