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Fee on remittances from UAE to increase by 15 percent

09:15 PM | 12 Feb, 2024
Fee on remittances from UAE to increase by 15 percent

DUBAI - In a significant development for overseas workers, the authorities in the United Arab Emirates have announced increasing the fee for remittances sent by expatriates by 15 percent.

The development was confirmed by the Foreign Exchange and Remittance Group (FERG), representing the exchange houses in the UAE.

As per the announcement, the authorities have confirmed increasing the fee by 15 percent, which equates to Dh2.5.

A key aspect in this regard is the fact that the fee hike will take place for remittance services provided through physical branches of the exchange houses.

Interestingly, remittances offered via mobile apps will most likely remain unchanged or even reduced to maintain digital competitiveness.

“This move ensures that exchange houses can sustain the delivery of high-quality services while addressing the changing regulatory requirements and associated operational costs, all of which were maintained without fee increases for the past five years,” Mohammad A. Al Ansari, chairman of Ferg was quoted as saying by Khaleej Times.

It is to be mentioned that UAE hosts about 1.7 million Pakistanis, the second largest Pakistani expat community in the world.

The data by the State Bank of Pakistan confirms that the volume of remittances from the UAE to Pakistan in fiscal year 2022 was $2555.22 million, implying that a sizeable Pakistani workforce is employed in the country in diverse fields from banks to real estate.

The UAE stands as one of the globe's leading remittance hubs, channeling a significant portion of remittances to multiple countries. Expatriates make up nearly 85% of the total population, making it one of the countries with the highest concentration of foreign labor.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 22 February 2024

Pakistani rupee remains stable against US dollar and other currencies in the open market on February 22, 2024 (Thursday)

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300.2 for buying and 303.2 for selling while British Pound rate stands at 350.6 for buying, and 354.1 for selling.

UAE Dirham AED hovers at 76.2 whereas the Saudi Riyal saw slight increase, with new rates at 74.45.

Today’s currency exchange rates in Pakistan - 22 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300.2 303.2
UK Pound Sterling GBP 350.6 354.1
U.A.E Dirham AED 76.2 76.95
Saudi Riyal SAR 74.45 75.2
Australian Dollar AUD 181.15 183.15
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207.15 209.15
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207.1 209.1
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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