#UAEExchange turns 34! Celebrates with its customers

The leading foreign exchange, money transfer and payment solutions brand celebrates 34 years of successful global operations on 23rd October, 2014. UAE Exchange has been successful in sustaining its leading position in the industry. Delivering customer service par excellence has been the single most goal of UAE Exchange since inception. And this reverence has been well received and reciprocated which attributes to the strong customer base of over 6.5 million customers today. UAE Exchange has always ensured that it honours customer loyalty through a defined customers reward structure.

In line with this UAE Exchange launches #UAEExchangeAndYou contest, an inclusive celebrations initiative involving the customers, who are the reason for its growth and sustained success. This customer-rewarding initiative is a token of gratitude for the trust bestowed on the brand by the customers. To participate just click a your Selfie with any UAE Exchange element in the background. Add a caption to it and upload it on our Facebook page, Twitter or Website with #UAEExchangeAndYouand get a chance to win a Gift Voucher worth AED 500/-

To participate visit www.facebook.com/uaeexchange or twitter.com/uaeexchange orwww.uaeexchange.com 

The Anatomy of #Remittance

Summary: This article describes the remittance phenomenon, taking the reader through various aspects associated with it.

Remittance refers to the money sent by an individual residing in a foreign location to his or her native land or other regions, to fulfil a personal or professional obligation. Inflow of remittances to a region is fuelled by individuals migrating to locations, outside or within their native country.
Significance of Remittance

Remittances have a positive impact on migrants’ economic status and indirectly help boost a nation’s economy. Remittances, in essence help reduce poverty, by raising income levels and standards of living. Increased income levels enable access to better health, education, and other facilities essential to improve quality of life.
In this context, the following statistics assume great importance in terms of growth and development: Over 215 million people reside in foreign countries and more than 700 million people move to other places within their native country, according to estimates by United Nations (UN), a global organisation working for international progress. The UN estimates that migrations are more likely to increase in the near future following reasons of growing population, globalisation, and changes in climatic conditions.

Types of Remittances
Remittances can be intra-regional, where money is sent to countries within a defined region (e.g. Asia Pacific, coastal countries, etc.); domestic, which involves money transfer within a country; and international where money is moved across different countries in the world.

Channels of Remittance

There are both legal and illegal channels available for senders to get their money reach desired destinations. Individuals sending money may decide on a remittance channel based on several factors, including:

•  Availability of legal remittance channels
•  Financial infrastructure landscape in the residing country
•  Speed of money transfer through a remittance channel
•  Costs involved in sending money to the destination
•  Regulations surrounding the remittance process

Different Available Channels of Remittance
Some of the most common legal channels used by remitters to send money to a desired destination include:
Banks
Remitters can send money as an account transfer – crediting money to recipient’s bank account. Banks make use of their own global network, or establish partnerships with agents or other banks worldwide, to be able to facilitate international money transfers.

Money Transfer Companies
Remitters sending money, most often from foreign countries, use the services of a money transfer company. Money transfer companies use their global agent and bank network to transfer money to the destination. Agents can include post offices, and retail outlets (e.g. foreign money exchange centres, medical shops, grocery stores, etc.) whose customer segments are the same as that of the money transfer company.

Post Offices
Post offices, once predominantly used for domestic money transfers, have become an increasingly preferred channel for international remittances too. The ability of this channel to reach highly remote areas, such as rural localities in developing countries where technological access is difficult, raises convenience levels.

Telecommunication Companies -Mobile phone network companies offer remittance service in the form of airtime (airtime is the amount of talk-time spent by a mobile phone user) transfer to recipients. By sending airtime, the remitter is recharging the recipient’s mobile account.

Some mobile phone operators may offer remittance services only to devices operating under their network, while some operators offer delivery to any operator-based device.

Mobile transfers can also be money transfers, offered through SIM and mobile money scratch cards. In this type of remittance service, senders need to buy a customised SIM and scratch card to load funds into their mobile phones. They can then transfer money from this account by using their PIN numbers to authorise the transaction.

Other Remittance Channels
Many banks and money transfer companies also offer card transfer and online money transfer. In card transfers, remitters can send money to recipient’s debit or credit card directly. In online money transfer, senders can transfer money through a virtual account, to recipient’s bank account or to an authorised agent for subsequent collection by the recipient. While banks and many money transfer companies offer online remittance as one of their products, there are also specialist service providers such as Xoom and Money2anywhere.com.

Courier and transport companies too, offer remittance services, getting the money to the recipient through their branch or agent network. Senders typically visit the courier or transport company to make a payment. Recipients get to claim the money by visiting an authorised location, or as a home delivery (in the case of courier transfers), after identification validation.

There are also illegal money transfer channels used by remitters for several reasons including attractive exchange rates, speed and convenience, and lack of regulations. Absence of identification procedures makes this channel convenient for illegal migrants.

Hawala and Hundi are the most prevalent of illegal money transfer systems where money moves between brokers. Senders using any of these systems typically need to visit a Hawala or Hundi operator in their area and pay money.

Hundi system differs from Hawala in that there is a written agreement between the sender, Hundi operator, and the operator’s agent in the receiving country, to pay money to the recipient. Recipients under Hundi system get to receive money delivered to their door on the very day of remittance, which makes this system more appealing.

Available Remittance Reception Options

Advancement in technology has made remittance reception more convenient for receivers. The reception modes available vary from one remittance service provider to another. Recipients can claim money as:

•  Bank account credit
•  Cash payout from authorised agent locations
•  Home delivery
•  Direct transfers to debit or credit cards

With the UN predicting a possible increase in remittances in the future, one is more than likely to witness greater economic growth and more technological advancements in remittance transfer and delivery channels.

UAE Exchange opens 43rd branch in #Oman

Oman UAE Exchange, the leading and the largest Exchange Company in Oman inaugurated their 43rd outlet in Al Nahda Tower in Ghala (Opposite to Zubair Automotive). The Chairman of Muscat Municipality – His Excellency Engineer Sultan Bin Hamdoun Al Harthy inaugurated the branch in the midst of dignitaries, company delegates and the Media. The branch was inaugurated on 2nd June (Sunday) at 05.00 pm.

“This is the 4th outlet of the Year. We are trying to reach across to all the locations where we are getting requests from. The people in Oman are our strength and their requests motivate us to go that extra mile to serve them” – a Company spokesperson said.

Oman UAE Exchange branch is located inside Vachas Hypermarket in Al Nahda Tower. Being the trendsetter, the company has always been choosing strategic locations to operate for the convenience of the community. The location is very advantageous to the public and company hopes to cater to the requirements of the residents in the surrounding area.

Oman UAE Exchange, within a short time from inception, has become the largest and the much sought after remittance solution provider in the country. The only exchange company in Oman to be recognized as a Superbrand, the company maintained its Superbrand status for 4 consecutive years (2009, 2010, 2011 & 2012). Oman UAE Exchange also was adjudged as the top brand among exchange and remittance companies and as the seventh best brand in Oman through a survey conducted by Oman Observer, among Oman’s 180 greatest brands.

Being the only Exchange Company to be IMS Certified (ISO 9001:2008 for quality, ISO 14001:2004 for environment and OHSAS 18001:2007 for Occupational Health and Safety) in Oman & GCC, the company also has been accorded with BIZZ 2012 & BIZZ 2013. Oman UAE Exchange is also the only exchange house to have direct connectivity to SWIFT.

“We have been customer centric from the time we started operations in Oman and now after 17 years, our customers have helped us to emerge as the champion among Exchange Companies with varied products and services, largest number of outlets and largest worldwide banking arrangements.” – a company official added.

For more information log on to: www.uaeexchange.com

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Make Bill Payments Easier on your Wallet

Summary: A smarter choice in products and a change in habits can bring a smile on your face when paying bills.

If your power, water and mobile phone bills have of late been drilling a hole in your wallet, then realise that you can still take control by reducing your usage wisely. Often, it takes only simple steps to make a significant difference to your utility bills. Even if you are happy with your bills at the moment, integrating these cost-saving measures into your life helps you identify areas where you have been wasting money.

Simple Steps to Slash your Electricity Bills:

• Follow the classic guideline of switching off appliances and fixtures when not needed. Check for any running appliance or fixture before going to sleep at night.
• Replace filters in appliances such as air conditioners and heating or cooling systems, as and when needed. The cost that you are reluctant to spend on a new filter gets added to your electricity bill. With an inefficient filter, the appliance not only consumes more electricity to complete its task, but also gets degraded gradually.
• Reduce usage of appliances that generate heat, during summer. Using household appliances such as ovens, heaters, dishwashers and dryers, in the mornings when the sun is blazing, forces your air conditioner to work more to generate a cooling effect.
• Go for energy-saving models when shopping for appliances as they generate lower levels of heat comparatively. Choose models that have a higher efficiency rating.
• Use your refrigerator wisely as it consumes more electricity than other kitchen appliances. Avoid opening refrigerator doors often as it lets cold air out and pushes the appliance to work harder to cool the interiors again and again. Refrigerate hot foods only after they have cooled down, to prevent high power consumption by refrigerator motors to cool such foods.

Easy Tips to Reduce your Water Bills:
If you are using a water meter, you can adopt a number of ways to reduce water consumption at home:

•  Check taps for leaks regularly. Leaks can result in loss of several gallons of water and you could end up paying more for water that you did not use.
• Stop spending too much time under the shower. Close the tap immediately after a task, say shaving or cleaning vegetables, instead of letting water run till you finish it.
•  Fit your shower heads and faucets with water flow controllers available in the market. These devices control water flow so you don’t end up using more water than you actually require for a task.
•  Recycle water wherever possible. For example, you could use water remaining after cleaning vegetables for your plants.
• Calculate your water bill yourself by reading the water meter. Water billing officials may sometimes make mistakes in reading the meter and end up giving a wrong bill amount. Keep yourself up-to-date about charges per unit for water consumption to make your calculation.

Simple Ways to Save on Mobile Phone Bills:

• Choose plans that go with your calling, messaging, internet and multimedia needs. For example, if you call abroad often, you could go with a customised plan that offers comparatively lower rates for such calls as against more generic plans.
• Make use of free call benefits provided by your mobile network operator. Several carrier services allow free calls within a group using the same network; add members that you most talk to or send messages to, to such plans.
• Use alternative web-based communication channels such as Skype and Google Talk to make calls. You can talk to other callers with accounts on these platforms for free. Get your friends or family open an account with such services. Opening accounts is usually free.
• Consider using prepaid call plans if you are not an overly cell phone person.

Consider practising these tips on a daily basis, even if you get to incorporate only a few of them at the onset.

Qatar-UAE Exchange brings New Year Surprises 2013

All remittance transactions sent from Qatar between 27th January and 26th April, 2013 are eligible for the draw. 101 prizes to be won including iPad Minis, Samsung Laptops, Toshiba LED TVs and LG Home Theaters.Customers of Qatar-UAE Exchange can get set start this New Year with pleasant surprises. The leading global remittance and foreign exchange brand brings New Year Surprises 2013 in which customers, who send money to their dear ones from any Qatar- UAE Exchange branch between 27th January and 26th April, 2013, qualify for the lucky draws on 13th March and 28th April, 2013 to win 101 exciting prizes.

Speaking on the occasion, Mr. Lakshmi Narayanan, Country Head – Qatar-UAE Exchange, said, “We have always strived to bring more value and happiness to customers. This new year too, we decided to surprise them with pleasant value adds. Customer delight is our top priority. This promotion is yet another step towards achieving that aim.”

The remittance major has always offered exciting promotions, which give away value-added prizes to its customers. The New Year Surprises 2013 offers iPad Minis, Samsung Laptops, Toshiba LED TVs, LG Home Theaters, Canon Cameras, VIP Trolley Bags, Samsung Ovens and ME Tab2s. The penchant to bring the best to customers has earned UAE Exchange not only the trust of customers, partners and regulators, but also won it awards and recognitions from various quarters.

Qatar-UAE Exchange, which started its operations in 2007. Within a short span of time, it became the favourite of millions of customers in the country. In its attempt to get closer to the customers, the global money transferrer has built a strong network of six branches across the country. UAE Exchange offers a wide range of services like bank transfers, instant money transfers, payroll solutions, bill payments and more, under one roof, which has made its loyal customers consider it as a financial supermarket.

The event for the promotion was attended by top officials from UAE Exchange, special invitees and the Media

For more information log on to: www.uaeexchange.com

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Now, Transfer Money from Rwanda at Just $25!

Customers in Rwanda will now wear a bigger smile of delight! The brand new flat rate offer from UAE Exchange intends to bring greater happiness and satisfaction to our customers transferring money abroad from Rwanda.

Customers transferring money to the UAE and East Africa, from Rwanda, can avail the service at just $25, under the latest offer! We combine the flat rate offer with impeccable service, a signature of UAE Exchange, to ensure true value for our customers’ money.

UAE Exchange is reputed worldwide as a leading customer-centric brand in remittance and foreign exchange. This latest flat rate offer for our Rwanda customers is yet another initiative true to our global reputation. We want our customers to experience the best-in-class services at the best price.

Let your smiles widen each time you use UAE Exchange!

Visit www.uaeexchange.com to know more about us.

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UAE Exchange revolutionises globetrotting with gocash

Invention of the wheel gave movement to the world. Evolution of money increased its tempo. With it came the risks of carrying and using money in foreign lands. Evolution of plastic money brought some relief, but it still wasn’t foolproof. Both business and leisure travellers concerned themselves with these worries, awaiting a revolution to bring in a change.
UAE Exchange, the leading global remittance and foreign exchange brand, has always innovated for its customers. Thinking proactively for its customers’ convenience, the global money transferrer introduced gocash, the region’s first six-currency prepaid travel card.

Like every other product from UAE Exchange, gocash too received a warm welcome. The remittance brand’s principal membership with MasterCard gave an edge to gocash, giving it a wide acceptance across 34.3 million Point of Sale (POS) machines and 1.9 million ATMs. The traveller can use this unique card in a foreign land without worrying about fluctuating exchange rates, thanks to the exchange rate lock facility, which enables locking of the exchange rate prevailing at the time of loading the currency in the card. It then remains same till the next reload, saving money and ensuring peace of mind.

Customers can choose and load up to six currencies in a gocash card from a bouquet of 15. An authorised representative of the travelling customer can reload the card from any UAE Exchange branch across the UAE so that the traveller enjoys the convenience without hindrance. Its Chip and PIN feature further strengthens the security for the card. SMS and email alerts along with 24/7 customer care on phone and website www.gocashcards.com add convenience to the traveller.

* gocash is currently available for the residents of the UAE. Plans, to introduce it in other countries, are in the anvil.

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UAE expat remittances up 15%

Remittances from the UAE are on track to record 15 per cent growth in 2012 to $12.87 billion, surpassing the overall GCC growth rate in outflows at 12.57 per cent.

Y. Sudhir Kumar Shetty, chief operating officer — Global Operations, UAE Exchange, said while remittances from the UAE are estimated to rise from $11.19 billion to $12.874 billion in 2012, money transferred by expatriates from across the GCC rose to $82.96 billion from $73.69 billion.

India, given the strong population of its nationals working in the region, retained its rank as the number one recipient of remittances from the region.

In worldwide remittances too, India with an expatriate population of over 20 million across the globe, maintained its lead by accounting for $70 billion.

“Money remitted by foreign workers in the GCC to India, at an estimated $30 billion, accounts for a bulk of this transaction in 2012,” said Shetty. “Our estimates suggest that inflows into Indian recorded a 15 per cent growth in 2012, mainly due to a steep depreciation of up to 18 per cent in the rupee value,” said Shetty.

He said another reason for the record outflow of remittances to India was the attractive interest rates and other investments schemes offered by Indian banks.

Worldwide remittances, including those to high-income countries, are expected to total $534 billion in 2012, and projected to grow to $685 billion in 2015, according to the latest issue of the Bank’s Migration and Development Brief.

The top recipients of officially recorded remittances for 2012 are India ($70 billion), China ($66 billion), the Philippines and Mexico ($24 billion each), and Nigeria ($21 billion). Other large recipients include Egypt, Pakistan, Bangladesh, Vietnam, and Lebanon.

According to the report, inflows to the Middle East and North Africa region are expected to increase by 6.3 per cent in 2012 and inflows to South Asia are expected to increase by 17.7 per cent. “Assuming an even split between the population from the two regions in the Gulf, we can assume a growth rate of 12 per cent,” said Shetty.

Officially recorded remittances to developing countries are expected to reach $406 billion in 2012, up by 6.5 per cent from $381 billion in 2011. The true size ofremittance flows, including unrecorded flows through formal and informal channels, is believed to be significantly larger. Compared to private capital flows, remittance flows have shown remarkable resilience since the global financial crisis, registering only a modest fall in 2009, followed by a rapid recovery.

Driven primarily by strong economic activity in the GCC countries South Asia, the Middle East and North African saw the strongest growth in inward money transfers. For South Asia, remittances in 2012 are expected to total $109 billion, an increase of 12.5 per cent over 2011; East Asia and Pacific region, is estimated to attract $114 billion, an increase of 7.2 per cent over 2011; while Mena is expected to receive $47 billion, an increase of 8.4 per cent over the previous year.

A recovering economy and moderately improving labour market helped to boostremittances from GCC countries. Strong oil prices and major infrastructural projects have also encouraged outward remittances from the GCC countries, said Shetty.

The GCC states continue to diversify their economies into various new sectors including tourism, finance and infrastructure in order to reduce the dependence on oil. Apart from these ongoing projects, most of the GCC states have announced major plans for converting their countries into world-class hubs. Around $1.5 trillion worth of investments were planned for the second decade of the millennium in the region.

As per the World Bank estimates, the growth of remittances is expected to be stronger during 2013-15. The growth of flows remains robust in regions that rely on remittanceflows from the US, the GCC, and Russia. Increasingly harsh policies hostile towards migrants in many destination countries, especially Europe, however, could discourage the flow of migrants in the future and subsequently weaken remittance flows.

Source
Issac John
khaleejtimes.com

Oman UAE Exchange gets IMS certification

MUSCAT: Oman UAE Exchange, one of the leading exchange companies in the Sultanate, received the Integrated Management System (IMS) certification.

The ceremony held at Al Bustan Palace Hotel on Wednesday was attended by ministers, ambassadors and other dignitaries.

Mohammad Zammam, director of sales, marketing and development of TUV SUD, presented the certificates to Abdullah Humaid Ali Al Mazroei, chairman of the Oman UAE Exchange. He was joined by Sheikh Saif Al Maskery, vice chairman, Sudhir Kumar Shetty, chief operating officer of global operations, Tonny George Alexander, country head, Ahmed Al Habsi, administration manager and Sarath Chandran regional head of Oman UAE Exchange.

Mohammad Zammam said the certifying body TUV SUD is one of the world’s leading technical services organisations established in 1866 and headquartered in Munich, Germany.

Tonny George Alexander said that Oman UAE Exchange is probably the only exchange company in the world and the only financial institution in the Gulf to have obtained certification complying with IMS standards.

He said that the IMS certification includes ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007, representing quality, environment and occupational health and safety respectively.

In its pursuit for excellence and to meet the standards prescribed by International Organisation for Standardisation, the company had embarked upon an ambitious programme to have its management systems certified to match the criteria, said Tonny Alexander.

“We are committed to our customers, employees and the society where we live. This certification reassures our commitment towards our stakeholders. This recognition is a big leap in the process of achieving the mission of the organisation, maintaining global standards in customer service, fulfilling employee aspirations and our commitment towards protecting the environment,” he said.

Giving an introduction of the company, Tonny Alexander said that Oman UAE Exchange started its operations in 1995. The company, from its humble beginning has grown to be one of the greatest brands in Oman.

The company, having the largest network of 40 outlets in Oman, has drawing arrangements with banks across the globe, to cater to its various customers. Oman UAE Exchange is the only exchange company to have a full-fledged Swift connectivity. The company has received numerous recognitions like Superbrand status consecutively for four years, Bizz 2012 award for business excellence, being chosen as the seventh brand among Omani brands, which reiterates the commitment for excellence, he said.

Source:
Oman Tribune

UAE Exchange Launches gocash, Middle East’s First Six-Currency Prepaid Travel Card

• Customers can load up to six currencies out of a bouquet of 15; Card can be used across 34.3 million MasterCard-enabled merchant locations, 1.5 million bank ATMs across the globe and for online purchase

• Exchange rate lock facility to the advantage of customers; Available across 122                UAE Exchange branches in the UAE

Dubai, UAE, December 12, 2012: The leading global remittance and foreign exchange brand,          UAE Exchange, today unveiled the Middle East’s first six-currency prepaid travel card, gocash, which will empower travellers to move around the world, hassle-free, with a power-packed plastic currency that can be used across 34.3 million merchant locations and 1.5 million ATMs.

H.E. Abdulla Humaid Ali Al Mazroei, Chairman, UAE Exchange and Dr. B.R. Shetty, MD & CEO,         UAE Exchange, together launched this feature-packed travel card in Dubai. They expressed their immense happiness in launching the secure and convenient gocash travel card, the first-of-its-kind path-breaking innovation from a remittance brand in the region, in partnership with MasterCard.

“We have kick-started a revolution in world travel!” said Mr. Y. Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, at the launch, adding that “innovation and product diversification are at the core of our growth strategy. gocash is a testimony to our continuing spirit of providing customers with empowering solutions.”

A customer can load up to six different currencies on gocash from a bouquet of 15, a unique feature that is unparalleled in its category.

“UAE Exchange has always been at the forefront in offering innovative and diversified product range. We are confident to position gocash as a revolutionary product, which we have launched with MasterCard, our long time partner,” Mr. Sudhir Shetty said.

“This new innovation is in line with our vision to bring as much convenience for our customers as possible, under one roof,” he added.

One of the significant advantages of gocash to the customer is the exchange rate lock facility that allows pegging the rate at the prevalent market price at the time of loading the card.

Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange, said, “This feature protects the user from exchange rate fluctuations while on the move and gives the traveller peace of mind.”

“Choice of currencies, security features and worldwide acceptance add to the convenience, making gocash a unique innovation from the UAE Exchange stable. With this, we take yet another step towards our vision of bringing maximum convenience to our customers, on the move.” Mr. Manghat added.

Mr. Eyad Al-Kourdi, UAE Country Manager, MasterCard Worldwide, said, “Innovation is at the heart of all MasterCard payment solutions and the introduction of the gocash prepaid travel card is yet another example of our capability to develop tailored products that match the diverse requirements of consumers in the region and offer them real value.”

“This product innovation is a perfect payment solution that meets these requirements and we are confident that UAE Exchange’s customers will benefit immensely from this new prepaid product. We are proud of our collaboration with UAE Exchange to advance our vision of a world beyond cash.”

UAE Exchange and MasterCard share the same values and vision to achieve maximum customer delight. Both the brands enjoy the trust of millions of customers worldwide. The new multi-currency travel card is a dedication to these customers, who love convenience even on the move.

For more information, please log on to www.uaeexchange.com or www.gocashcards.com

About MasterCard Worldwide
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities such as shopping, travelling, running a business and managing finances easier, more secure and more efficient for everyone. Follow on Twitter @MasterCardNews.

About UAE Exchange
UAE Exchange is a leading global remittance and foreign exchange brand, with direct operations spanning 30 countries with more than 650 branches, which makes it the largest globally networked remittance brand in the world. Correspondent relationship with more than 150 global banks adds to its might. Additionally its associations with many leading brands globally bring several value-added products and services to over 4 million customers, worldwide. In the UAE, the brand has a leading presence with a network of 122 branches, out of which 14 are in the Dubai Metro network. UAE Exchange is the first remittance brand in the UAE to have a presence in the metro stations. Acclaimed as the ‘World’s Trusted Money Transferrer’,
UAE Exchange has completed over 32 years of successful business operations.

For more information, log on to www.uaeexchange.com

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