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Mashreq’s Quick Remit to India caters to the evolving need of effective, convenient and efficient money transfers
Rohit Garg, Senior Vice President - Head of Business Banking, Mortgages and Remittances at Mashreq, speaks to Khaleej Times about remittance trends to India. Excerpts:
The UAE is home to a large Indian community; tell us about the current remittance trends among expatriates.
India is the largest recipient of remittances in the world. In 2017 alone, non-resident Indians remitted $69 billion, which is 9.9 per cent more than 2016. The UAE is home to 3.3 million Indians who tend to send money for a variety of reasons, be it for family, savings, etc. The trend is similar for Indians here as well and they contributed 34 per cent of the total outward remittance volume annually. In Q4 2017, the UAE remitted $4 billion to India.
How have remittance channels in the UAE helped standardise the system?
Physical locations were preferred for sending money historically and standing in a queue with cash in hand was a normal remittance experience. The trend is changing over the years where more and more customers are moving towards digital channels for remittances. Mashreq’s introduction of Quick Remit to India was an endeavour to cater to the evolving need of effective, convenient and efficient money transfers. Quick Remit to India from Mashreq allows its customer to send money instantly 24/7 at competitive rates from the bank’s online channels.
Have you noticed a rise in expatriates seeking loans? (perhaps due to the depreciating value of the Indian rupee). If yes, please elaborate the reason in relation to remittances.
There is a spurt in remittances when the receiving country currency depreciates, however, majority of the remittance are routine payments. Depreciating value has increased the value received at the destination. The holy month of Ramadan is also the time when expatriates want to send money home for their families and we see a similar trend this year.
What finance options and assistance does Mashreq offer to customers looking to remit to India?
We have a product called PL Remit wherein upon eligibility, you can get a personal loan along with very attractive exchange rates, reduced fees, etc., for remittances. However, we also advise clients to borrow responsibly as per their ability to repay.
Tell us about the convenience Mashreq has established in this case — i.e. online and mobile apps, and if any, the rewards that accompany the service.
Mashreq offers a state-of-theart Quick Remit service to transfer money instantly to India on its online platform and mobile application called Snapp. This is a 24/7 service with very attractive exchange rates and currently has no transfer fees.