Fees For Sending Money Back home may increase.

UAE foreign exchange exchange announces 15% increase in remittance fees

The Foreign Exchange and Remittance Group (FERG), which represents the UAE Exchange, said they received approval from the authorities to increase the handling fee for money transfers from the UAE by 15 percent, equivalent to Dh2.5.

The agency said that remittance services provided through physical branches of the foreign exchange exchange will see an upward adjustment in fees. However, remittances offered through mobile apps are likely to remain unchanged or even reduced to remain digitally competitive.

The UAE is one of the largest remittance markets in the world, with the majority of remittances going to India, Egypt and Pakistan, Bangladesh, the Philippines and other Asian and Middle Eastern countries. The UAE also has one of the largest numbers of foreign workers, accounting for nearly 85% of the UAE's population. This is the first time in five years that the exchange has adjusted its remittance fees.