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Home Business The cost of sending expatriate income from the UAE will increase

The cost of sending expatriate income from the UAE will increase

by endroar
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According to Gulf News, the tariff hike was decided to bring the cost of sending expatriate income from the UAE closer to the global average.

Adeeb Ahmed, managing director of Lulu Financial Holdings, said, it is important to know that despite the 15 percent tax increase, the cost of sending expatriate income from the United Arab Emirates is less than 3.5 percent of the money sent as remittance. He also said that the average cost of sending expatriates from other parts of the world is 6.2 percent. This is a reflection of the UAE's commitment to keep remittance costs competitive.

Although the cost of sending expatriate income from the offices of currency exchange institutions in the UAE has increased, the cost of sending through online platforms and apps has not increased. However, most people still send money directly from the offices of currency exchange institutions, not many people send money digitally.

Currency exchange establishments are usually located around the factories and residences of the workers. In other words, the workers send expatriate income to the country through these institutions as these services are closer to them. So if the cost of remittance of expatriate income increases, their cost will increase. In this situation, the officials of currency exchange institutions think that when these people will suffer if the transaction fee increases, they may look for an alternative way to send money at a lower cost.

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