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INDIA TOP RECEIVER

An amount of Dh121.66 billion was transferred through
money exchange companies

Expat remittances in UAE surge to $44.5bn in 2017

ABU DHABI, March 12, 2018

Expats remittances from the UAE amounted to Dh164.3 billion ($44.5 billion) during 2017, a growth of 2.2 per cent from Dh160.8 billion in 2016, a media report said.

An amount of Dh121.66 billion was transferred through money exchange companies while the rest went through banks, reported Emirates news agency Wam, citing a report by the UAE Central Bank.

During the fourth quarter (Q4) of the year, money sent by expats to home countries jumped to Dh43.2 billion, which is the same amount of 2016.

During Q4 also, Dh31.36 billion was transferred through exchange firms, accounting for 72.65 per cent of total remittances, with 27.4 per cent thereof transferred thru banks.

The remittances grew 1.4 per cent during the last quarter of 2017 from Dh37.9 billion in Q3.

India took home the crown as the top-receiving country for earnings made by migrants, with a total of Dh14.8 billion, comprising 34.2 per cent of total remittances during Q4.

They are followed by Pakistani beneficiaries who received 9.4 per cent, or Dh4.1 billion of total remittances, then Filipinos in the third place with 7.1 per cent, while US nationals make up 5.9 per cent or Dh2.6 billion, with Egyptians accounting for 5.5 per cent, Dh2.4 billion, Britons 4.2 per cent, or Dh1.8 billion, and Bengalis 3.6 per cent, or Dh1.5 billion.




Tags: UAE | Money transfer | Expat | Remittance |

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