Sending money to India, Pakistan, Philippines or Bangladesh? Emirates NBD to start charging, check charges, effective date
Dubai government-owned
Emirates NBD
, which offers free international money transfers through its DirectRemit services, will now charge for international transfers. The bank emailed its customers to inform them that it will begin charging a fee of Dh26.25 for all international remittances.
Emirates NBD is among the UAE's largest banking groups by total income and is widely used by expats to send money to countries like India, Pakistan, the Philippines, Sri Lanka, Egypt, and the UK.
From September 1, the
Emirates NBD remittance fee
will apply to transfers made through both online banking and the bank's mobile app.
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What will change for expats from India, Pakistan, the Philippines, and other countries
DirectRemit by
Emirates
NBD is widely used by expats in the UAE for fast and free money transfers to their home countries, including India, Pakistan, the Philippines, Sri Lanka, Egypt, and the United Kingdom. Transfers through this service typically take less than 60 seconds and have been entirely free of charge until now.
Starting in September, customers using DirectRemit to send money to these countries will have to pay Dh26.25 per transaction. This could particularly affect low-income workers who send money home frequently in small amounts, as the fixed fee will reduce the net amount received by their families.
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The fee will also apply to all other international transfers, regardless of destination. In addition, the bank will charge up to Dh26.25 for recalling or cancelling both local and international transfers.
For those using
BUNA
, a regional cross-border payment platform, charges will be applied 'as per actuals,' meaning the final fee will vary depending on the transaction.
The move may prompt customers to explore other transfer options, including money exchange houses or digital platforms offering more competitive rates.
Many expats in the UAE rely on Emirates NBD for their remittance needs due to its convenience, speed, and previously zero-fee structure. The upcoming changes might shift user behavior as customers weigh the cost against the convenience.
The bank has not stated if any exemptions or special rates will be available for frequent users or for transfers of larger amounts.
How much do other UAE banks charge for international wire transfers?
Other banks in the UAE generally charge international wire transfer fees that vary based on the currency, transfer method, and destination. Typically, these fees range from AED 20 to AED 60 per transaction. Many banks offer some free transfers monthly via online or mobile banking channels, after which a fee applies.
With this update, Emirates NBD becomes the latest UAE bank to revise its fee structure, possibly to match up with the broader trends in digital banking and cross-border transaction costs.
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