Latest news with #Dh26.25
Time of India
2 hours ago
- Business
- Time of India
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. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo 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. Live Events 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.
Time of India
19 hours ago
- Business
- Time of India
No more free remittances for NBD customers starting September: What expats need to know
Emirates NBD's DirectRemit service allows customers to send quick, digital international money transfers to supported countries, previously free of charge but now subject to a fixed Dh26.25 fee/ Image:X Emirates NBD, one of the largest banking groups in the UAE, has officially announced that it will begin charging customers a fixed fee of Dh26.25 (₹598.50) ($7.15) (inclusive of VAT) for international money transfers made through its DirectRemit service. This change will take effect from Monday, September 1, 2025, and marks a significant shift in the bank's longstanding policy of offering free remittances to selected countries. The update was shared in an email sent to customers, in which the bank stated: 'Effective Monday, September 1, 2025, charge of Dh26.25 will be applicable for International Transfers (Including DirectRemit) remittance service initiated from ENBD X or Online Banking. The fee is inclusive of VAT.' What's Changing? Previously, Emirates NBD customers enjoyed instant and fee-free money transfers to banks in countries considered part of the bank's "popular remittance corridor." These included India, the Philippines, Egypt, Sri Lanka, and the United Kingdom, with a minimum transfer amount of Dh100. Starting in September, the Dh26.25 charge will apply uniformly across all international transfers initiated via: The ENBD X mobile app The bank's online banking platform This effectively ends the free transfer benefit previously associated with DirectRemit, the bank's digital remittance tool that allowed cross-border transactions to be completed in less than 60 seconds. Additionally, the bank has introduced a cancellation fee of up to Dh26.25 for recall or cancellation of any local or international transfers, bringing another layer of change to its remittance services. This applies whether the transaction is completed or pending. How Does It Compare to Other UAE Banks? International wire transfer fees across UAE banks generally range from Dh20 to Dh60, depending on the channel and destination. With this fee update, Emirates NBD is aligning DirectRemit with the industry standard applied to most other international transfers offered by UAE-based banks. No other changes have been announced to the exchange rate margins or processing times associated with DirectRemit. The core functionality of the service, quick, digital cross-border money transfers—remains unchanged aside from the new fee. Advice to Customers Customers are encouraged to: Review their recent transfer history to assess how the new fee structure will impact their remittance habits Compare rates and fees with other available remittance services in the market Stay informed through official bank channels for any future changes or updates This adjustment signals Emirates NBD's broader move to standardize its digital banking offerings, bringing them in line with conventional cross-border transfer practices within the UAE banking sector.
