Latest news with #DirectRemit
Time of India
5 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.
Khaleej Times
9 hours ago
- Business
- Khaleej Times
UAE: No free remittances for Emirates NBD customers from September
Emirates NBD on Friday said that it will implement a fee for international transfers made via the app or online banking. In an email sent to customers, the major bank said that starting September 1, 2025, customers will be charged Dh26.25 for remittances, including those done by DirectRemit. DirectRemit is a digital money transfer service that allows Emirates NBD customers to make remittances to India, the Philippines, Pakistan, Sri Lanka, Egypt and the United Kingdom in less than 60 seconds. Remittances through this service are currently charged Dh0 in fees, as can be seen below: The bank will also be charging a fee for cancelling local or international transfers. Here's the updated list:
Al Etihad
20-05-2025
- Business
- Al Etihad
Emirates NBD gets approval to expand operations in India
20 May 2025 09:46 A. SREENIVASA REDDY (ABU DHABI)Emirates NBD, a leading bank in the UAE, has received 'in-principle' approval from the Reserve Bank of India (RBI) to establish a wholly owned subsidiary (WOS) in India. The approval paves the way for the bank to transition from its current branch mode of operation to a locally incorporated entity, allowing it to scale up its presence and offerings in the Indian present, Emirates NBD operates in India through branches located in Mumbai, Chennai and Gurugram. This branch mode, while functional, imposes regulatory constraints that limit the bank's ability to expand operations freely. The move to WOS mode will provide the bank with greater operational flexibility on par with Indian banks, enabling it to broaden its range of financial services and expand its branch network more efficiently.'The bank will be permitted to commence operations under the WOS model once the RBI is satisfied that it has complied with the requisite conditions laid down as part of the 'in-principle' approval,' said Puneet Pancholy, Chief General Manager of the RBI, in a transition forms part of Emirates NBD's wider strategy to strengthen its footprint in India and to enhance its service offerings to both retail and corporate clients. Emirates NBD opened its first full-fledged branch in Mumbai in 2017, followed by approvals for branches in Chennai and Gurugram in 2021. Indian expatriates comprise the largest community in the UAE, and over a third of Emirates NBD's customer base consists of Indian expats, a previous statement from the bank said. The bank's instant remittance platform, DirectRemit, has gained significant traction among this demographic, offering 60-second online fund transfers to India.
