The head of the group of financial institutions providing banking and monetary services, Mohammed Al-Ansari, stated that the increase in commissions for money transfers only applies to currency exchange departments, while commissions for electronic transfers remain unchanged and low.
He explained that the cost of operations and services in the currency exchange sector has increased, similar to other sectors of the economy, both at the local level and in global markets; he emphasized that the fees for money transfers in the UAE remain competitive compared to many international directions, considering the quality of services provided.
This was stated in response to a complaint submitted to the newspaper "Emirates Today," regarding the increased commissions for money transfers in currency exchange companies internationally, approximately 100% compared to the analogous period of the previous year.
Al-Ansari noted that electronic money transfers are accessible at low or nominal fees through the mobile applications of currency exchange companies or their official websites for small amounts up to 6000 or 7000 dirhams, while for larger amounts, their owners prefer to visit the branch to ensure the receipt of the transfer and necessary documents, as well as for other reasons that satisfy the clients themselves.
Al-Ansari confirmed that there is a coordination and regular discussions with the Central Bank to ensure better operation of the currency exchange sector in the country, which plays a significant role in ensuring the stability of financial transactions from the country and within it.
He added that prices in all service sectors have increased over the past two years, noting that the currency exchange sector is no exception and is under the influence of the global economic situation, as well as the required control measures set by the Central Bank.
He noted that financial transfers showed growth from the beginning of the current year at levels of 3 to 5%, predicting that in the near future a number of small companies will leave the market, as they will not be able to withstand the competition from companies providing transfer services with large incentives and sometimes without commissions.
