Global leader in remittance and foreign exchange remits US$175 million from the UAE to Sri Lanka
June 18, 2014: UAE Exchange, the leading remittance and foreign exchange brand, transferred US$290 million, from across the globe, to Sri Lanka in 2013, contributing to five per cent of the total remittance inflows to the country. The company registered a growth rate of 15 per cent over the previous year. Global remittances to Sri Lanka in 2013, as estimated by the World Bank, stand at US$5.7 billion.
Mr. Promoth Manghat, Vice President – Global Operations, UAE Exchange, said, “Sri Lankan expats form a major part of the strong customer-base that UAE Exchange serves. Through their perpetual trust and our consistent efforts, we have recorded remittance worth US$175 million from the UAE to Sri Lanka in 2013, compared to US$142 million in 2012. With a rise of nearly 24 per cent in remittances, Sri Lanka is a vital market for UAE Exchange.”
UAE is estimated to have around 250,000 migrant Sri Lankan workers, and on an average UAE Exchange serves over 30,000 customers of the community per month. The brand engages with the expat community though worker-friendly initiatives like regular camp activities, savings awareness programmes through banks and sponsored events during Sri Lankan festivities.
UAE Exchange offers diverse financial solutions to its Sri Lankan customers including bank transfer, instant money transfer, online money transfer, currency exchange, bill payment etc., among a host of other services.
UAE Exchange has an enduring partnership with Sri Lanka’s leading banks including Bank of Ceylon, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, National Savings Bank, Nations Trust Bank PLC, NDB Bank PLC, Pan Asia Banking Corporation PLC, People’s Bank, Sampath Bank PLC and Seylan Bank PLC.
UAE Exchange is the widest globally networked remittance brand with over 700 branches across 32 countries. Its strong correspondent banking relationship with over 150 global banks, of which 10 are from
Sri Lanka, adds to the might. More than 9000 professionals representing over 40 nationalities, including
Sri Lankans, strive to achieve excellence and bring delight to customers, worldwide. This penchant for quality has won the ISO certified brand, many global awards for quality & business excellence, and earned the trust of customers, partners and regulators alike, thus earning the acclaim ‘World’s Trusted Money Transferrer’.
