- Visa and UAE Exchange partner to offer secure and convenient domestic and cross-border fund transfer options to UAE residents
Dubai – Visa, the world's largest retail electronic payments network, and UAE Exchange, the leading global remittance and exchange house based in the United Arab Emirates, have joined forces to bring to market the Visa Money Transfer service in the UAE. The service will be offered through UAE Exchange’s network of 80 branches across the country.
Visa Money Transfer offers consumers a convenient, cost-effective and secure way to send funds directly to recipients’ Visa cards domestically and internationally. Senders can initiate a Visa Money Transfer to make person-to-person payments, send funds to friends or family members, or make account transfers.
This launch will allow remitters in the UAE to go into any UAE Exchange outlet, register their beneficiary’s Visa debit, credit or prepaid card and send funds to that card virtually anywhere in the world. The recipient will receive the funds in their Visa card account and be able to use those funds at point of sale or withdraw cash from any Visa ATM, without having to go to an agent location or wait in queues for cash.
The United Arab Emirates is an active territory for international remittance with sizable volumes being remitted by expatriate workers and professionals to the rest of the world. The extension of Visa’s Money Transfer services to the UAE will provide senders with a convenient, efficient, and secure method of transferring funds domestically or to friends and family members around the world.
Commenting on the launch of Visa Money Transfer in the UAE, Kamran Siddiqi, Visa’s General Manager for GCC, Levant, Pakistan and Afghanistan said: “Visa is well positioned to facilitate secure and cost-effective money transfer services in the UAE by our global network that connects 1.7 billion Visa card accounts. We are delighted to partner with UAE Exchange, their established brand and distribution strength are key to reaching end consumers. Visa is constantly looking for new and innovative ways to extend our services to new market segments and we believe consumers will be thrilled to be able to take advantage of the convenience and peace of mind that comes with a Visa remittance.”
Y. Sudhir Kumar Shetty, COO - Global Operations for UAE Exchange said “UAE Exchange has been continually exploring opportunities to bring in added value to customers, by leveraging on the network and reach that we have built in the UAE and the 21 other countries where we operate today. Strong partners like Visa help us to enhance our value proposition to our customers. Visa Money Transfer brings in a new era of convenience to the residents of UAE, and customers can avail the service from any of our 80 branches in the country.
Sachin Bountra, Visa’s Business Development Director for Middle East added, “UAE Exchange has proven to be the favoured choice for remittance services for consumers in UAE over the past 3 decades. Visa’s partnership with UAE Exchange represents a new means of bringing our money transfer service to where consumers prefer to go for their remittance needs. This launch will initially focus on the UAE – Philippines corridor.”
About Visa Money Transfer
Visa’s goal is to use its global processing platform and card base to make money transfer among the 1.7 billion Visa accounts around the world safe, convenient and reliable. To this end, Visa is continually enhancing existing programs and developing new services. Work underway includes technology infrastructure improvements to support global processing of Visa money transfers, and to open new channels through which remittances can be sent and received, including through financial institution branches, the internet, mobile devices and Visa’s global ATM network.
As a global company, operating the world’s largest electronic payments network, Visa Inc. is well positioned to deliver flexible services that meet the demand for money transfer services and to support the introduction of Visa Money Transfer service to new geographies in key domestic and cross-border money transfer corridors.
About UAE Exchange
UAE Exchange is a leading global remittance and exchange house based in UAE, with direct operations spanning 22 countries across five continents with over 450 offices. With correspondent banking relationship covering more than 150 global banks, and associations with many leading brands globally to bring several value-added products to customers, UAE Exchange provides unmatched service in the industry to a wide customer base of around 3.5 million. In UAE, the brand has a leading presence with a network of 80 branches covering all the Emirates. For more information, go to
www.uaeexchange.com About VisaVisa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is the world’s most advanced processing network—VisaNet—that is capable of handling more than 10,000 transactions a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank, and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: Pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit
www.corporate.visa.com..
