Consumers can Send up to AED 183,600 (USD50,000) Directly into Bank Accounts Around the World via WU.com and the Mobile App and at Al Fardan Exchange L.L.C Retail Locations
Dubai: Western Union, a global leader in cross-border, cross-currency money movement and payments, announced the launch of high-value direct to account payout transfers from the United Arab Emirates to the world, reflecting the company’s commitment to enhance services for its customers, while targeting the multibillion-dollar account-based money transfer segment.
This strategic collaboration with Al Fardan Exchange, one of the leading financial service providers in the country, provides the opportunity for enhanced business practices that will enable comprehensive end-to-end solutions for our combined customer base.
Consumers in the United Arab Emirates can now send up to AED 183,600 (USD50,000) via their smartphones from wu.com or Western Union mobile app, funded from accounts, directly into bank accounts in many countries worldwide. They can also make direct transfers to bank accounts from Al Fardan Exchange retail locations in the UAE.
“The launch of high-value account payout transfers from our digital and retail channels is another milestone in our continuous efforts to cater to the diverse money movement needs of customers in the UAE. Many of our consumers are global citizens with assets and investments in multiple countries,” said Salma Massoud, Head of Digital, Middle East and Africa, Western Union.
“The opportunity to send up to AED183,600 (USD50,000) per transaction, 24/7, around the world, enables our consumers to send money in larger values at a very competitive cost with more end-to-end transparency, convenience, and speed. Our consumers represent a mix of affluent expats and UAE nationals, and now can send money between their bank accounts across countries for high-value purchases such as real estate, or financial payments such as mortgages or investments,” Salma said.
“Fast, transparent and inclusive cross-border payments have widespread benefits to economic growth, financial inclusion and global development,” said Hasan Jaber, Chief Strategy Officer at Al Fardan Exchange. “Al Fardan Exchange has been leading work to address payment solutions across the board, both in the UAE and globally. We have a roadmap that sets ambitious but achievable goals to accommodate the different starting points of payment solutions.”
Western Union has recently expanded its global digital network for funds payout and increased the availability of real-time payouts, advancing its goal of building the world’s largest funds collection and distribution network. The company now has capability to send to billions of accounts in over 125 countries and territories, with real-time payment capabilities in approximately 100 of these countries, and to millions of mobile wallets in over 35 countries.
Western Union’s mobile app and revamped website in the UAE enable consumers to send money to their families and loved ones 24/7 from the comfort of their homes for payout at Western Union’s Global Network of bank accounts, wallets, and Agent locations. They may choose to pay for transactions on the website or within the app using debit, credit cards, or bank transfers. Customers also may choose to start a transaction online and then pay cash in person at any Al Fardan Exchange retail locations.
Western Union has been providing money transfer services in the UAE for over 20 years and has more than 900 retail agent locations.
According to the quarterly economic review of the Central Bank of the UAE, outward personal remittances from the UAE increased by 0.4% or AED 200 million year on year in the first quarter of 2021. The top three countries for outward personal remittances during the first quarter were India, Pakistan and the Philippines accounting for 28.9%, 12.3% and 6.6%, respectively, of the total.
About Western Union:
The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and over 130 currencies. We connect businesses, financial institutions, governments, and consumers through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and over half a million-retail locations. Western Union connects the world to bring boundless possibilities within reach.
About Al Fardan Exchange:
Al Fardan Exchange is a member of the Al Fardan Group, one of the leading family-owned conglomerates in the region with a 50-year legacy. It is one of the many different businesses across several sectors under the umbrella of Al Fardan Group, ranging from real estate, to high- end jewelry to trading. The success of the group is largely built upon the business acumen and strong personal values espoused by its founder, Ibrahim Al Fardan, who established himself as a respected pearl trader back in 1954. Established in 1971, we are proud to serve the UAE’s cosmopolitan community through our 70+ strong network, spanning across all Emirates. Reinforced by strong relationships with over 150 global corresponding banks, financial institutions, and other financial service providers, we offer secure transactions that firmly place reliability and trust in the forefront.