Emirates and Indian Posts start exchanging electronic money transfers
The Emirate and Indian postal services have joined the UPU’s International Financial System network to offer their customers a new possibility for sending money electro-nically.
In addition to being eco-nomical, a new electronic money-transfer service launched by the two postal operators is fast (recipients receive their money within hours) and offered in many post offices. As part of a first phase, customers in the United Arab Emirates (UAE) can send transfers from any post office in the country to 97 main post offices and more than 2,400 branches in the regions of Delhi, Mumbai, Chennai, Kolkota and Kerala. The service will soon be extended to all of India.
At the moment, money sent to India is delivered directly to the recipient’s home, but more options will be added later.
At a worldwide level, the exchange corridor between India and the UAE is among the 10 most important ones in terms of money transfers from migrants. According to the World Bank, close to 2.2 million Indian immigrants reside in the UAE. Each year, migrants from all over the world send 27 billion USD to India.
The transfers between the Indian and Emirate Posts are possible thanks to the IFS solution, the backbone of the UPU’s international electronic postal payments network. Ninety countries are currently using or testing IFS, which is bringing solutions to issues around money transfers, international migration and poverty reduction.
India, China and the UAE are the most recent large countries to have adopted IFS in order to improve and facilitate money transfers for their customers.
The Emirate and Indian postal services have joined the UPU’s International Financial System network to offer their customers a new possibility for sending money electro-nically.
In addition to being eco-nomical, a new electronic money-transfer service launched by the two postal operators is fast (recipients receive their money within hours) and offered in many post offices. As part of a first phase, customers in the United Arab Emirates (UAE) can send transfers from any post office in the country to 97 main post offices and more than 2,400 branches in the regions of Delhi, Mumbai, Chennai, Kolkota and Kerala. The service will soon be extended to all of India.
“We hope to become leaders in the money-transfer market between the UAE and India within two or three months, says P.T.S. KUMAR, Deputy Director General for Global Business at India Post. “With this new service, Indians residing in the UAE can now send money home rapidly and at affordable prices.”
At the moment, money sent to India is delivered directly to the recipient’s home, but more options will be added later.
At a worldwide level, the exchange corridor between India and the UAE is among the 10 most important ones in terms of money transfers from migrants. According to the World Bank, close to 2.2 million Indian immigrants reside in the UAE. Each year, migrants from all over the world send 27 billion USD to India.
The transfers between the Indian and Emirate Posts are possible thanks to the IFS solution, the backbone of the UPU’s international electronic postal payments network. Ninety countries are currently using or testing IFS, which is bringing solutions to issues around money transfers, international migration and poverty reduction.
India, China and the UAE are the most recent large countries to have adopted IFS in order to improve and facilitate money transfers for their customers.
