UAE residents cash in on weak euro and pound as remittances surge – The National

UAE residents cash in on weak euro and pound as remittances surge – The National

Exchange houses in the UAE recorded a surge in remittances to Europe after the euro's continued depreciation against the US dollar, offering European residents a window of opportunity to capitalise on favourable exchange rates and send money home.

Al Fardan Exchange recorded more than 30 per cent growth in month-on-month remittances by European residents in the UAE in September and double-digit growth year on year.

“The Fed rate hike, which caused the euro to dip further, will surely attract more volume of remittances in the coming days and the projected growth outlook for remittance volumes in this corridor is more than 50 per cent,” said Hasan Al Fardan, chief executive of Al Fardan Exchange.