The commission for money transfers in the UAE will increase by 15%.

February 14, 2024. The United Arab Emirates is preparing for changes in fees for money transfers. According to the latest updates, currency exchange offices in the UAE have received approval to increase the commission by 15%. This decision, taken after a five-year break, will be the first...

The Currency Exchange and Money Transfer Group (FERG) has announced the planning of strategic adjustments in the amount of commissions. Having received regulatory approval, the exchange offices in the country are ready to make changes. It was approved that the increase in the commission will be limited to services provided at the offices of exchange offices, without affecting transfers through mobile applications.

Economic analysts note that despite the increase, the new commission will remain below the global average. This will ensure the availability of financial services for the population and ensure the competitiveness of exchange offices in the region.

The Prosecutor's Office of the United Arab Emirates has previously warned about the undesirability of illegal money transfers, especially in the context of drug trafficking crimes. Fines for violating this warning may amount to at least 50 thousand dirhams, as well as provide for imprisonment. It is assumed that these steps are aimed at maintaining security and preventing unacceptable financial actions.

From a business point of view, changes in the size of commissions can also contribute to the development of the infrastructure of exchange offices and facilitate the introduction of modern technologies. This, in turn, can lead to an increase in the efficiency of exchange operations and an improvement in the overall user experience.

In conclusion, the 15% increase in the commission for money transfers in the United Arab Emirates represents a strategic decision aimed at balancing financial flows and ensuring the sustainability of the country's economy.