By Mohammed Waseem
UAE is a country which has all kinds of people from most countries of the world who work there and support their families back home. They use money remittance services to send money every month to their families. There are many local money transfer services which specialize in transfers to particular countries and few others which support transfers at a global level.
Arab Link is an Abu Dhabi based foreign exchange and money transfer service provider which works in close cooperation with Abu Dhabi Islamic Bank and aims to become the leading provider of exchange and money transfer services. They buy and sell foreign exchange and provide other services like money transfer, payroll cards and special payments services for Filipino nationals working in the UAE.
The money remittance services they offer have flexible speeds. For urgent and high speed transfers, they have partnership with Western Union to offer services with reach to over 200 countries with over 300,000 locations. Other than this, they have also partnered with iRemit, Xpress Money, EzRemit and Instant Cash for speedy money transfers. They also have partnerships with other money transfer services for transfers to specific countries. For example, they have partnered with MoneyMo, M Lhuillier and Cebuana Lhuillier for transfers to Philippines.
Apart from these, Arab Link also supports Telex, Wire and Swift transfers regionally and globally. They also support direct credit into bank accounts in India, Bangladesh, Pakistan, Sri Lanka, Philippines and a few other countries. They enable transfers to Indian bank accounts through NEFT (National Electronic Fund Transfer) which is usually meant for local transfers in India between bank accounts. These transactions usually take 1-3 days to complete.
Arab Link have partnered with Mint Tech which is meant to benefit Mint’s payroll card holder base in the UAE for sending money home. They can access the services of Arab Link from Mint ATMs, Mint POS machines, mobile phones and directly through Arab Link. Recipients would receive cash in their bank accounts or at their door step; alternatively, they can collect it over the counter.
For mobile money remittance, they have partnered with Luup, which has enables remittance corridors linking the UAE with India, Pakistan, Bangladesh, Nepal, Philippines and Egypt. This is meant for real time transfers to these countries. Arab Link is the first exchange house to offer real time account-to-account transfer service via mobile phones. They believe this is a revolution in money transfers, as account-to-account transfers usually take 2-3 days with standard banking apps but they ensure instant transfers. They will soon introduce international mobile top-up services as well.
The number of expatriates in UAE is so high that the native Emiratis are outnumbered in their own country at a ratio or 11:1, which means that the expatriates make 91% of the population in UAE. This suggests the huge size of the market and the potential companies like Arab Link have. If they tap this market well, they can grow their business and take it to greater heights.