Page 101 - AAE PR REPORT - January 2025

A new Visa report found that UAE residents are frequenting brick-and-mortar currency exchange
houses less when sending money overseas. It's part of the changes in spending and usage habits in
the wider cash vs. digital debate.
The biggest switch from turning up at exchange houses to digital in sending money happened during
the Covid months. But early last year, currency exchange houses in the UAE went in for a 15%
remittance fee hike on transactions done through branches.

"This was another major prompt for people to send money using digital platforms at lower or zero
fees," said an official with a currency house. "Any benefit that's available, consumers are switching
to that platform or channel.
"The belief among consumers is that remittance fees need to come down."

https://gulfnews.com/business/markets/on-remittances-uae-consumers-get-zero-fixed-fees-
salary-advances-even-more-1.500025439