Xpress Money marks rise in remittances to Jordan from UAE
Great signs for Jordan’s economy as remittances from around the world begin to stabilize
UAE, 30th April 2018: Xpress Money, one of the most dependable money transfer brands in the world, has marked a recent rise in expat remittances sent by Jordanians living in the UAE and around the world. In January 2018, global remittances to Jordan increased by 4% as compared to the same month last year, according to the Central Bank of Jordan.
The value of remittances reached $308.2 million, compared with $296.3 million in January 2017.
Xpress Money has also witnessed a 5% increase in remittances from UAE to Jordan in March 2018 vis-à-vis the same period last year. To aid the rise in remittances, the company is offering remittance services from UAE to Jordan at an affordable transfer fee of AED 15 only, available at over 580 Xpress Money locations in the UAE.
Expat remittances play a key role in Jordan’s economy as a prominent source of foreign currency inflows, along with commodity, service exports, grants and foreign aid. About 70% of foreign remittances come from the GCC, and the rest from US and Europe. Remittances from the UAE, which is home to over 200,000 Jordanians, make up a large portion of the inflow into the country.
Arvind Mylar, Vice President – Business Development (MEASA & CIS), Xpress Money, said, “The stabilization of remittances and trends showing signs of resurgence, are great for the Jordanian economy. A recent report issued by Jordan Strategy Forum also emphasized on the need for Jordan’s government to take proactive steps for improving policies for expats.
The report also concluded that, remittances have a positive impact on the national GDP and the real GDP per capita income of Jordanians as well as on bank deposits and bank credit to local companies. At Xpress Money, we have always believed in the positive macro and microeconomic impact of remittances, and therefore, we constantly work to offer more affordable and convenient money transfer solutions to both, the sender and the receiver. Apart from the low transfer fee of AED 15, we also offer great exchange rates so that people receive better value from their remittances.”
As per estimates, there are over 750,000 Jordanian expats around the world, with most of them living in Gulf countries. Through Xpress Money, Jordanian expats around the world can send money instantly to over 125 locations in Jordan.
About ‘Xpress Money’
‘Xpress Money’ is a global money transfer brand with a thriving presence in more than 165 countries across all continents through 200,000 agent locations. ‘Xpress Money’ has come to be known as the most dependable international money transfer brand and provides its customers a simple, fast & safe way to transfer money through innovative technology, superior customer service and its extensive worldwide network. For more information, follow us on Facebook: http://www.facebook.com/XpressMoney, Twitter: @Xpress_Money or visit http://www.xpressmoney.com
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