Al Ansari Exchange debuts new cross-border digital Visa Direct remittance service in UAE

Al Ansari Exchange debuts new cross-border digital Visa Direct remittance service in UAE

Al Ansari Exchange becomes the first exchange company globally to offer customers the option to transfer funds to bank accounts overseas

United Arab Emirates, 7 June 2022 – Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, has rolled out its new cross-border remittance service, Visa Direct, in collaboration with Visa, the world’s leader in digital payments. The innovative solution will allow Al Ansari Exchange customers to transfer funds to Visa cards globally in near real-time.  With this partnership Al Ansari Exchange becomes the first exchange company globally to enable the Visa service for secure funds transfers to overseas bank accounts.  Al Ansari Exchange is planning to enable Visa Direct, Visa’s payment platform, for 25 countries in the MENA region, Europe, and Asia, with plans to expand its reach to more countries.

Mohammad Bitar, Deputy CEO at Al Ansari Exchange, said: “Visa has been one of our long-standing partners for years sharing our values and on working closely with our team to find innovative and seamless solutions that benefit our end user. We are proud and honoured today to launch Visa Direct service, the latest addition to our growing portfolio of services and solutions launched to deliver faster, more secure, and convenient remittance processes for customers who trust Al Ansari Exchange for cross-border remittance and payout needs to Visa cards. With this partnership we become the first exchange company globally to offer Visa Direct service for transfers to bank accounts, reflecting our commitment to continuously enhance our customer’s experience and set new benchmarks in the country’s exchange and remittance sector.”

Shahebaz Khan, Visa’s General Manager for UAE, Bahrain and Oman, said: “We are proud to partner with Al Ansari Exchange to launch Visa Direct for international remittances to Visa cards and see them also become the first exchange house globally to enable transfers to bank accounts overseas. With the rise of digital payments, this partnership strives to bring digital-first solutions and we will continue to provide services that enable seamless money movement globally – and with Visa Direct, Al Ansari Exchange customers have access to our billions of cardholders worldwide and the backing of our trusted global network for fast and secure transfers. We are excited about this launch with Al Ansari Exchange in bringing innovative solutions that consumers in the UAE increasingly seek and deserve.”

Al Ansari Exchange customers now can benefit from Visa Direct as an alternative way to transfer money. In addition to that, customers have a variety of options and can choose the most convenient way to make transfers based on their needs and requirements.

Today, Al Ansari Exchange boasts a network of over 220 branches, employing over 3,500 multilingual staff who cater to more than 4 million customers with fast, reliable and efficient service at very competitive rates.

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About Al Ansari Exchange

Al Ansari Exchange, a leading exchange company in the UAE with the largest branch network, started as an offshoot of a flourishing trading business by the Al Ansari family almost 60 years ago. Al Ansari Exchange was established primarily to meet the foreign exchange and remittance needs of their trading partners and customers at a time when formal banking was yet to be established in the country.

With the gradual evolution and semblance of banking in the mid-1960s, the first branch was opened in Abu Dhabi in 1966.

Today, Al Ansari Exchange boasts a network of over 220 branches, employing over 3,500 multilingual staff who cater to more than 4 million customers with fast, reliable and efficient service at very competitive rates.

The company has also included in its portfolio of services a set of digital solutions, such as the Al Ansari Exchange mobile app, that contributes to around 14% of the total number of transactions.

Al Ansari Exchange has seen healthy year-on-year growth in outward remittances through its network, averaging around 120,000 transactions a day.

www.alansariexchange.com

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