Finance & Capital Market

India top destination for UAE remittances

Outward personal remittances from the UAE during 2018 hit Dh169.2 billion ($46 billion) during 2018, with outflows to India claiming 38.1 per cent of this figure, said a media report.

India was followed as a destination by Pakistan (9.5 per cent), the Philippines (7.2 per cent), Egypt (5.3 per cent), the US (3.9 per cent) and the UK (3.7 per cent), reported Emirates news agency Wam, citing  The National.

Total remittances in 2018 were Dh4.8 billion, or 3 per cent, higher than the 2017 figure of Dh164.4 billion. Remittances in 2016 were Dh160.8 billion.

Money remitted through exchange houses increased by 6 per cent from Dh121.6 billion in 2017 to Dh128.9 billion last year, while the amount sent through banks decreased by 5.6 per cent from Dh42.7 billion to Dh40.3 billion.