Xpress Money, a global money transfer brand with a major presence in the GCC, has introduced a flat fee of Dh15 ($4) for remittances of any denominations to India.

The revised fee comes on the heels of the company’s decision to discontinue its earlier slab system of differential pricing based on the amount being transferred to India. By combining effective management of the exchange rates with an affordable transfer fee of Dh15, Xpress Money is confident of offering the best rates to its customers, it said in a statement.

“One of the fastest-growing economies in the world, India is also the largest ‘receive’ market in the remittance industry having received upwards of $58 billion in 2011. Similarly, UAE is one of the largest ‘send’ markets in the world, having a sizeable Indian population with a clear need to send money back home,” said Sudhesh Giriyan, head, Xpress Money Business.

“As a brand, Xpress Money wants to provide the best value to its Indian customers, whether they are the ones sending the money or receiving it; introduction of a flat fee for all transactions to India is an endeavour to further strengthen our presence in these regions and offer our customers a unique advantage in terms of affordability.”

“We continuously work towards building greater convenience for our customers in addition to introducing new services to offer better value for their growing needs,” Giriyan said.

Working with a network of banks and non banking financial institutions, Xpress Money has built a strong country-wide network in India comprising more than 35,000 agent locations, he added. – TradeArabia News Service