UAE Customers Expect to Send More Money Internationally in the Next 12 Months

UAE nationals and tenants expect to transfer more money globally in the coming year, as per a study authorized by Western Union.

Exclusive insights present that 76% of customers who send money and 75% of customers who get money, correspondingly, hope to transfer and gather even more amount over the next year.

The study, which surveyed over 1,000 UAE-based citizens and tenants who give and get international money transfers, explores customer sentiment on how, why, and when they shift money. The outcomes bolster Western Union’s currently declared ‘Evolve 2025’ strategy of merging high-value, available retail and digital financial services.

Family support is cited by 60 percent of senders as the major reason for moving money abroad. A distant second place is earned by saving for the future, which is ranked by 11 percent of senders. A popular melting culture pot, the United Arab Emirates is home to over 200 nationalities and ranks high in terms of talent competition. Certain of its more sizable communities arrive from the world’s biggest sending economies.

Taking care of family back home is also highlighted as one of the major aspects pushing the score of foreign transfers. In addition, as enhanced residing costs and international currency fluctuations make extra pressure on personal finances, 74% state that due to the high cost of residing in the nation they send to, they require to transfer more money. 71% say that they take the prospect to transfer more money when the currency worth comes in their getting country.

Jean Claude Farah, President of Middle East and Asia Pacific at Western Union, stated – “To remit is usually a very personal decision. Western Union data even support that one of the very common reasons why customers remit is to support dear ones and family.” 

“So, this is just natural that as the international economic environment difficulties cost-effective methods of residing, family support takes precedence over everything else as senders transfer money. Constantly alluring such a diverse array of nationalities is a real testament to the country’s efforts to put itself as an international partner and an appealing and encouraging economic center.” 

“We trust that these ongoing efforts would even mean that the country would constantly ride the best location as one of the largest senders of remittances across the globe. This also creates it even more incumbent on us as companies to link individuals to prospects; Western Union has been conducting it for customers in the United Arab Emirates for around 25 years and is highly dedicated to the nation. As we develop in the years ahead, we sustain steadfast in making capable a climate that drives inclusion and makes pathways for long-term economic success in the societies of the nation.” 

The Frequency and Flow of Money are Affected by Culture and Family Ties 

The act of sending money soon after payday, no matter broader economic situations, or family requirements back home is the two popular reason for sending money. Although, Western Union’s study even demonstrates the 3rd aspect: almost a quarter of customers state they concentrate on transferring money throughout the festival season. 

In an amazing reversal of this trend, 37% of the country’s customers who get money transfers even state frequency and the amount is boosted most robustly by festive and other occasions, ranking high than family requirements or the timing of paychecks of their sender. 

“We comprehend that diverse populations have equally diverse requirements. Festive seasons and particular moments are amazing instances., whereby every year, we witness an uptick of around 6 percent in remittance volumes as these events request.” 

“Western Union gives a wider blend of retail and digital channels to serve the varying payment requirements of millions of consumers globally. We trust that the belief we experience with customers in the United Arab Emirates and throughout the world places us in a remarkable status to assist a lot of people to get their finest to society.” 

Future-ready population seeks choice 

As consumers think about how they will like to send and get money in the future, they adore options above all. Western Union study demonstrates that 42 percent recently transferred funds digitally across borders. Although, as they look forward, 46% wish to be capable to select how they transfer their money, whether in cash or online app. 

The same idea is reflected among receivers. 43% recently get money through technical ways. In the future, 57% wish to be capable to select between retail and digital channels when gathering their amount. 

Those who don’t utilize technical channels state the best hurdle controlling them from transferring or getting money online is their selection for face-to-face communication, complied with trust. Procedure or client experience is even another basically cited hurdle. 

Farah concluded – “Findings from the analysis demonstrate that while maximum customers can stand deemed digital-first, several eventually wish to capable to select between retail and digital choices, depending on their requirements and convenience, and as a sector, we have performed to do to aid customers to crush their concerns. Eventually, our end target would constantly be to make sure that we can support the financial requirements of more people, wherever they are geographically, economically, or culturally.”

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