One of the largest money transfer and currency exchange firms in the UAE, Al Fardan Exchange has teamed up with Singapore-based cross-border transactions service provider, Thunes, to enable seamless payments to 87 countries.
Through this partnership, Al Fardan Exchange’s business and retail customers can make instant payments directly to bank accounts, mobile wallets and cash pickup points in their home countries, allowing recipients to receive money in their local currency.
Apart from speed and convenience, businesses and individuals will benefit from enhanced transparency of the service, they will know exactly what they’re paying upfront, and will be able to track the status of their transactions in real-time.
“We are thrilled to partner with Thunes, a globally renowned institution that powers payments for the world’s fastest-growing businesses. As a customer-centric organization, we are always focused on providing seamless end-to-end experiences for our customers. This collaboration with Thunes will further digitize our payment services and help boost our business growth strategy.”
In 2021, the total population in UAE was 9.99 million, and of that, 8.84 million were expatriates. According to World Bank data, UAE was the second most significant source country for remittances in 2020, after the US. The top five remittance recipients were India, China, Mexico, the Philippines and Egypt.
“Al Fardan Exchange is a top-tier player and one of the most respected remittance and money exchange companies in the region, so this is an important partnership for us. The ability to make instant payments is becoming more and more critical in the current environment, and we hope that our technology will make a difference and help people feel more connected with their families,” says Mr. Simon Nelson, Senior Vice President for MENA at Thunes.
With this partnership, UAE residents will be able to send money directly through more than 75 physical branches of Al Fardan Exchange across the country. They will be able to make payouts to 87 countries in Europe, Africa, Asia Pacific and Latin America. These new services tap into the growing customer demand for alternative payments and positions Al Fardan Exchange at the forefront of UAE’s rapidly evolving financial services space.