Mashreq Bank, one of the leading financial institutions in the UAE, has signed a strategic partnership with Bank Al Habib Pakistan to offer free remittance transfers from the UAE to Pakistan.
The collaboration will support Mashreq’s faster cross border payment product, QuickRemit, which was originally launched in 2017. Customers using the application will not be charged remittance fees when sending money to Pakistan.
Mashreq customers can also enjoy unprecedented benefits and significant cost savings, while sending instant money transfers at their convenience, from their home – via Mashreq’s online and mobile banking channels, in a safe and secure manner.
According to latest figures, the UAE hosts around 1.27 million Pakistanis, the second-largest Pakistani expat community in the world. The UAE is also the second largest source of remittance to Pakistan. Statistics from the State Bank of Pakistan revealed USD 474.3 million was sent in remittance payments from the UAE to Pakistan in September this year.
Kartik Taneja, Head of Payments, Mashreq, said: “Remittance payments play a vital role for the huge Pakistani diaspora living and working in the UAE as they send essential funds back home. We are delighted to partner with Bank Al Habib Pakistan to offer money transfers through our QuickRemit application, making the process as simple, seamless and secure as possible.”
Aun Ali, Group Head – Business of Bank AL Habib on this auspicious occasion commented: “I would like to congratulate both Bank AL Habib and Mashreq Bank team on this affiliation, which will help both organizations in serving Pakistani expatriates for instant, simple and secure transaction processing. Bank AL Habib continues to play a vital role in routing remittances through official channels and feels immense pleasure to provide our services in collaboration with Mashreq.”
Mashreq’s QuickRemit service is now available to 40 global destinations.