Global remittances, foreign exchange, and payment solutions firm UAE Exchange further strengthened its ties with ALEXBANK, one of the leading private sector banks in Egypt, by providing customers with the convenience of picking up remitted funds in US dollars or Egyptian pounds at the bank.
Prior to the service upgrade, customers in Egypt could only access remitted funds through a direct bank transfer that would take anywhere between 24 to 48 hours.
“It is our quest to excel in all markets that drives us to improve customer experience by providing them with easy financial solutions with greater convenience. Egypt is an important remittance market for us in the MENA-region, and we are delighted to have ALEXBANK support us in introducing new value-added services for the benefit of our customers,” said Promoth Manghat, CEO of UAE Exchange.
The new cash pickup facilities complement the relationship between UAE Exchange and ALEXBANK that was first inked in 1980.
“Our research shows that customers want immediacy and convenience. With the extension of our partnership with ALEXBANK, customers can pick up funds the very same day instead of waiting for money to be transferred into a bank account. This value-adding service forms part of the brand’s ethos of creating a customer-centric culture, and the bank welcomes working with us towards initiatives that improve customer experience,” said Abdul Karim Alkayed, general manager of UAE Exchange.
Chief of retail and SME banking group at ALEXBANK Bassel Rahmy said that as an institution with a track record of more than 50 years of excellence and customer trust, “we are pleased to provide further convenience to our customers through an extension of our partnership with UAE Exchange. ALEXBANK has built a leadership reputation through trust and customer service, and we are pleased that we have partners who help us deliver greater value to our clients.”
Remittances play an important role in Egypt’s economy, contributing 6.8% to the country’s gross domestic product (GDP) in 2014. The UAE to Egypt remittance corridor is a strategically important one for both countries. 2016 World Bank figures show that Egypt received an estimated $19.7bn in remittances from the world in 2015, of which $1.83bn came from the UAE alone.