Foreign exchange specialist Travelex, in conjunction with Visa International, United Arab Emirates (UAE) Exchange and Al-Ansari Exchange, is launching its first ever global money transfer scheme using the UAE market as a launch pad.
The Cash Passport Money Transfer product stands to offer a new level of competitiveness and security to UAE based expatriates that regularly remit funds to dependents in their home country.
“We have chosen this as our first market to launch the product because we estimate the value of the Middle East personal money transfer market to be over $30 billion a year, with a growth rate of 20 percent to 30 percent annually,” said General Manager for Sales for the Middle East, Rob Groombridge.
The scheme allows the remitter to deposit funds through a local exchange branch, following which a Visa ATM card will be couriered free of charge to the recipient who can obtain cash directly from any one of 800,000 ATMs worldwide displaying the Visa logo.
Visa International, is a key Travelex partner in the scheme through its unsurpassed global ATM network. The Visa ATM card accesses the account using a Personal Identification Number (PIN). Funds that are deposited in the UAE can be withdrawn by the recipient instantly, making this one of the fastest transfer methods on the market. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
