Emirates NBD provides free foreign currency telegraphic transfers to online customers

Press release

Published May 9th, 2011 - 11:07 GMT

Abdulelah AlKindy, General Manager, Retail Banking, Emirates NBD

Emirates NBD, a leading bank in the region, announced today that its foreign currency telegraphic transfer facility is free of charge for online banking customers until June 30, 2011.

“Today’s announcement will enable our customers to make all foreign currency online transfers, free of charge, until end of June 2011,” said Abdulelah AlKindy, General Manager, Retail Banking, Emirates NBD. “This is in line with our commitment to provide attractive benefits and greater convenience to what is already a fast and efficient alternate banking channel.”

The limited-period offer is in line with the bank’s commitment to providing its customers with relevant and convenient services. It is valid for all foreign currency telegraphic transfers that are conducted via BankNet, Emirates NBD’s comprehensive online banking system.

“UAE remittances total around AED 120 billion each year, primarily to support dependents or for investment purposes,” continued AlKindy. “With a large expatriate population working and residing in the UAE, foreign currency telegraphic bank transfers are among the more popular services provided by UAE banks.

“At almost half of the total, the largest volume goes to India, followed by China Bangladesh, the Philippines, Pakistan, Nepal, Sri Lanka, Indonesia and other countries,” he added.

“As the pioneering online banking service in the UAE, Emirates NBDs BankNet offers the ideal platform for making fast and convenient telegraphic transfers to anywhere in the world. The transaction can be carried out simply from any Laptop or Smartphone, from the comfort of one’s home or office,” he continued.

BankNet allows customers to view their account details, transfer funds, open accounts and order chequebooks and ATM/debit cards online, with no fees and 24-hour availability. With 32 payment partners, including Etisalat, Du, SALIK, DEWA, RTA, Emaar Properties, flydubai and many others, the greater part of managing personal finances can now be taken care of from a single platform.

Other banking solutions offered by Emirates NBD include mobile banking facility, the latest addition to Emirates NBD’s numerous existing information technology channels, which also include online, telephone and PDA banking.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.