June 16, Dubai: UAE Exchange, the leading remittance and foreign exchange brand, transferred US$ 290 million, from across the globe, to Sri Lanka in 2013, contributing five percent of the total remittance inflows to the country.
In a statement, the United Arab Emirates-based currency exchanger said global remittances to Sri Lanka grew 15 per cent in 2013 compared to the previous year. Global remittances to Sri Lanka in 2013, as estimated by the World Bank, stood at US$ 5.7 billion.
Mr. Promoth Manghat, Vice President - Global Operations, UAE Exchange, said, "Sri Lankan expats form a major part of the strong customer-base that UAE Exchange serves. Through their perpetual trust and our consistent efforts, we have recorded remittance worth US$ 175 million from the UAE to Sri Lanka in 2013, compared to US$ 142 million in 2012, a rise of nearly 24 percent. Sri Lanka is a vital market for UAE Exchange."
UAE is estimated to have around 250,000 migrant Sri Lankan workers, and on an average the UAE Exchange serves over 30,000 customers in a month. The brand engages with the expat community though worker-friendly initiatives like regular camp activities, savings awareness programs through banks and sponsored events during Sri Lankan festivities.
UAE Exchange offers diverse financial solutions to its Sri Lankan customers including bank transfer, instant money transfer, online money transfer, currency exchange, bill payment etc., among a host of other services.
UAE Exchange has an enduring partnership with Sri Lanka's leading banks including Bank of Ceylon, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, National Savings Bank, Nations Trust Bank PLC, NDB Bank PLC, Pan Asia Banking Corporation PLC, People's Bank, Sampath Bank PLC and Seylan Bank PLC.
UAE Exchange is the widest globally networked remittance brand with over 700 branches across 32 countries. Its strong correspondent banking relationship with over 150 global banks, of which 10 are from Sri Lanka, adds to the might. More than 9000 professionals representing over 40 nationalities, including Sri Lankans, strive to achieve excellence and bring delight to customers, worldwide.