Mashreq Bank Now Offers Customers The Option To Transfer Money In India And Pakistan By Credit Card
Mashreq Bank, a leading financial institution in the United Arab Emirates, today announced the launch of its credit card remittance service. Mashreq customers will now be able to use their credit cards to make instant money transfers to all banks in India and Pakistan with no fees or cash advance fees.
The new, easy-to-use service is available using the bank’s mobile banking app, Snapp, and is designed to make money transfers a seamless, easy, and hassle-free experience for Mashreq customers, who can now send money. money easily at home, whenever they choose.
Commenting on the new launch, Rohit Garg, Head of Remittances at Mashreq Bank said, “Mashreq understands the importance of sending money to friends and family back home. Sometimes circumstances arise unexpectedly and we want to fully meet the financial needs of our customers by giving them the ability to make payments 24/7. We expect this new service to be well received by our expat clients, and we will continue to seek innovative ways to make managing your day-to-day finances easier, smoother and more convenient.
Pankaj Kundra, Head of Payments at Mashreq Bank added: “Mashreq’s fast payout service gives customers the added benefit of easily transferring money remotely around the clock, eliminating the need to visit an agency. The success of Quick Remit last year highlights an appetite for simple digital banking services, and we are committed to expanding our capabilities in this area.
Launched in 2017, Mashreq Quick Remit has seen a 73% increase in remittances for the bank since its inception. According to the latest quarterly report released by the Central Bank of the United Arab Emirates, India accounted for a total of Dh13.6 billion in cash sent by banks and exchange bureaus during the fourth quarter of 2018, while Pakistan came in second with a total share of Dh3 0.8 billion, or 9.4% of total remittances.
Mashreq aims to replicate the success of its service for Indian and Pakistani clients by expanding Quick Remit to other expat communities in other territories. For more information, please visit: mashreq.com/CCremit
* The service is available for a selection of the bank’s customers on the basis of internal criteria.