Xpress Money sees 12 per cent rise in remittances in the first two weeks of Ramadan
Xpress Money has recorded a 12 per cent increase in remittances in the first two weeks of Ramadan as compared to the same period last year.
The increase is reflected in outward remittances to South Asia, the Levant and other parts of the MENA region.
“Ramadan is the month of giving, and we traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12 per cent increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr. The increased remittances are a sign of generosity, and also help families back home prepare for Eid festivities,” said Xpress Money’s COO, Sudhesh Giriyan.
The increased remittances are part of a broader shift in spending, consumption and behavioural habits during the holy month. Last year, a comprehensive GCC-wide survey by Xpress Money showed that 44 per cent of UAE expatriates transferred more money to their loved ones during the month, while 69 per cent spent more on charitable acts. 43 per cent of respondents also said that they spend more time socialising with friends and family during Ramadan.