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“Whether [the exchange rate] is strong or it’s weak, they have to send money each month back home because someone is waiting for the money to pay bills, or school fees. Manghat describes the second set of customers as “opportunistic remitters”.
A lot of things are in motion internally, towards bringing the businesses together and for a potential listing; the shareholders’ vision still continues to hold good.” The integration of two entities will create an even broader global reach for the companies, Manghat says.“Secondly, we have in our platform a global footprint across the globe, and we could do more with it, [particularly] if you can digitise the experience.And in the Travelex world, that is something that is happening substantially right now.” UAE Exchange has launched its own phone apps to some of the markets it operates in, including the US and Canada, where the business is mainly online.It has been a boon year for UAE Exchange; one of its best, according to newly appointed CEO Promoth Manghat.With 8,500 employees spread across 30 countries, the global money transfer firm is expecting to record double-digit growth this year — on top of the $53bn it turned over in 2014.When this kind of weakening happens, we definitely see an increased amount of volume in terms of activity. “They are the ones who send money for investments in other countries, or who repatriate their savings.
They are larger in size, more opportunistic than the base remitters.” A third group has emerged in the last two to three years: they leverage their earnings and send money to take advantage of a difference in interest rates, Manghat says.
“The impact was stronger during July to September, where we saw a 15 percent rise in remittances to India, the largest receiver of remittances.
Meanwhile, we have experienced a spike of around 10 percent in other corridors.” Manghat calls expats “base remitters”, because they typically send money every month, irrespective of exchange rates.
He says by imposing those measures, it can force people to seek other methods of transferring money.
“It’s not helpful because this industry moves money formally and facilitates socio-economic considerations.
“From the group perspective, it’s definitely a large interest for us because between UAE Exchange and Travelex, our shareholders now have a real global platform in place,” he says.