The biggest benefits of sending and receiving international money digitally are ease of use, privacy/security, and making your friends and family’s lives easier. 56% of UAE money transfer users surveyed expect to use digital money transfers more often in the future
DUBAI, United Arab Emirates — Remittances remain a lifeline for millions of expatriates and their families in the UAE, as Visa’s annual research report, Money Travels: Digital Remittance Deployment in 2024 ” found that the main motivation for remittances in the UAE was the need to provide regular support to remitters. Contact family overseas and deal with unexpected emergencies. Additionally, the report revealed that senders are prioritizing not only supporting their families, but also helping those in need in response to global events.
The Money Travels: 2024 Digital Remittances Adoption study explores how consumers send money abroad, taking a closer look at the rates, how and why they send and receive money. According to a global survey, approximately 45,000[1] According to respondents, the need for fast, easy and secure payments has never been more important to families, communities and economies in the UAE and around the world. The report also revealed that for more than two-thirds of remittance users across various markets, digital applications are the preferred way to move funds around the world.
Although remittances around the world have declined year-on-year due to various economic issues, the results of a survey in the UAE, which is known as one of the countries with a higher proportion of remittance senders than recipient countries, also provide positive information about future remittances. 73 countries have a positive outlook for future remittances. Percentage of domestic respondents who plan to remit the same amount or more.
Salima Gutieva, Vice President and Country Manager for the UAE at Visa, said: “For expatriates in the UAE, sending money abroad to support family members in their home country or to support people in crisis requires safety, ease and security. , speed is the top priority.” “This research shows that digital payments are becoming an important tool for providing immediate support when it comes to paying for unexpected medical bills, education, food, etc. However, cross-border funds There is still much work to be done within the industry to make mobility more streamlined and create new opportunities for financial inclusion and wealth building for communities around the world who rely on these lifeline payments. ”
Research highlights include:
Digital payments are the fastest payment method used between sender and receiver. Ease of use, privacy, security, and making life easier for friends and family are highlighted as the biggest benefits of sending and receiving international money digitally. Digital apps remain the top method for both sending and receiving money in the UAE, followed by digital money transfers at physical locations. The use of physical remittances is decreasing among remitters in the UAE. In December 2022, 9-15% of senders were not using cash/check/money order. Physical payments represent hidden fees. 50% of UAE respondents have been offered a free transfer when sending cash, checks or money orders, only to find out there are hidden fees. High fees, including how exchange rates are calculated, are the biggest problem with digital money transfers. Fees were an important issue for 38% of remittance senders and 33% of remittance recipients. Additionally, 20% of senders and 23% of recipients had difficulty calculating exchange rates. Motivation to send money in UAE. Education costs and supporting people in crisis are among the top reasons remittance users in the UAE send or plan to send money to improve their prospects.
Visa works with global money transfer providers and enablement partners, including Brightwell, Thunes, Remitly, Western Union, and Asia United Bank (AUB), to help make money transfers more efficient through digital payments. Here in the UAE, Visa is working with partner financial institutions to ensure the Visa Alias Directory meets the growing demand of local consumers for easier, more cost-effective and more secure ways to send money internationally. I am. Instead of dealing with long and complex account details, Visa Direct Alias allows consumers to seamlessly send and receive money internationally using their phone number.
For more information about Visa Direct, please visit https://corporate.visa.com/en/products/visa-direct/resources/money-travels-report-2024.html.
Research method
The survey was conducted by Morning Consult from December 2023 to March 24 among a sample of more than 40,000 remittance senders and remittance recipients in North America and Latin America, Europe, the Middle East, and Asia Pacific. I did. The interview was conducted online. Within each country, survey respondents are weighted based on age, race/ethnicity, gender, education, and regional census estimates.
About visa
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers across the region. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that an economy that is inclusive of everyone, everywhere uplifts everyone, everywhere, and that access is the foundation of the future of financial mobility. For more information about Visa, visit visamiddleeast.com/blog and @VisaCEMEA.
[1] The Money Travels: 2024 Annual Remittances Adoption Report surveyed 43,789 remittance users in North and Latin America, Europe, the Middle East, and Asia Pacific.