Similarly, foreign exchange is seeing an uptick in activity as people are preparing to go on family vacations during the Eid holiday, which is also one of the factors driving a surge in remittances since the beginning of Ramadan, according to Dr Zubair Abdulrahman, operations manager of Al Zaman Exchange.
“March was one of our highest transactions months. Since the start of Ramadan, more customers have been sending remittances back home. We have recorded an increase of around 5% to 10% in remittance activity compared to the previous month,” Abdulrahman told Gulf Times yesterday, adding that the top countries that were sending remittances include India, Pakistan, Sri Lanka, Bangladesh and Egypt.
Aside from these countries, Trust Exchange general manager KNS Das noted that expatriates from Nepal and the Philippines were also among those who sent the most remittances during Ramadan, allowing the exchange house to record a 5% to 10% surge in remittance activity.
“This season is a good time for business, especially if employees get their salaries early because of the upcoming holiday, so we are expecting an increase in transactions in the run-up to Eid al-Fitr,” Das noted.
With banks now also offering remittance services, exchange houses are witnessing a slight drop in customer footfall in the physical branches, according to Abdulrahman, who added that many customers are making the most of the available digital platforms and apps.
“Nonetheless, we are still getting good transactions from customers visiting our branches, while at the same time, our digital platforms are also getting a good reception from tech-savvy people and white-collar workers,” Abdulrahman pointed out.
According to Das, Trust Exchange is planning to launch a promotion to attract more people to utilise the company’s app and digital platforms.
“Currently, we are in the final stages of updating our systems. Digitalisation is part of a continuous process to encourage more customers to transact businesses online. It is, likewise, important to boost consumer confidence in online transactions as this would encourage more people to utilise apps or digital platforms,” Das stressed.