UAE Exchange handles $7.18 bn remittances in 2013

Comapny's total global remittances inflows into the country stood at $6.9 billion

Forex money transfer operator UAE Exchange today said its total remittances business into the country witnessed a growth of 6.44% in 2013, with the flows crossing the $7.18 billion mark for the first time.

States like Kerala, Maharashtra and Tamil Nadu contributed nearly 60% of total inflows in the year, the company said in a statement.

In 2012, UAE Exchange's total global remittances inflows into the country stood at $6.9 billion.

"Rising income levels, coupled with sharp fall in the rupee during the year, helped in boosting inflows," the statement added.

Company vice-president for global operations Promoth Manghat said, "We have seen record performance in remittance flows in 2013, with states like Maharashtra, Karnataka and Rajasthan growing faster than others."

"We have also seen the average amount of money transferred per transaction rise to $787 from $762 last year. In fact, compared to Southern cities, incrementally we have seen more growth coming from regions like Jaipur, Kolkata and Ahmedabad," he added.

Kerala contributed the largest share of total remittance flows for UAE Exchange, with a share of 33% to total volumes.

According to Canara Bank, the assigned lead bank for Kerala, the state has already crossed Rs 95,000 crore inflows this year, up 36% from last year.

Other top markets include Maharashtra at 14.3%, Tamil Nadu at 12%, Andhra Pradesh at 8% and Karnataka & Punjab at 6% each.

"We remain positive about the outlook for remittances as more job opportunities are already getting created abroad, especially in light of several prestigious events like Expo 2020 in Dubai, Fifa World Cup in Qatar," Manghat said.

UAE Exchange manages over 10% of the total remittance market in the country and 6% of total remittance flows, globally.

Globally, UAE Exchange handled over $25 billion worth of remittance flows during the year.