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Xpress Money Services ties up with Cebuana

DUBAI — The global provider of instant money transfer service Xpress Money Services Ltd, an associate company of UAE Exchange Centre, has widened its reach among overseas Filipino workers (OFWs) through a tie-up with the largest pawnshop chains in the Philippines.

"This alliance is very timely since the number of OFWs in the UAE is constantly on the rise and with this association, we intend to fulfil the need of the Filipino remitter for quality service through an impressive national presence," said Abdulla Humaid Ali Al Mazroei, chairman of Xpress Money.

Families of OFWs, whose remittances from the UAE jumped 41.54 per cent for the 10-month period to Dh1.74 billion ($474.2 million) from Dh1.23 billion ($335 million) a year earlier, may now receive their allotment within one hour through any of the more than 1,000 outlets of Cebuana Lhuillier Services Corporation.

"By constantly upgrading its service and network, Xpress Money has in a short span of time, transformed into the most reliable and powerful channel for OFWs to send money home," said Prasanth JH, manager of corporate communications, UAE Exchange.

Also available in other exchange bureaus, Xpress Money service charges Dh25 for a maximum remittance of Dh6,216 (70,000 pesos) per transaction compared to the Dh15 minimum fee for each remittance sent through banks that will be received in three days.

Xpress Money services have been available in the region for more than nine years, and used to deliver money only door-to-door. Dr BR Shettty, managing director and CEO of Xpress Money, said the company has always catered to the global communities and the divergent needs of the fast changing world.

"Filipinos are a diverse and widely distributed community today," he said. "Now we have chosen Cebuana because of its reach and functioning to spread our presence to every corner of the country and to provide unmatched service quality to the community."

Shetty said that Cebuana pawnshops are a reliable medium for money transfers because of their extended business hours even during weekends.

The president of Cebuana, Jean Henri Lhuillier, said the partnership between the two companies would enable them to provide fast and efficient service to OFWs, 250,000 of which are in the UAE, in the Middle East and Europe.