UAE Exchange Inc. has signed an agreement with MasterCard Worldwide to offer MasterCard’s MoneySend service in the United Arab Emirates for outbound remittances to the Philippines, according to the Dubai-based remittance and foreign exchange provider.
MoneySend is a person-to-person funds-transfer service that enables financial institutions to use the MasterCard network to facilitate domestic and cross-border remittances.
UAE Exchange will use the MoneySend platform to offer cardholders a way to send funds directly to recipients’ MasterCard debit or credit card accounts in the Philippines, the company says. The service will launch by the end of this month, when the company will disclose the fees charged for the service.
Recipients may withdraw the funds from ATMs, use them directly for purchases at any merchants that accept MasterCard, or pay their credit card bills.
UAE Exchange says it will offer the service in the United Arab Emirates for outbound remittances to the Philippines through its 85 branches across the country. The company has operations in 22 countries, including the Philippines, and manages a customer base of 3.5 million.
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