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Saturday , October 24 2020

Remittances jump by 90% – Huge rush at exchange companies

KUWAIT CITY, June 4: The exchange companies witnessed a great turnout of expatriates from the early hours on their first day of returning to work in accordance with Cabinet’s decision issued on Sunday, which allows the sector to operate during the partial ban.

Asians wait in long queues for their turn outside the exchange companies

Strict health measures implemented in all branches of the exchange bureaus in various regions, in addition to the five isolated areas, to ensure the health and safety of workers and that of the masses coming in their numbers for remittances.

The customers are obliged to wear gloves and masks, in addition to standing in lines separating each person from a distance no less than one meter, with temperature measuring attendance and the number of customers not exceeding only one inside the branch, which made the matter very easy to complete the remittance process.

In this context, a banking source affirmed that remittances increased by up to 90% on the first day of the companies reopening manual transfers, compared to the total ban period, which was done via electronic.

He added the large turnout by expatriates is due to the fact that most of them do not use electronic applications or methods of transfer, especially that electronic transfer requires an agreement between the phone numbers and cards used by the bank to complete the payment operations, something that impeded many of the transfers during the last period.

The source said the banks returning to work will facilitate the request of many customers to renew their data in anticipation of recurrence of this crisis, especially as many expatriates usually transfer their funds monthly, and during the last period are unable to complete this process due to past events of the complete closure of most of the businesses.

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