Indians account for a third of Dh39.9bn in remittances from the UAE in last quarter of 2018

Money sent back home in the last quarter of 2018 was 7.7% down against the same period in 2017, according to Central Bank

India was the top remittance recipient from the UAE in the fourth quarter of 2018. Victor Besa / The National

Indian residents of the UAE accounted for 34.2 per cent of total remittances in the fourth quarter of last year, which amounts for Dh39.9 billion, according to the Central Bank of the UAE.

Money sent back home in the last quarter of 2018 was 7.7 per cent down against the same period in 2017, according to Central Bank data published on the state-run news agency Wam.

The report found Dh30.4bn in remittances were transferred through exchange houses and Dh9.5bn were wired from banks.

Trailing India was Pakistan, where beneficiaries received 9.4 per cent of total remittances from the UAE. The Philippines was the third country with 7.2 per cent.

The US was the fourth recipient with 5.9 per cent of total remittances, followed by Egyptians with 5.5 per cent.

Globally, sending remittances costs an average of 7.01 per cent of the amount sent, according to the World Bank.

According to the organisation, the cheapest way to fund a remittance transaction globally in the fourth quarter of last year was Mobile Money at 4.9 per cent. The average cost when using a debit or credit card was 6.13 per cent. Sending money using cash cost 7.012 per cent, while funding the transaction using a bank account incurred an average cost of 7.11 per cent.