Last update08/06/2018


Finance (102)

India Budget 2017

Are you are a fan of Bollywood music or simply in love with Bryan Adams, Justin Beiber and Guns NÔÇÖ Roses? Then a trip to Dubai in 2017 could be the ultimate musical experience for you. Imagine long nights of enthralling music, exemplary performances by top musicians, electrifying concerts and soul-stirring music ÔÇô a music loverÔÇÖs groovy paradise.

Here is a peek into some of the most glitzy and glamorous music festivals held in Dubai:

Emirates Airline Dubai Jazz Festival ÔÇô Promising much more than jazz, this unbeatable mix of quality live entertainment is one of the oldest music concerts held in Dubai, and it will celebrate its 15th edition in 2017. This year the festival is all set to commence on February 22nd , 2017 and the performers lined up for this yearÔÇÖs show are: Tom Jones + The Rad Trads, Mariah Carey + Raul Midon, Enrique Iglesias + Nathan Sykes. Get set for music explosion!

dubai music lovers

Cairo Sound Music Festival ÔÇô This is a new cultural project launched and is all set to become a series of festivals in the UAE. This festival promotes Egyptian culture and music in Dubai, bringing together Middle-Eastern expatriates and music lovers from all around.

Redfest DXB 2017 ÔÇôThumping music, good food and an exotic setup, could it get any better? This year the festival takes place on February 2nd and 3rd and will feature Demi Lovato, Alessia Cara, Sean Paul, The Veronicas, Mike Posner, to name a few.

Party in the Park ÔÇô This one-day music festival is a must visit for both music lovers and non-music lovers. This festival celebrates the end of summer and beginning of winter. Let your favorite DJs tear up the night while you groove the night away. This hugely successful party saw an attendance of 10,000 people last year and this year itÔÇÖs all set to blow your mind away on November 11th .

Piknic Electronik ÔÇô This is also a one-day music fest, which is renowned internationally. This festival is ideal for families - adults as well as kids can have the time of their life here.

And, donÔÇÖt worry if you find it difficult to pay for tickets online. Customers can now visit any UAE Exchange branch to buy tickets for all major entertainment events in the UAE. And if youÔÇÖre travelling from to Dubai, to soak yourself in music, you can always purchase a travel card and load it on the go and enjoy.

Now get ready to hum, sing, and groove the night away with music, food, fun and laughter.

ItÔÇÖs that time of the year, when India awaits with bated breath, for the Union Budget 2017, that is to be announced in a couple of days. Here is a quick view of what Indian expats living abroad, want from this budget.

India Budget 2017

  1. Easing of the tax refund process is first on the budget wish list. Non-Resident Indians (NRIs) today find it difficult to collect cheques for tax refunds in excess of INR 50,000/- and honour it within the stipulated time. It would be great to have some facility to have direct remittance of funds to the NRI account ÔÇô either by way of wire transfer or maybe online banking, or some other electronic mode.
  2. For NRIs to avail benefits under tax treaties entered into by India, the tax authorities have to provide a Tax Residency Certificate. This is quite cumbersome to claim and hence NRIs are expecting for some relief by claiming the treaty by producing copies of passport, host country tax return, etc.
  3. NRIs would like to see some parity in the income tax process irrespective of whether the residents are local or expats. The current Tax Deducted at Source (TDS) and other income tax slabs vary for resident Indians whereas for NRIs, TDS is applied based on the applicable slab rate and his income in India.
  4. Expats are also looking for some relief in procedures when buying property such as stamp duty rates on during property registration.
  5. NRIs are also hoping that relief in prices of basic commodities would help better savings for families back home.
  6. For Indians wishing to set up businesses, they would like the ÔÇ£ease of doing businessÔÇØ process to be more efficient. This would be a great fillip to foreign investments and boost the confidence of the expat community, leading to more growth, job creation and healthier economy.

So, what do you want from this budget?

The world has become a global village and people are no longer confined to their country of residence. They have spread out their wings in search of a better life. Due to this global phenomenon, people send money across countries to their loved ones. This money transfer process has evolved over time. Gone are the days when it will take a fortnight or more to send money home.

There are now several options that lets you remit right from where you are, anywhere, anytime. All you need is an internet connectivity and a devices such smart phone, tablet, laptop or desktop to enable online remittance.

But before we take you through the step-by-step process (in part 2 of this article) of how to make the transfer, letÔÇÖs just go through a bunch of options that you have to send money or transfer money to someone.

online remittance 101


Online options available to remit money:

1. Online Banking ÔÇô If you have a bank account and have registered for their online banking facility, you could use their Funds Transfer facility to transfer money. Depending on the amount you want to transfer and to whom, you could use the NEFT (National Electronics Transfer System) or the RTGS (Real Time Gross Settlement) to transfer money quickly.

2. Online Money Transfer Services - If you use the services of an online money transfer services provider, you can remit from your bank account to other bank accounts. If your recipient does not have a bank account, you can avail the cash payout service via agents.

Things to keep in mind when choosing online money transfer option:

It is wise to ask yourself the following questions before you choose to remit online.

  1. Are the channels for money transfer legal?
  2. How fast are they?
  3. How easily accessible are they?
  4. Do they have customer support?
  5. How much do they cost?
  6. What online features do they provide?(SMS facility on debiting your money, an online invoice, money transfer tracking and so on)

So whenever you need to transfer money, be it your monthly payout to your family, an emergency, for sudden shopping, gifting, or for business purposes, you can utilise online money transfer services from providers such as . ItÔÇÖs quick, easy, safe and convenient.

Stay tuned to our Part 2 to learn the step-by-step process of making an online money transfer.

Make cash wallet your best friend!

Friday, 27 January 2017

Now who is the new-age bestie for most people?

Without doubt it is the multi-purpose digital wallets that are on the rise today. Of all the other facilities, Payments are the most important, as it is the tunnel that leads us into the world of luxuries and even necessities. Here is where we open our wallets to transact, buy products, pay utility bills, top-up mobiles and DTH and make all sorts of payments. So how does the online world facilitate payments?

While digital card payments are still the rage, not everyone has access to a credit card. Credit cards do make life easier, but for the unbanked or for first time users, it does take a little time to get them to understand its usage.

However, with the introduction of e-wallets / cash wallets, things have become much easier! Cash wallets allow people to make payments, transfer money, pay bills and perform a host of financial activities without actually having to handle cash or even use a card. Everything is performed electronically through an app. The userÔÇÖs bank account is linked to the digital wallet and all payments go through it. All it takes is a swipe, click, confirm and you are done!

Where do you get them?

Cash wallets have gained popularity and so the number of companies offering this service has been on the rise. Multi-purpose apps such as Paytm, MobiKwik, Freecharge, or Oxigen, are available for download and usage, on the official Android Google Play store or the Apple App Store. For security reasons, ensure that you download wallets from the official stores only. As you will be transacting and keying in important financial info, security is of utmost importance. Also double check the publisherÔÇÖs name and ratings so that you donÔÇÖt fall for the illegitimate fake apps in the store with misleading keywords on their titles.

Cashwallet Importance

What are the benefits of cash wallets?

Safety: Cash wallets are absolutely safe and protected in various ways through passwords and fingerprint access. Additionally, these wallets can be topped with the required amount of money only and so, you can easily control the amount of money you want to load onto your wallet.

Easy payments: Cash wallets facilitate easy and fast payments online and help save a lot of time.

Worldwide facility: Cash wallets can be used to make worldwide online payments. They are not restricted by location or availability of machines like ATM kiosks, for example. All you need is a device and internet connectivity and if you are a registered user, you can make payments anytime.

Track payments: Extremely easy to track payments, anytime and anywhere, these wallets save digital receipts which can be viewed and printed out even at a later date, and is certainly a better way to maintain your payment records.

Discounts galore: Many companies offer attractive discounts on the usage of digital wallets, and so shopping online with these wallets helps with cost savings and convenience.

So are you ready to make cash wallets your new best friend?

We all have at least one acquaintance, if not more, who lives away from home, in a different country. The reason they chose to live abroad, is because they were looking for better opportunities, so that they can provide a good life for their families. It also means that they earn better abroad and want to remit their earnings back home to their families.

Sending money home to loved ones is the beginning of financial security and the foundation of your dream life with access to quality education, health, food and shelter. Thus it stands to reason that the process of sending money home should not be a bottleneck but must be easy, quick, convenient, safe and cost-effective.



Now money is not only sent home at the end or the beginning of every month. There are several occasions where money needs to be sent home in a flash. All for one simple reason. To bring a flash of smile on your loved oneÔÇÖs face! Here are a few of those occasions.

a) Your childÔÇÖs school admission just got confirmed, and thereÔÇÖs a lump sum required to be paid to school, immediately.

b) Your brother needs an emergency loan to either start a small business, or handle a pressing need.

c) Your parents have to travel to attend a relativeÔÇÖs wedding in another city and require money for travel, wedding presents, shopping and more.

d) Your spouse has his/her birthday coming up and you want to gift something valuable and memorable, like gold. Or perhaps you would like them to buy something of their choice with the money you send.

e) In times of calamities or natural disasters, you may need to send money immediately to your family for their relief.

f) You have just found the best deal for your dream home or car. All you need is to send the required money home.

As you can see, there are a number of instances where your family could require money urgently. Transfers via banks however are prone to delay and can take several days to transfer the money to the beneficiariesÔÇÖ account. The process is tedious and you may not get the best exchange currency rate when making a transfer, so you could end up paying more and receiving less. Banks are therefore not the optimum solution for transferring money instantly.

Are there other options? Yes, thereÔÇÖs FLASHremit!

Gone are the days when customers had to wait for long hours to get a confirmation from their banks on the receipt of money. You can now transfer money instantly and get the confirmation through SMS within seconds of account credit.

FLASHremitÔÇÖs advanced state-of-the-art technology enables people to send money instantly from their bank account to other bank accounts. Having strategic tie-ups with over 140 reputed banks around the world, FLASHremit, has one of the widest network of banks.

So when you need money in a flash, you know what to do, just FLASHremit.

High-five for digital India!

Tuesday, 24 January 2017

It was November 2016, just a few days after Diwali, when a decision to demonetise certain currency notes was announced in India. All INR 500 and INR 1000 currency value notes were declared nil value with immediate effect. It was a move from the Indian government to abolish the infiltration of fake currency notes that were fuelling various nefarious activities hampering the countryÔÇÖs economy. The government also urged the public to slowly move towards digital money movement leveraging technology for ease and convenience. While all this meant a stable and transparent economy in the long run, it required a lot of planning to cope with the change.

digital india img

While I was still wondering how to help my family deal with this situation, I got a panic call from my wife. In a frenzied voice, she raised concerns about to handle payments in this situation. Being an Indian expat living in the UAE for the last 2 years, I have been sending money back home to my family, month on month using money transfer services.

  1. Setup a bank account :

    So, first things first, I helped my wife open a bank account to which I began transferring money. With UAE ExchangeÔÇÖs instant bank transfer services, the amount was credited to my wifeÔÇÖs bank account and we were both notified of the same. This saved a lot of her time that she otherwise spent in going to the remittance house to collect the money.

  2. Created electronic clearing services for recurring expenditure :

    Several utility bill payments, childrenÔÇÖs school fees etc. were made using this bank account. With facilities like ECS (Electronic Clearing Services), we created a payment mode that automatically made the payment on a stipulated time of the month on our behalf.

  3. Installed a payment application :

    I helped my wife install a payment on her smartphone, and taught her how to use the same to make payments of smaller denominations. From paying the local vegetable vendor, to the grocery store, this payment app was extremely helpful and convenient.

    With the above changes, today, my wife effortlessly handles the household expenditure and has gone cashless! And she is happy she did!

Are you an expat in UAE with your family living in a remote village in your home country?

They must be totally dependent on you for the money you send month on month for their expenses. Sometimes, it may so happen that you may have to transfer money to a family member or friend who doesnÔÇÖt have access to a bank account. Sometimes you may have to send money urgently due to some medical or other exigency. Sending money via banking channels may not be the most efficient, quickest or cheapest way.

What are your alternatives?

A simple and effective way to send money is via online money transfer service providers such as The reason is that your recipient does not need a bank account and through the cash payout facility across 180,000 agent locations in 160 countries, your loved one can receive cash within minutes. Money transfer is simple and easy. You can do it from anywhere, anytime at just the click of your mouse.

When we say itÔÇÖs simple, yes we mean it. It works in 5 simple steps:



You need to be sure that sending money via cash payouts are safe, secure and your information is kept confidential. Security measures such as 128-bit Secured Socket Layer (SSL) encryption technology, the protocol used by all responsible websites on the internet that prevents any unauthorised person from accessing your account details online, needs to be in place.

Your recipient only needs to take their 16 digit XPIN and a valid ID to receive the money. When the beneficiary of the money transfer receives money, you get an SMS alert that the money has been received. In fact you can track your money with transaction trackers that allows you to keep track of your money at every step of the way.

sending money family

Think about it ÔÇô going to a bank and transferring money means standing in long queues, incurring high exchange rates, and most importantly, the beneficiary needs a bank account. With service providers such as Money2anywhere, you can simply call, and their agents located worldwide will pick up your cash , ensure safe passage and transfer to countries from Australia to Yemen. It canÔÇÖt get any better than this.

Incidentally, online remittance service providers give you options to transfer money to bank accounts as well. Of course the pre-requisite is that the beneficiary must have a bank account. But now you know better.

Bank accounts are really not necessary if you need to transfer money ÔÇô itÔÇÖs truly anytime, anywhere!

We live in a world where Internet of Things (IoT) is the new normal, where being connected is a given. ÔÇÿOnlineÔÇÖ is a word that even little toddlers are aware of and is part of their lexicon.

Today, a large part of the population lives and works in different countries, so remitting money back ÔÇÿhomeÔÇÖ is part and parcel of the life of expats. While there are several ways and means of sending money transferring money online has become a viable, quick and accepted mode of moving money from one country or location to another. However sending money online has a few requisites that you need to keep in mind, especially when itÔÇÖs currency transfer from one country to another.

Top 5 things
a) Currency exchange rates ÔÇô International money transfers attract conversion and convenience fees.
In a highly volatile market, fluctuations in the exchange currency rate can make a huge difference to the money being received. Ensure you check out reputed money exchange houses to give you best rates on international money transfers.

b) Amount of money transferred ÔÇô For small or infrequent amounts of money transfer, it might be convenient to use your bank to transfer money online. But if youÔÇÖre transferring substantially large amounts of money from your account overseas to another country, you may want to consider using reliable online remittance providers, where you can send money seamlessly at competitive rates.

c) Authorised and legal channels of money transfer ÔÇô There are several illegal and unauthorised modes of sending money from one location to another. These channels are fraught with risk, and there is nothing much you can do about it, since these transactions are unrecorded. There is even a possibility that the funds could be diverted for criminal activities. To safeguard your hard-earned money and ensure that your money is transferred to the right person, on time, send money via trusted, reputed, online money transfer providers who are accountable and reliable.

d) Time taken for transfers - Imagine you had to send money to your family or loved ones in an emergency? Transferring money via banks would usually take more than 24 ÔÇô 48 working hours and thatÔÇÖs precious time which you canÔÇÖt afford to lose. Sending money online is a quickest and safest way to remit in an instant.

e) Transaction fees - Your bank by default is not the only option to send money online. Check for non-bank foreign exchange services and money transfer service providers who can be far cheaper when it comes to remitting international currency. Their charges for the service, conversion rates and exchange rates are better than most banks.

Sending money home from the country of your work need not be intimidating or tedious any longer. By choosing the right online money transfer provider, you can securely and quickly send money, right from where you are, at the click of a mouse. So the next time you want to transfer money, choose wisely, itÔÇÖs your money after all.

In todayÔÇÖs globalised world, speed, access and convenience are everything. Given that there are a large number of people who are working in different countries as skilled, semi-skilled and unskilled labour, it is imperative for any migrant worker to have the right means to transfer money to their country of origin. To be able to do this, they need to send money through the right channels, and not through the multiple intermediary channels, that are currently available.

earned money

Money transfer channels can broadly be classified into formal and informal channels. Informal channels of transferring money are through private, unrecorded and illegitimate channels, usually referred to as hawala or hundi systems. A large number of these ÔÇ£informal money transfer systemsÔÇØ are not licensed, regulated or registered as private money exchange and money transfer providers. Most of their transactions are deemed illicit and are fraught with multiple risks. Several migrant workers across all economic strata fall prey to these systems and channels and are left with no means to safeguard their hard-earned money.

On the other hand, sending money through formal and legal channels safeguard money, and is in fact faster and cheaper depending on how you want to send the money, and the amount of money that needs to be transferred. Most importantly, remitting via formal channels help contribute to the overall growth of the receiving country. HereÔÇÖs how formal channels benefit individual and country as a whole.

  • Every transaction through a legal money remittance channel is bound by a contract protecting the interests of both the remitter and the intermediary.
  • Specific laws that regulate the service providerÔÇÖs products, services and transactions are overseen by an official supervisory authority. In case of any issue, the remitter can appeal to the supervisory authority or a court with the right jurisdiction.
  • Each remitter and receiver has to be formally identified, thereby avoiding any indirect abetment of organisation working against national interests.
  • Visibility to your accounts may draw benefits of access to other financial services such as loans and credit lines.

Moreover, the cost of remittances has shown a declining trend, thanks to increased competition amongst Banks, Money Transfer Operators (MTOs) and Post-Offices and several other non-banking financial institutions. Of these, MTOs are extremely popular for their focus on money exchange and remittance and a wide array of related products and services.

Exchange houses such as UAE Exchange are trusted, committed and authorised formal channels for money remittance. As part of their corporate social responsibility, they run campaigns to reiterate the importance of remitting via formal channels. In fact ÔÇ£Amar BangladeshÔÇØ is one such campaign, that aims to raise awareness and encourage Bangladeshi workers to send their hard-earned money through legal channels. This beautiful campaign was unveiled on 27 December 2016 where His Excellency Muhammad Imran, Ambassador of Bangladesh to the UAE, was the Guest of Honour. According to His Excellency, ÔÇ£Bangladeshis living outside Bangladesh have been a strong pillar of support for the country. UAE Exchange has always supported this hardworking community in transferring their hard-earned money back home. We have pioneered various initiatives to help them stay consistent in sending money through formal channels. Amar Bangladesh is one such initiative. This campaign will enable expatriate Bangladeshis to safeguard their earnings and plan their future better.ÔÇØ

Let us know how you think formal and legal channels of sending money have more advantages when compared to illegal ones!

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