UAE Exchange Financial Services, an instant money transfer and foreign exchange company, plans to expand its operations in Europe and Africa
The company would opens new offices in 10 countries of the African continent and at five major locations in Europe this year, George Antony, country head, told mediapersons.
UAE Exchange, in 2010, handled 6.5 million remittances to India through which around Rs 22,000 crore was brought into the country. Sixty per cent of these transactions were from West Asia where the NRI population is the highest. The total annual remittances to India in 2010 stood at $ 55 billion as against $49.6 billion during the previous year. Remittances from the UAE alone stands close to $2 billion through the normal banking channel, he said.
Mohan Krishna, vice president, Thomas Cook India, said his company would open 20 offices in India in 2011. Thomas Cook now has 172 offices in 72 cities across the country.
Tie up
Thomas Cook India today tied up with Xpress Money, a service offering of the UAE Exchange, for quick remittances to India. Under the agreement, money can be remitted to India through the Thomas Cook offices across the world. Also Thomas Cook will act as official agents for Xpress Money.
