Exchange houses hike fees for international money transfers
Money exchange houses in the country have announced a hike in fees for international money transfers, adding an additional QAR5 to each transaction.
The fee for remittances to Asian countries — including India, Bangladesh, Pakistan, The Philippines, and Sri Lanka — which earlier cost QAR15, will now be QAR20 per transaction.
The increased fee has come into effect at both physical branches and online transactions.
An official at a local money exchange told The Peninsula that the fee for money transfers to European countries varies as per products and services.
It is understood that the increase came after being ratified and approved by representatives of local exchange companies, following a long period of about 20 years without any increase.
A report from Al Sharq said the measure was taken to cover a portion of the significant costs exchange companies incurred due to expansion of their services to meet the local market’s demands.
It also aims to enable exchange houses to provide high-quality, competitive services to customers.
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