Al Ghurair Exchange ties up with Earth port for Straightforward Efficient Economic and Timely International Transfers.
Al Ghurair Exchange’s experience since 1976 and Earthport's ten year proven international payments service delivers a proven easy to use solution; high transparency and service levels; with a direct result of greater efficiency and low transaction costs. These characteristics make the Earthport service suitable for a wide range of transaction types and values.
Earthport’s services help remittance service providers deliver funds collected in one country, globally. Funds are delivered via the banking system, to any bank account which can be reached via the local ACH (Automated Clearing House) in the destination country. As such, Earthport and its customers are compliant with the rules and processes around international money transfers.
Subject to appropriate regulatory oversight, Earthport’s services might also be used to service beneficiaries who are currently unbanked. Earthport delivers funds to a virtual account attributed to a specific beneficiary. The account is held within the banking system and therefore is subject to the appropriate rules and governance. If acceptable to the banking authorities in the destination country, it may not be necessary for the beneficiary to hold a traditional bank account.
Earthport provides international account-account transfers, covering the main remittance channels. The Earthport model enables a cost-effective service suitable for this growing market. According to World Bank data, measured remittances amount to over $500bn p.a globally. Unmeasured remittances could make the total amount $1trn or more. The associated fees could amount to $5trn. Earthport's credit transfer service is efficient, transparent and low cost, and is ideal for services providers who provide a 'send money home' services.
Date: 7/15/2009 12:00:00 AM