Bank AlJazira expands remittance business amid downturn reports

Sami Hamad Al-Rajhi, Bank AlJazira's SVP and head of the banking service group.

Bank AlJazira (BAJ), described as a fast growing Saudi financial institution that owns and operates Fawri Money Transfer Services, a world-class remittance service, says it has “shrugged off recession blues by announcing an ambitious expansion plan that will be the envy of other financial institutions.”
The BAJ currently operates 40 Fawri remittance centers and plans to open several new branches across the Kingdom.
Giving these details in a special interview on Saturday, Sami Hamad Al-Rajhi, BAJ’s SVP and head of the banking service group, gave an overview of the outward remittance market and said the total remittances sent out from the Kingdom exceeds SR140 billion annually.
“Fawri will continue to expand aggressively,” he said and announced another major milestone in the expansion of Fawri, whose vast overseas network of payout locations is now 400,000 strong in more than 200 countries. This makes Fawri the only market player in the Kingdom to have such a huge network,” he added.
On the limits in sending remittances, he said: “There are no restrictions from the regulatory body, Saudi Arabian Monetary Agency (SAMA).”
Moreover, sending limits are also dependent on the recipient country/bank and their respective product line, he noted. “More importantly, if remittance amount is bigger than usual, then the remitter is required to submit proof for source of funds,” said the Fawri chief.
“And, with the consistent all-round development in the Kingdom, we anticipate remittances to move in upward direction only,” said the Fawri chief. He pointed out that money can be sent through Fawri to all major countries like India, Philippines and Pakistan, which are the three top remittance recipient countries, and Bangladesh, Egypt, Sri Lanka, Indonesia, Yemen, Turkey, Jordan, Morocco and many more countries around the globe.
In addition, Fawri offers buying and selling of bank notes at “very competitive” rates. Currently, this service is available for dollar and euro currencies and Fawri will be able to deal in all major currencies, including GCC currencies, in the near future, the company stated.