RemittancesGateway.org

UBL, Saudi Bank ink remittances facilitation agreement

Monday, 15 February 2010 09:12

United Bank Limited Pakistan and Bank Albilad Saudi Arabia have joined hands to facilitate remittance of funds from expatriate Pakistanis living and working in Saudi Arabia. This partnership between UBL and Bank Albilad is an important step in solidifying the two bank’s relationship while at the same time improving the quality of service to customers.

According to a press statement issued by UBL here on Saturday, under the agreement remitters can use UBL’s Tezraftaar Cash (cash over the counter) service whereby the beneficiary can obtain cash payment of up to Rs.500,000/- over the counter from any UBL branch in Pakistan against a remittance in their name. Tezraftaar Cash is a free, fast and dependable way to send money even for those beneficiaries who do not have an account at UBL.

Remittances to Pakistan from around the world provide a major boost to the Pakistani economy. According to the State Bank of Pakistan, home remittances from Saudi Arabia and GCC countries increased by $177.38 million during the period July-December 2009. To further facilitate remittances through formal channels the SBP, Ministry of Finance and Ministry of Overseas Pakistanis have started the Pakistan Remittance Initiative (PRI).

United Bank Limited (UBL), being a major player in this market working in collaboration with and under the guidance of PRI has launched TezRaftaar Cash (cash over the counter), a free, over-the-counter, cash payment service in order to facilitate remitters and their families in Pakistan.

The Bank remains committed to enhancing its efforts in providing the highest standard of service to remitters and beneficiaries of remittances, to further strengthen its position as a leading institution for home remittances from Pakistani expatriates.