TeleMoney to open 20 more centers


Arab National Bank - ARNB
35.89 -0.11 -0.31%
23/03/2009 00:00 AST  Arab News

TeleMoney, a popular remittance wing of the leading bank of Saudi Arabia, Arab National Bank (ANB), plans to open about 20 model TeleMoney Centers within the next two years in a renewed effort to maximize its reach among customers and to add new services to its portfolio. “Plans are also afoot to modernize the existing TeleMoney Centers and introduce new electronic remittance services,” said Mousa Al-Askar, head of ANB’s retail centers.

Al-Askar said, “The new TeleMoney centers, including the existing TeleMoney outlets currently undergoing modernization, would help expatriate workers to remit their funds faster and without any hassle.” He said that ANB would offer phone remittance services shortly, and this will be the first to be offered in the Kingdom. “This unique service from ANB will allow a customer to remit funds from the convenience of his/her office or home through telephone instructions at any given time,” he added.

He pointed out that TeleMoney was currently offering a range of services to a number of countries including Egypt, Jordan, Lebanon, Pakistan, Philippines, Sudan, India, Nepal and Sri Lanka. The services include “Rush Money” remittances to Egypt, Sudan and Jordan in two hours, and tele-remittance to the Philippines in 20 minutes. “Customers can remit funds door-to-door to all districts in Egypt within 48 hours,” he noted.

Spelling out the salient features of TeleMoney services, Al-Askar said, “ANB offers customers a secure, swift and convenient platform to remit funds through 52 dedicated TeleMoney centers, and automatically round-the-clock through the Al Arabi network of more than 827 ATMs across the Kingdom.” The networks cover Saudi Arabia and all countries currently covered by TeleMoney and SWIFT remittance services across the world.

The ANB remittance centers have been involved in educating customers about the importance of remitting money through legal channels and sending clean money, while ensuring that the funds reach the beneficiaries without problems. Foreign workers in the Kingdom have been remitting about $16 billion annually to their home countries, said Al-Askar. This represents some 60 percent of the cumulative $27 billion transferred by expatriates from the six-nation Gulf Cooperation Council (GCC) countries every year.

The UAE accounts for some 15 percent with $4 billion a year, whereas Kuwait, Oman, Qatar and Bahrain have the remaining $7 billion. To this end, it must be noted that there will be some changes in the pattern of remittances keeping in view the global economic downturn, said Al-Askar, referring to community initiatives being supported by TeleMoney. He said that the TeleMoney had been supporting charity events, social functions and sports events organized by expatriate groups in Saudi Arabia.

Arab National Bank - ARNB
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP
Most Viewed Companies
Ticker Price Volume
EMAAR 11.3 51,121,518
SPIMACO 51.32 2,408,355
SAGRINSURANCE 46.27 2,694,737
RIBL 22.89 1,665,978
MESC 17.64 1,131,066
SECO 17.87 8,356,044
ALKHODARI 66 2,507,257
Recent News

Islamic finance seeks to go green with environment-based products
Financial products based on renewable energy and sustainable agriculture are emerging in Islamic finance as asset managers seek a crossover opportunity between ethical and Shariah-compliant investing

Savannah Resource posts encouraging results in Oman copper exploration
AIM London-listed international mining firm Savannah Resources plc has announced that it had received positive results from the recent reprocessing of a Versatile Time Domain Electromagnetic airborne

SR5b airport projects OK’d
Prince Fahd Bin Abdullah, president of the General Authority of Civil Aviation (GACA), has approved a number of airport development projects worth a total of more than SR5 billion, the Saudi Press Ag

Kingdom ‘eradicating inefficiency’ as SAGIA attracts French investors
Amid Saudi Arabia’s strong economic growth, development diversification programs and attractive investment policies, the governor of Saudi Arabian General Investment Authority (SAGIA) has urged Frenc

Maaden, Alcoa start operations at Saudi plant
Saudi Arabian Mining Co. (Maaden) said on Monday its joint aluminum smelter with US-based Alcoa has started commercial operations.

The $10.8 billion aluminum plant at Ras Al-Khair, on the G

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?