23/03/2009 00:00 AST

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 News

ANB net profit up 3.2% in H1

24/07/2017

Arab National Bank reported a net profit of $431.2 million for the first six months of 2017, compared to $417.9 million for the same period last year, an increase of 3.2%.

Profits of the s

Saudi Gazette

Arab Bank profit up 20pc to $533m

31/01/2017

Arab Bank Group posted a net profit after tax of $533 million for 2016, a growth of 20 per cent compared to $442 million for 2015.

The net operating income before provisions and taxes exce

Trade Arabia

ANB ‘Most Sustainable Bank’ in Saudi Arabia

05/12/2016

Arab National Bank (ANB) wins the ‘Most Sustainable Bank – Saudi Arabia 2016’ awarded by the reputable London-based World Finance magazine.

Dr. Robert Eid, Managing Director and Chief Exec

Saudi Gazette

Ticker Price Volume
QNBK 123.30 103,897
SABIC 100.87 2,504,855
MMG 0.00 0
CHEMANOL 7.11 932,192
ARNB 24.06 13,626
BURUJ 34.50 110,831
KCBK 12.00 1,889
ARNB Sector Market
P/E
Price/BookValue
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
FAB 10.35 -0.05 (-0.49%)
RJHI 67.88 0.29 (0.42%)
NCB 51.47 -0.96 (-1.84%)
NBK 779.00 -2.00 (-0.26%)
SAMBA 24.40 0.00 (0.00%)
Etisalat: iPhone 8s to hit UAE stores on Saturday, September 23

23/09/2017

Avid Apple consumers will have to wait until later next month to order the new iPhone X but etisalat announced on Friday that it will begin offering the new generation iPhone 8 starting Saturday, Sep

Gulf News

HSBC Saudi Arabia leads KSA’s first accelerated bookbuild

22/09/2017

HSBC Saudi Arabia successfully led the execution of the first accelerated bookbuilding (ABB) process in the Kingdom with the sale of 16,000,000 shares in Almarai Company. The sale represents a 2 perc

Arab News

Tawuniya offers private motor insurance program

22/09/2017

The Company for Cooperative Insurance (Tawuniya) has launched a comprehensive private motor insurance program. Al-Shamel program offers vehicle owners an insurance cover for any accidental loss or da

Arab News

It's awards season for A. Schulman and Sabic

22/09/2017

Materials makers A. Schulman Inc. and Saudi Basic Industries Corp. each recently won awards for their customer service and for the quality of their materials.

Fairlawn, Ohio-based Schulman

Plastic News

Brand survey reveals loyalty levels among UAE banks

22/09/2017

Emirates NBD inspires more customer loyalty than other UAE banks and has the highest trust levels in the country according to a new report released on Thursday.

The Bank Brands Customer Loya

Arab News