RIYADH — Xpress Money, one of the most dependable money transfer brands in the world, has recorded a 15% percent spike in remittances from Saudi Arabia last Eid Al Adha. The increase in remittances was indicative of expats in the Kingdom sending money to family and friends to participate in festivities back home.
An increase in remittances was noticeable to receiving countries with large Muslim populations, including India, Pakistan, Bangladesh, Egypt and Jordan.
“Occasions like Eid Al Adha are special, as they are largely celebrated with huge fanfare among family and friends. At times like these, expats tend to miss home more as they too want to be part of the traditions and rituals of the festival. Since most expats cannot travel back home for all these occasions, they tend to remit larger sums of money so that their families can enjoy the festival to the fullest,” said Xpress Money COO Sudhesh Giriyan.
“For important occasions such as Eid Al Adha, we see that some employers disburse salaries in advance. This creates ideal conditions for a remittance boost because employees then have the liquidity to be able to send money home,” he added. A Ramadan survey by Xpress Money earlier in the year showed remittances rising during the holy month, with 47% of expatriates sending more money home.
“Special occasions on the Muslim calendar, such as Eid Al Adha, Eid Al Fitr, and Ramadan bring people together, and forge tighter bonds between families. This naturally translates into more money being sent home,” he noted.
