UAE Exchange Inc. will offer MasterCard Inc.'s MoneySend service in the United Arab Emirates for outbound remittances to the Philippines.
The Dubai remittance and foreign exchange provider said it will use the MoneySend platform to offer cardholders a way to send funds directly to recipients' MasterCard debit or credit card accounts in the Philippines. The service will launch by the end of this month. It did not say what fees it plans to charge.
MoneySend enables banks to use the MasterCard network for domestic and cross-border remittances.
UAE Exchange recipients may withdraw the funds from automated teller machines, use the cards for purchases, or use the money to pay credit card bills.
UAE Exchange says it will offer the service through its 85 branches across the country. The company has operations in 22 countries.
