Remittance insurance offered

Dubai-based Mashreq bank has announced the launch of a unique insurance protection for remittances called ‘Remit Shield’. The service will benefit customers with additional coverage in case of unfortunate events, the bank said in a media statement this morning.

Under Mashreq ‘Remit Shield’ the sender’s legal beneficiary will receive 12 times the total amount remitted in the last 30 days, with a maximum coverage of up to Dh100,000.

“Remittance is one of the key requirements for all expatriates and at Mashreq, we continuously look at providing financial solutions that accommodate customer banking requirements be it short term or long term,” said Tooran Asif, Head of Personal Banking, Mashreq. “This product has been created with the objective to offer peace of mind to our customers.”

The statement said that the bank will be providing the service free of cost, with no increase in fees. However, it added that customers are required to remit every month to become eligible.

“We all realise the significance of family and the importance to sustain support to them. With Remit Shield customers can feel comfortable knowing that their bank will offer the assistance in times of need,” said Asif.