Commercial Bank begins fast-track fund transfer to UK and Europe

Commercial Bank has launched a fast-track funds transfer service that will allow customers to send money to the UK in five minutes and to 21 countries in Europe within 24 hours. The service is available for customers using Commercial Bank’s retail Internet banking and mobile banking app.Funds transfers to the UK and Europe previously took up to 48 hours. The GBP currency fast-track service is available 24/7, even on weekends, whereas Euro payments are processed within one business day for transfers initiated before 2:30pm in Qatar, giving Commercial Bank’s customers’ added convenience.Commercial Bank’s same-day Euro remittance service will be available for transfers to the following countries: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxemburg, Malta, Holland, Portugal, Slovakia, Spain, Norway, and Switzerland.The introduction of this new fast-track funds transfer service to the UK and Europe follows the success of ‘Commercial Bank’s 60 Seconds Remittance service’ that allows Commercial Bank customers to transfer money to India, Pakistan, Nepal, Sri Lanka and the Philippines efficiently. In 2018, more than 1.4mn transactions were recorded for this service. Amit Sah, executive general manager (consumer banking) at Commercial Bank, said, “Services like our 60 Seconds Remittance have been a huge success with our customers to date. Given its popularity, it was our intention to continue to launch more services that would enable faster fund transfers to other countries around the world. “The UK and Europe are popular destinations for fund transfers by residents of Qatar, so the launch of this new fast-track remittance will further enhance our service offering to all customers in Qatar. We will continue to add more countries to our fast-track remittance network based on the requirements of our customer base.”The introduction of this new service to UK and Europe further enhances the position of Commercial Bank as a leader in digital banking in Qatar. In 2018, at the Asian Banker’s Excellence Services Awards, Commercial Bank was awarded ‘The Best Remittance Product and Service of the Year for the Middle East’ in recognition of its market-leading remittance service.