The importance of exchange houses is arguably greater in the Middle East than in other regions due to the large percentage of expats, especially in the GCC where exchange houses enable millions of workers to send money back home.
These exchanges houses offer convenience to a large portion of the labor force, many of whom do not have bank accounts in either the Middle East or their home countries. Exchange houses on average offer a better exchange rate than banks, and kiosks can be conveniently found in many malls and tourist destinations.
Apart from traditional services, today many exchange houses also offer value-added services, such as managing payroll services, offering travel cards, and selling other financial products. Some have also built their own remittance apps.
Our list of the top exchange houses in the Middle East looks to highlight the biggest and most successful remittance and money exchange companies in the region. Most (11) of the companies on the list are part of larger family business conglomerates. The companies on our list represent six countries across the Middle East. Half (10) have expanded and opened offices or branches in foreign countries.
To create the list, we considered: