United Arab Emirates: Emirates NBD to Cease Producing Certain Foreign Currency Demand Drafts as of October
Emirates NBD Discontinues Foreign Currency Demand Drafts
Emirates NBD, a leading bank in the UAE, has announced that it will discontinue the issuance of foreign currency demand drafts (FCY DDs) for 12 major currencies effective October 18, 2025. The affected currencies include USD, GBP, EUR, CAD, AUD, SEK, NOK, DKD, HKD, SGD, CHF, and JPY.
The bank made this announcement on Saturday, although the reasons for this decision were not explicitly stated. However, the discontinuation may be linked to changes in the bank's service offerings and the increasing use of electronic international transfers.
Customers are advised to make necessary arrangements well in advance to avoid any disruption. Demand drafts issued on or before October 17, 2025 will remain valid and will be honored until their expiry.
It is unclear whether Emirates NBD will offer alternative services for foreign currency transactions. No information was provided about the potential impact of this decision on customers or the overall banking sector in the UAE.
In a separate article, it was reported that Emirates NBD's income surged 12% to Dh23.9 billion in the first half of 2025. This suggests that the bank is still financially stable despite this decision.
As of June 2025, customers will be charged Dh26.25 (inclusive of VAT) for international transfers made via the app or online banking, including those done through DirectRemit, with exceptions for India, Pakistan, Egypt, Sri Lanka, the Philippines, and the UK. Six countries are exempted from the new rule regarding international transfer charges.
Customers are encouraged to stay updated on any further announcements from Emirates NBD regarding this matter.
- The discontinuation of foreign currency demand drafts (FCY DDs) by Emirates NBD could potentially impact the entertainment industry, as many events might rely on electronic international transfers instead of demand drafts.
- In the business sector, the decision by Emirates NBD to discontinue FCY DDs may lead to an increase in the use of digital finance and technology for international transactions.
- This news about Emirates NBD discontinuing FCY DDs and the subsequent rise in income for the bank might have implications for finance and news media, as analysts and reporters may delve deeper into understanding the bank's strategic moves and their potential effects on the industry.
