To cash in on the rising remittance flow into the country from its soil, the Bahrain Financing Company (BFC) Forex, a part of the BFC Group Holdings, has launched its remittance services in the city.
With around $60 billion inflows last fiscal, India is the world’s top destination for remittances. And a 7.5 million Gulf diaspora is a major contributor to this influx.
Of the nearly 5,17,000 expatriates in Bahrain, 2,90,000 are Indians, and as much as 65 per cent of them are Keralites, followed by Telugus, Tamils, Kannadigas, Maharashtrinas, Goans and Punjabis.
BFC Forex has a fully fledged money changer (FFMC) licence from the RBI, and will have seven forex branches in the country with Mumbai as the headquarters.
BFC is a leading money transfer and foreign exchange company in the Sultanate, and has been in operation in the GCC since 1917. It has network of over 50 strategically located branches throughout the Gulf and 10 branches in Britain.