Eid mubarak

With over 2.6 million Muslims in the U.K., global remittances are particularly important in the run-up to Eid-ul-Adha, when loved ones exchange money or ...

Many Muslim-majority countries observe national holidays during Eid, meaning that the banks and post offices that operate as pick-up points for international transfers are closed. “The demand for international payments services spikes up in the lead up to Eid. Driving this increase are the Muslims across the U.K. and Europe with family ties internationally,” Jose Ivars-Lopez, Ria’s U.K. and Ireland country manager, said in a press release emailed to PYMNTS. So, as Muslims the world over come together to celebrate Eid-ul-Adha this year, international payment services have an important role to play in connecting friends and family. In the aforementioned data from Ria, the company found that the real remittance spike comes not during Eid-ul-Adha itself but in the run-up to the holiday. International money transfers have become a popular way for U.K. Muslims to continue this tradition when apart from friends and family in other countries. With over 2.6 million Muslims in the U.K., remittances are particularly important to this community in the run-up to the holiday, when around the world, it is traditional to exchange gifts with loved ones, especially children.