Careem Pay, the UAE-based digital wallet and fintech platform within the Careem Everything App, has expanded its international remittance services to include ‘Faster Payments’ to the United Kingdom for residents of the UAE.
Careem Pay enables customers and business owners to manage their money, settle bills, and make seamless transactions both within and beyond the app. The Careem Pay international remittance service to India and Pakistan has been adopted by expats across the UAE. It revealed that one customer sent over $90,000 in remittances to Pakistan throughout 2023.
The new UK remittance service enables customers in the UAE to send money to UK bank accounts in a matter of minutes using just the recipient bank account number and sort code, or the IBAN.
Approximately 240,000 British expats resided in the UAE as of 2023, while the UK received over $2.9billion from the UAE in less than one year. With competitive foreign exchange rates, customers can transfer up to AED45,000 (~£9,900) in a single transaction and up to AED135,000 (~£29,700) monthly.
Mohammad El Saadi, VP of Careem Pay, commented: “Careem Pay’s purpose is to simplify and increase access to financial services for people across the region. We were thrilled to see our remittance services to Pakistan and India enable so many of our customers and Captains in the UAE to send money back home within minutes, and we are excited to now extend this service to another significant segment of the UAE population with near-instant money transfers to the UK.”
“Our UK remittance service will be particularly helpful for anyone who makes consistent transfers to the UK, be it to support families back home, make mortgage payments or contribute to other personal investments.”
