Careem Pay Launches UAE-to-Egypt Remittances: Faster and Cheaper Transfers

Careem Pay has launched a remittance service to Egypt from the UAE, providing instant transfers at half the cost of banks. This service is especially beneficial during Ramadan, catering to the large Egyptian expat community, which sends significant remittances to Egypt, estimated at USD 10 billion. Careem Pay aims to simplify financial services through a comprehensive platform.

Careem Pay has launched a remittance service from the UAE to Egypt, enabling fast and low-cost transfers, especially relevant for the financial needs associated with Ramadan. This service allows residents in the UAE to send money directly to Egyptian bank accounts efficiently, offering fees that are 50% lower than traditional banks.

The Careem Pay platform supports transfers to major remittance corridors worldwide, including countries like India, Pakistan, the UK, Europe, and the Philippines. This expansion particularly benefits the significant Egyptian expatriate community in the UAE, as Egypt ranks among the top five recipients of UAE remittances.

The estimated annual remittance market from the UAE to Egypt stands at around USD 10 billion. Mohammad El Saadi, VP of Careem Pay, expressed enthusiasm about serving this critical demographic, emphasizing their competitive rates and instant transfer capabilities. Careem Plus members are entitled to rates superior to those listed on Google, potentially resulting in substantial savings.

The introduction of this new remittance corridor coincides with Ramadan when individuals typically send more financial support to families for charitable endeavors and Eid celebrations. Careem Pay aims to enhance financial services in the region with a comprehensive platform designed for easy peer-to-peer and international transfers, bill payments, and digital wallet functionalities.

To utilize the international money transfer feature, users simply need to download or open the updated Careem app and select the ‘Send Money’ option on the home screen.

Careem Pay’s expansion into the UAE-to-Egypt remittance market promises to deliver fast and economical transfer services, particularly beneficial for the substantial Egyptian expatriate population during the peak season of Ramadan. By offering significantly lower fees compared to traditional banking options, Careem Pay aims to simplify and enhance financial transactions in the region.

Original Source: techafricanews.com