Careem Pay has expanded its remittance services to Egypt, allowing UAE residents to send direct bank transfers. The remittance market from the UAE to Egypt is valued at around $10 billion. The service offers competitive rates, being 50% cheaper than banks, and aims to streamline financial services for expatriates, especially during Ramadan when remittances rise.
Careem Pay has officially expanded its remittance services to Egypt, allowing residents of the UAE to send funds directly to Egyptian bank accounts. The UAE hosts a significant population of Egyptian expatriates, positioning Egypt among the top five nations receiving remittances from the UAE, which currently amounts to an estimated $10 billion market.
The platform also facilitates transfers to several key remittance destinations worldwide, including India, Pakistan, the UK, Europe, and the Philippines. It aims to provide a user-friendly solution for expatriates to support their families and manage international finances effectively.
Mohammad El Saadi, Vice President of Careem Pay, emphasizes that many Egyptian expatriates regularly remit funds back home. He noted, “We offer some of the best rates in the market. In fact, we’re 50 percent cheaper than banks.” Additionally, transfers can be nearly instantaneous, with completion times sometimes as quick as seconds. Furthermore, Careem Plus members benefit from better rates than those available on Google.
The launch of this new remittance corridor coincides with Ramadan, a time when the volume of remittances typically increases as people provide financial assistance for family celebrations and charitable contributions. Careem Pay aims to streamline financial services in the region through a comprehensive platform that includes peer-to-peer transactions, international transfers, bill payments, and various digital wallet services. To initiate an international transfer, users need to download or open the latest version of the Careem app and click on ‘Send Money’ from the home screen.
In conclusion, Careem Pay’s expansion of its remittance services to Egypt underscores its commitment to facilitating financial support for expatriates during critical times such as Ramadan. By offering competitive rates and quick transfer options, Careem Pay provides a valuable service to the Egyptian expatriate community in the UAE, enhancing their ability to support families back home. The platform’s comprehensive approach to financial services positions it as a leader in the remittance market.
Original Source: thefintechtimes.com
