Careem Pay has launched a remittance service from the UAE to Egypt, offering instant transfers at rates 50% cheaper than banks, just in time for Ramadan. The platform previously supported multiple countries and aims to simplify financial services for expatriates. Careem Plus members receive additional benefits on rates, enhancing savings with each transfer.
Careem Pay has launched a new remittance service from the UAE to Egypt, providing users with the ability to execute instant and low-cost transfers. The service boasts rates that are 50% lower than traditional banks and is timed perfectly for the financial needs associated with Ramadan. With Careem Pay, UAE residents can send money directly to Egyptian bank accounts with ease, catering especially to the large Egyptian expatriate community in the UAE.
In addition to Egypt, Careem Pay serves major remittance markets, enabling money transfers to countries such as India, Pakistan, the UK, Europe, and the Philippines. This service is designed to facilitate family support, financial management, and overseas investments, addressing a significant market demand for these services. The remittance market from the UAE to Egypt has been estimated at around USD 10 billion, underscoring the importance of this corridor.
Mohammad El Saadi, Vice President of Careem Pay, expressed enthusiasm about this expansion, highlighting how many Egyptian expats regularly send money home. “We offer some of the best rates in the market – in fact we’re 50% cheaper than banks. Our transfers are near-instant, with some completed in as little as seconds,” he stated. Careem Plus members also benefit from guaranteed lower rates than those advertised on Google, allowing them to maximize their savings.
The launch coincides with Ramadan, a period marked by increased remittances as customers often heighten their financial contributions to support family and charitable endeavors leading up to Eid celebrations. Careem Pay aims to enhance financial services in the region, offering a versatile payments platform that includes P2P transfers, international payments, bill payment options, and digital wallet functionalities.
To utilize the international transfer feature, users need to download the latest version of the Careem app and select ‘Send Money’ from the home interface.
The expansion of Careem Pay to include UAE-to-Egypt remittances represents a significant enhancement in financial services tailored for expatriates. Offered at competitive rates that notably undercut banks and with rapid transfer capabilities, the service is timely for Ramadan, when financial support is paramount. This initiative not only streamlines the remittance process but also solidifies Careem Pay’s commitment to simplifying financial transactions in the region.
Original Source: techafricanews.com
