Careem, the self-proclaimed ‘everything app’ in the UAE, has expanded the international remittance service of its digital wallet and fintech platform, Careem Pay.
Now, UAE residents using Careem Pay can transfer money to bank accounts in Spain, Italy, France, Ireland, and Germany. Careem explained that it also plans to launch more European corridors in the near future. Customers can send up to AED150,000 per transaction and up to AED450,000 monthly to any valid IBAN within the five European corridors.
The money is sent through a Single Euro Payments Area (SEPA) instant bank transfer, which saw 90 per cent of transfers to Europe completed in under 30 minutes through Careem Pay.
The service also includes a new remittance feature enabling secure transfers to businesses abroad, starting with India. Customers will be able to send money to cover expenses including paying for real estate, booking events, or school and university fees. With fast transactions that offer competitive rates, Careem Pay aims to support UAE residents with financial commitments abroad.
Abhishek Tripathi, senior product director at Careem, commented: “Expats across the UAE have long been seeking a reliable, efficient, and quick way to send money to Europe for various needs, from family support to bill payments and personal investments. With the launch of these five European corridors, Careem Pay offers customers a convenient and secure way to support their families and manage their investments and finances from abroad.“
Careem Pay launched its remittance service in 2023, and now offers near-instant transfers to India, Pakistan, the Philippines, the UK, and Europe, reflecting a commitment to enhance financial inclusion for a diverse customer base.
In October, The Fintech Times sat down with Mohammad Elsaadi, VP of Careem Pay, who said: “Remittance is definitely the product we are most excited about. And the one which is the fastest growing product.”
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