Careem Pay, the fintech and payments platform based in Dubai, is removing fixed fees and introducing exclusive rates on international transfers for Careem Plus members, in a move to make it more affordable to send money abroad.
Remittances are traditionally expensive across the globe, due to money having to pass through multiple intermediaries adding their own fees to the transaction. Recognising this issue, Careem Pay is now offering zero fees on international transfers to make each remittance cheaper for its members.
Careem Pay facilitates near-instant transfers from the UAE to India, Pakistan, the Philippines, the UK, Europe, and Lebanon, with plans to add more destinations in the future. Careem customers can send up to AED450,000 a month and AED150,000 per transaction through Careem Pay. First-time users can also benefit from rates that outperform the Google rate for international transfers to India and Pakistan.
The payments platform claims that the majority of transfers are completed in minutes, boasting that it completed its fastest transfer in 2024 in just 11 seconds.
Mohammad El Saadi, VP of Careem Pay, commented: “Sending money abroad through traditional remittance providers can be expensive due to the mix of high fixed fees per transaction plus transfer rates.
“We’ve removed fixed fees for Careem Plus members and are offering member-only exchange rates to ensure that you save more with every transfer. We’re also offering the most competitive rates on international money transfers – even better than the rate found on Google – for new users sending money to India and Pakistan.
“Careem Plus already offers members savings worth over AED300, and the new remittance benefit allows members to save even more while supporting their families or managing their expenses and investments abroad.”
Laser-focused on savings and remittances
Alongside the exclusive rates on international transfers, Careem Plus members already benefit from unlimited free deliveries on its ‘everything app’, as well as specific offers on food and grocery orders, credit back on rides, and discounts on dining out, home cleaning, laundry, and Careem Bike.
The news comes after Careem focused on significantly expanding its remittance service in 2024, launching new corridors in the Philippines, the UK, Ireland, France, Spain, Germany and Italy.
In December, the fintech also revealed plans to launch in Lebanon in the near future when El Saadi sat down with The Fintech Times. During the interview, Careem Pay’s VP revealed that Careem remains focused on launching its remittance service in different locations “corridor by corridor”. Through this approach, it aims to ensure it offers the necessary unique experience in each area to better serve customers – as opposed to building a generic experience for all locations.
El Saadi explained: “In our experience, what you find is every corridor you launch has its own set of problems, so actually understanding how to solve those makes it so that we’re able to offer a much better experience for customers.”
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