TransferWise launches in the UAE

Monday 20 April 2020 14:14 CET | News

TransferWise, a global online money transfer service has launched in the United Arab Emirates (UAE).

The announcement was made six months after the company obtained its license from Abu Dhabi Global Market's Financial Services Regulatory Authority. TransferWise allows people to send money abroad at the mid-market exchange rate, charging a fee for every transfer. The company claims to save users USD 1 billion a year when juxtaposing it with a bank transfer and its respective fees.

Customers in the UAE will need a bank account to verify their identification before registering for TransferWise online. Transfers from UAE's dirhams to around 50 currencies are now available to users in the emirates with different transfer routes.

Other features of TransferWise will be available to the UAE as well. These include TransferWise for Business, borderless accounts, and debit cards. The business account allows employers to send, spend, and receive multiple currencies with the real exchange rate. 

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Keywords: TransferWise, UAE, digital transfers, bank, debit card
Categories: Banking & Fintech
Countries: United Arab Emirates
This article is part of category

Banking & Fintech