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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