Careem has introduced a remittance feature through Careem Pay, offering zero-fee international transfers and competitive exchange rates, according to Arabian Business. This move challenges traditional exchange houses in the UAE, which increased fees by 15% last year.
The service primarily benefits Careem Plus members, saving up to Dh400 per transaction. “Careem Plus members can now save up to hundreds of dirhams more on every transaction, depending on how much they’re sending,” said Mohammad El Saadi, Vice President of Careem Pay.
Careem’s remittance service facilitates near-instant transfers to India, Pakistan, the Philippines, the UK, Lebanon, and EU nations. El Saadi noted, “The vast majority of our remittances arrive within 30 minutes, with some transfers going through in as little as 11 seconds.”
This initiative positions Careem to capture a larger share of the UAE’s remittance market, where expatriates constitute approximately 89% of the population. The zero-fee approach contrasts with traditional providers like Al Ansari Exchange and UAE Exchange, which may need to reassess their fee structures to remain competitive.
The service is available through the Careem app, with plans to expand country coverage in the coming months.
