Careem Pay Expands Remittance Service to Egypt for UAE Residents - TECHx Media Careem Pay Expands Remittance Service to Egypt for UAE Residents
Careem Pay Expands Remittance Service to Egypt for UAE Residents
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Careem Pay, the payments platform within the Careem app, has expanded its remittance service to Egypt, allowing UAE residents to send money directly to bank accounts in Egypt quickly and at competitive rates. This move enhances Careem Pay's ability to facilitate transfers to major remittance corridors, including India, Pakistan, the UK, Europe, and the Philippines, offering a simple way to support families, manage finances, or contribute to investments abroad.
With a large Egyptian expat community in the UAE, Egypt is one of the top five recipients of remittances from the UAE. The market size for remittances from the UAE to Egypt has been estimated at approximately USD 10 billion in recent years.
Mohammad El Saadi, VP of Careem Pay, shared: 'We're excited to expand our money transfer service to an important segment of the UAE population. Many Egyptian expats in the Emirates routinely send money home to support their families or manage personal finances. Our service offers some of the best rates in the market – in fact, we're 50% cheaper than banks. Transfers are near-instant, with some completed in as little as seconds. Careem Plus members also enjoy rates better than Google's, saving them hundreds per transfer.'
The launch comes just in time for Ramadan, a period when remittance activity typically spikes as people increase financial support for their families in preparation for charitable activities and upcoming Eid celebrations.
Careem Pay aims to simplify financial services in the region, offering a comprehensive platform for P2P and international transfers, bill payments, and digital wallet services.
To make an international money transfer through Careem Pay, simply download or open the latest version of the Careem app and select 'Send Money' on the home screen.
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