Latest news with #MohammadElSaadi
Finextra
7 days ago
- Business
- Finextra
Careem Pay launches international money transfers to Jordan
Careem Pay, the digital payments platform within the Careem app, expands its remittance service to Jordan, allowing UAE residents to send money directly to bank accounts in Jordan quickly and at competitive rates. 0 Careem Pay facilitates money transfers to some of the largest remittance corridors in the world, including India, Pakistan, the UK, Europe, the Philippines, Lebanon, and Egypt, providing a quick and simple way to support families, manage finances, or contribute to investments abroad. The UAE is home to a large Jordanian expat population, making Jordan one of the top recipients of remittances from the UAE. In recent years, annual remittances from the UAE to Jordan have exceeded USD 1 billion. Mohammad El Saadi, VP of Careem Pay, commented: 'Sending money home is one of the most meaningful things our customers do with Careem Pay. For many Jordanian expats, it's about supporting loved ones, covering school fees, or helping parents with everyday expenses. We wanted to make that process simpler, faster, and more affordable.' The launch comes in time for Arafah Day and Eid Al Adha, when international money transfers from the UAE typically see a spike as people increase financial support to their families abroad for charitable purposes and Eid preparations. To celebrate the launch, first-time remittance users enjoy zero fees on their first two transfers to Jordan. Repeat customers can send up to AED 25,000 per transaction, with a fixed AED 10 fee on all transfers. Careem Plus members benefit from even greater savings, with zero fees on transfers above AED 1,500 and reduced fees on smaller amounts. Careem Pay's transfers to Jordan are completed within 24 hours on average, offering a speed that rivals traditional exchange houses. The service supports transfers in Jordanian Dinars directly via bank transfer to any valid IBAN. Careem Plus subscribers benefit from a wide range of exclusive perks across Careem services, including discounted rides, free delivery on food and groceries, and zero-fee remittance on eligible transfers. To send money to Jordan or any of the other available corridors, download the latest version of the Careem app and select 'Send Money' on the home screen.
TECHx
7 days ago
- Business
- TECHx
Careem Pay Expands Remittance Service to Jordan
Home » Emerging technologies » Fintech » Careem Pay Expands Remittance Service to Jordan Careem Pay, the digital payments platform within the Careem app, has announced the expansion of its remittance service to Jordan. This new feature allows UAE residents to send money directly to bank accounts in Jordan. According to Careem, transfers are completed within 24 hours on average. The service supports direct bank transfers in Jordanian Dinars to any valid IBAN. This move comes as part of Careem Pay's wider effort to serve some of the world's largest remittance corridors, including India, Pakistan, the UK, Europe, the Philippines, Lebanon, and Egypt. Careem Pay reported that the UAE is home to a large Jordanian expat community. Annual remittances from the UAE to Jordan have exceeded USD 1 billion in recent years. Mohammad El Saadi, VP of Careem Pay, revealed, 'Sending money home is one of the most meaningful things our customers do with Careem Pay. For many Jordanian expats, it's about supporting loved ones, covering school fees, or helping parents with everyday expenses. We wanted to make that process simpler, faster, and more affordable.' The launch was timed ahead of Arafah Day and Eid Al Adha. Historically, international money transfers increase during these periods as customers support their families abroad. To mark the launch, Careem Pay introduced limited-time offers: First-time remittance users get zero fees on their first two transfers to Jordan. Repeat customers can send up to AED 25,000 per transaction, with a fixed AED 10 fee. Careem Plus members enjoy added benefits. These include zero fees on transfers above AED 1,500 and lower fees on smaller amounts. They also receive exclusive perks across Careem services, such as discounted rides and free delivery on food and groceries. To send money to Jordan or other supported countries, users can download the latest version of the Careem app and select 'Send Money' from the home screen.
Zawya
7 days ago
- Business
- Zawya
Careem Pay launches international money transfers to Jordan
Jordan is one of the UAE's largest outbound remittance corridors, with the annual outbound flow averaging over $1 billion Dubai, UAE: Careem Pay, the digital payments platform within the Careem app, expands its remittance service to Jordan, allowing UAE residents to send money directly to bank accounts in Jordan quickly and at competitive rates. Careem Pay facilitates money transfers to some of the largest remittance corridors in the world, including India, Pakistan, the UK, Europe, the Philippines, Lebanon, and Egypt, providing a quick and simple way to support families, manage finances, or contribute to investments abroad. The UAE is home to a large Jordanian expat population, making Jordan one of the top recipients of remittances from the UAE. In recent years, annual remittances from the UAE to Jordan have exceeded USD 1 billion. Mohammad El Saadi, VP of Careem Pay, commented: 'Sending money home is one of the most meaningful things our customers do with Careem Pay. For many Jordanian expats, it's about supporting loved ones, covering school fees, or helping parents with everyday expenses. We wanted to make that process simpler, faster, and more affordable.' The launch comes in time for Arafah Day and Eid Al Adha, when international money transfers from the UAE typically see a spike as people increase financial support to their families abroad for charitable purposes and Eid preparations. To celebrate the launch, first-time remittance users enjoy zero fees on their first two transfers to Jordan. Repeat customers can send up to AED 25,000 per transaction, with a fixed AED 10 fee on all transfers. Careem Plus members benefit from even greater savings, with zero fees on transfers above AED 1,500 and reduced fees on smaller amounts. Careem Pay's transfers to Jordan are completed within 24 hours on average, offering a speed that rivals traditional exchange houses. The service supports transfers in Jordanian Dinars directly via bank transfer to any valid IBAN. Careem Plus subscribers benefit from a wide range of exclusive perks across Careem services, including discounted rides, free delivery on food and groceries, and zero-fee remittance on eligible transfers. To send money to Jordan or any of the other available corridors, download the latest version of the Careem app and select 'Send Money' on the home screen. About Careem Careem is building the Everything App for the greater Middle East, making it easier than ever to move around, order food and groceries, manage payments, and more. Careem is led by a powerful purpose to simplify and improve the lives of people and build an awesome organisation that inspires. Since 2012, Careem has created earning opportunities for over 3.5 million Captains, simplified the lives of over 75 million customers, and built a platform for the region's best talent to thrive and for entrepreneurs to scale their businesses. Careem operates in over 70 cities across 10 countries, from Morocco to Pakistan. For media inquiries: Jasmine AlDameary
Khaleej Times
09-04-2025
- Business
- Khaleej Times
UAE: How will Trump's tariffs impact remittances?
An expert pointed out that with growing concerns about a weakening dollar, many could choose to send their savings back home earlier than planned. "Now more than ever, UAE residents need access to instant remittance services to manage their money," said Mohammad El Saadi, VP of Careem Pay. "The proposed tariffs could trigger broader economic uncertainty and put downwards pressure on the US-dollar pegged dirhams." Last week, US President Donald Trump announced 10 per cent baseline tariff on all imports to the US and higher duties on several countries — a move that sent global stock markets plummeting, with the danger of a trade war looming. China retaliated with a 83 per cent increase in taxes on American imports and Trump has threatened to hit back with additional tariffs. Varying impact El Saadi noted that the impact on remittances would vary depending on the income bracket of the UAE residents. "While lower-income expats in the country are likely to maintain their usual remittance patterns to support their families back home, middle and higher-income earners may start shifting more of their savings out of the UAE in anticipation of a weaker dollar." He added that some may even choose to send money abroad for investments "to take advantage of market dips" and that this could cause a "short-term spike" in remittances as people looked to protect the value of their money. Meanwhile, Adeeb Ahamed, Managing Director of Lulu Financial Holdings noted that although there won't be a major impact on remittances, people will be more mindful about sending their money back home in the face of the tariffs. "Cost of living is expected to increase across some impacted products," he said. "UAE being an import country, it relies on other countries to bring in needed items. So some products which pass through the US in the supply chain could see price increases.' Trends According to El Saadi, Careem Pay saw the strongest remittances growth in Pakistan, India, Europe, and UK in March. India remained the top corridor by transfer volumes contributing over two-thirds of its total international money transfers. "January saw a spike in high-value transfers and average remittances per user as favorable exchange rates prompted users to send more money home," he said. "However, some customers have held back transfers due to a decline in the Indian stock market." On Tuesday, Ahamed had noted that there was a significant shift in the reasons why Indian expats sent money home. He said that now, more people were remitting to invest in the stock market and create a passive income, as opposed to home maintenance, which had been the norm for the last few decades.
TECHx
11-03-2025
- Business
- TECHx
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 News Desk - Share 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.
