Dubai-based Careem Pay, the fintech division of the Careem Everything App, has added 18 new European corridors to its international remittance network, according to a press release posted on Zawya.
With the expansion, individuals in the UAE can now send funds to bank accounts in Austria, Belgium, Croatia, Cyprus, Estonia, Finland, Greece, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Portugal, San Marino, Slovakia, and Slovenia.
This is in addition to existing services to Germany, France, Ireland, Spain, Italy, and other non-EU countries such as India, Pakistan, the UK, and the Philippines.
Customers can transfer up to Dh150,000 per transaction and a total of Dh450,000 per month to any valid IBAN within the new corridors.
Careem Pay’s remittance service exchange rates are up to 50% less expensive than those offered by banks, the company claimed.
Careem Plus members can get member only rates and zero fees on their transfers, it added.
Additionally, the service ensures that transfers are completed in real-time through SEPA transfers for EU corridors.
Careem Pay VP Mohammad El Saadi said: “Sending money abroad can often be expensive, slow, and full of unnecessary complications. Many expats still rely on physical exchange houses or banks to send money abroad, while others search for money transfer apps that avoid high fees and delays.
“By expanding our remittance service to cover more European countries, we’re offering customers a fast, hassle-free way to support their families, pay their mortgages, and manage personal expenses with just a few taps on their phone.”
In July 2024 , Careem Pay extended its international remittance service to include transfers to bank accounts in the Philippines.
