Dubai-based Careem Pay, a digital wallet system that operates under the fintech platform’s ‘Careem Everything App‘, has expanded its international remittance service to European countries including Spain, Italy, France, Ireland, and Germany.
In December 2023, Careem Pay introduced secure transfers to businesses abroad, starting with India, the United Kingdom, Pakistan, and the Philippines.
Through a Single Euro Payments Area (SEPA) instant bank transfer, customers can now send up to AED 150,000 ($40,844) per transaction and up to AED 450,000 monthly directly to any valid IBAN within the five European corridors.
Careem Pay’s rates are 50% cheaper than banks, and a new rate alert feature notifies customers when transfer rates are favorable. Over 90% of transfers to Europe have been completed in under 30 minutes through Careem Pay.
Careem Pay also introduced a remittance feature enabling direct transfers from the UAE to businesses abroad, starting with India. Customers can send money to cover expenses like paying for real estate, booking events, or school and university fees.
With transactions landing in minutes and offering competitive rates, Careem Pay’s business remittances provide an efficient, cost-effective solution for UAE residents with financial commitments abroad.
Speaking of the development, Abhishek Tripathi, Senior Product Director at Careem, said,
“Expats across the UAE have long been seeking a reliable, efficient, and quick way to send money to Europe for various needs, from family support to bill payments and personal investments.”
“With the launch of these five European corridors, Careem Pay offers customers a convenient and secure way to support their families and manage their investments and finances from abroad.” he added
Careem Pay launched its remittance service in 2023, and now offers near-instant transfers to India, Pakistan, the Philippines, the UK, and Europe, reflecting a commitment to enhance financial inclusion for a diverse customer base.
Careem Pay’s new referral program for remittance users enables new customers who send money abroad through a referral link to receive up to AED 2,000 credited to their Careem Pay wallet.
