By Staff writer
The firm allows transfers from AED to more than 50 currencies
Digital money transfer service TransferWise has begun operating in the UAE, the company has announced.
The announcement comes six months after the tech firm was granted a license to bring its low-cost fast money transfer platform to the UAE. TransWise Nuqud Ltd. is regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
“Now the big day has come and we’re actually launching,” Kristo Kaarmann, CEO and co-founder was quoted as saying in The National. “The UAE is one of the most important remittance markets in the world, and we’re delighted to be bringing the first fully online money transfers to the country.”
On Twitter, Kaarmann said that transfers from AED to more than 50 currencies are now open, for the first time in UAE with fully online onboarding.
Welcome Dubai, Abu Dhabi and the other emirates of UAE. Especially the 80% of people born outside of the country.
Transfers from AED to 50+ currencies now open. For the first time in UAE with fully online onboarding.
Don't let your bank take you to the cleaners again. pic.twitter.com/ZdjjyBRmwE— Kristo Käärmann (@kaarmann) April 15, 2020
According to Kaarmann, more than 15,000 people signed up to be made aware of the availability of currency routes from the UAE after the firm received its ADGM license.
“That just gives you a hint of the demand,” Kaarmann said. “People can now send money to over 80 countries without leaving their homes and all at the real, mid-market exchange rate.”
In a separate Tweet, Kaarmann said that other features that will be rolled out in the UAE include TransferWise for Business, borderless accounts and debit cards.
Starting from-AED with transfers for individuals. Coming next in UAE:
- TransferWise for Business
- Borderless accounts
- Debit cards— Kristo Käärmann (@kaarmann) April 15, 2020
TransferWise, which was founded in 2011, has 14 offices around the world and services 7 million customers and $5 billion in payments every month.
A total of Dh169.2 billion was sent from the UAE in 2018 out of total global remittances of $689bn (Dh2.5 trillion), according to Central Bank and World Bank figures, respectively. The Emirates and Saudi Arabia were the second and third top remittance countries after the US in 2017.