Careem Pay, the payments platform within the Dubai-based Careem app, has expanded its remittance service to Egypt, enabling UAE residents to transfer money directly to bank accounts in Egypt at competitive rates.
Careem Pay supports money transfers to major remittance corridors, including India, Pakistan, the UK, Europe, and the Philippines, providing a straightforward option for financial support, investment, or personal fund management abroad.
Egypt is among the top five recipients of remittances from the UAE, with an estimated market size of approximately US$10 billion in recent years.
The UAE is home to a large Egyptian expatriate population, many of whom send money to their families.
Mohammad El Saadi, Vice President of Careem Pay, stated:
“Many Egyptian expats in the Emirates routinely send money home to support their families or manage their personal finances. We offer some of the best rates in the market – in fact, we’re 50% cheaper than banks.”
“Our transfers are near-instant, with some completed in as little as seconds. Careem Plus members are also guaranteed rates better than the rates seen on Google, allowing them to save hundreds with each transfer.”
The service launch coincides with Ramadan, a period when remittances typically increase as customers provide financial support for their families and charitable contributions.
Careem Pay aims to simplify financial services in the region through its payments platform, offering international and peer-to-peer transfers, bill payments, and digital wallet services.
Featured image credit: Careem
