Latest news with #digitaltransfers
Khaleej Times
30-06-2025
- Business
- Khaleej Times
How UAE expats can transfer money abroad without a bank account, with low fees
Remittances from expats in the UAE and around the world are more than just money transfers to families back home; they are a vital cog of foreign currency inflows. These money flows help support financial stability, boost household incomes, and even contribute to national GDPs. With digital transfers just a tap away, sending money abroad has become faster, easier, and more affordable. Thanks to the rise of digital apps and mobile fintech platforms, expats can now avoid the high fees and lengthy processes of traditional banks. Some apps offer free to minimal fees when sending money from the UAE to other countries. Some require no registration fees, no minimum balance, and no bank account. Customers only need an active UAE mobile number, a debit or credit card with online banking access. Here is the list of apps you can send your money through and how it works: Botim Originally popular among expats as a VoIP calling platform, expat can transfer money transfer across 170+ countries with Botim. In 2023, Botim launched its first fintech service and the world's first in-chat international money transfers in the UAE, India, and the Philippines. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Through its partnership with Mastercard and regional fintech players, Botim now allows users to send money directly to bank accounts or mobile wallets in multiple countries. Botim integrates with its own wallet feature, allowing users to manage and track their transactions. Key features: Competitive exchange rates Minimal to zero fees for select corridors Transfers to countries like India, Pakistan, the Philippines, and Egypt Available 24/7 with real-time tracking Careem Pay Expats can send money to more than 30 countries through Careem pay. From bill payments, to domestic and international transfers, customers can manage most of their financial needs directly through Careem Pay. Careem Pay launched its peer-to-peer money transfer service in 2022, allowing customers to send, request, and receive money using a phone number, personal QR code, or personal payment link without needing an IBAN or account number. And with competitive foreign exchange rates that are 50 per cent cheaper than banks, customers can transfer up to Dh45,000 in a single transaction and up to Dh135,000 monthly. Key features: Low-cost international transfers Instant or same-day delivery in select corridors Integration with UAE-issued debit cards User-friendly interface with multilingual support e& money Formerly known as Etisalat Wallet, e& money is part of the Emirates Telecom Group's foray into fintech. With its digital wallet, users can send money abroad directly from their smartphones with minimal fees and competitive exchange rates. e& money has expanded its financial services by offering international and local transfers, bill payment, top up, gifting, card payments, lending and many more financial services. Key Features: Licensed and regulated by the UAE Central Bank Direct transfers to bank accounts and mobile wallets International remittances to over 200 countries Supports utility payments, in-app purchases, and local transfers too Taptap Send This platform provides fast, low-fee money transfers, particularly for communities sending money to countries in Africa, Asia, and the Caribbean. While newer to the UAE market, it is popular for its zero transfer fees, competitive exchange rates, and quick transfer times. Key features: No transfer fees in many corridors (e.g., to India, Pakistan, Ghana, Bangladesh) Competitive exchange rates Fast delivery, often within minutes Simple interface and quick registration Lulu Money LuLu Money is the digital remittance and payment platform offered by LuLu Exchange. Through the app customers can transfer money to over 170 countries easily and securely. It maintains a safe record of all transactions which you can access with ease. This app allows users to send money using cash, a prepaid card, or a linked digital wallet. Its standout advantages include real-time rate monitoring, flexible payout methods, competitive fees, strong regulatory backing, and added perks like loyalty points and developer-ready remittance solutions. Al Ansari Exchange app Al Ansari Exchange app is a fully digital 'super-app' for remittances, prepaid card management, bill payments, airline tickets, mobile top-ups, and government services. It has multiple payment options such as online bank transfers, credit cards, Visa/ Mastercard debit cards, direct debit, PayPlus card or even cash at the branch to make your experience with us as convenient as possible. Regulated by Central Bank of the UAE, Al Ansari Exchange app sends money 24 hours with real‑time exchange rates and rate-alert notification. The app offers bank-grade encryption, fraud prevention layers, and in‑app secure navigation. Unimoni app Unimoni (formerly UAE Exchange) is a global financial services brand under the Wizz Financial/Finablr umbrella, headquartered in Abu Dhabi. It operates in over 30 countries with a strong presence across the GCC, South Asia, Africa, Australia, Canada and more. It is a global provider of money transfer, foreign exchange, payments, travel services, and credit solutions. It claims to be transparent, with low fees displayed upfront in dirham and no hidden charges or surprises. The app uses live mid-market rates for foreign exchange, with small markups built into rates instead of flat fees. For India transfers, fees include 18 per cent GST on the fee or forex margin, 5 per cent TCS (tax collected at source) for over Dh30,500 remittances yearly under India's regulations.
Times of Oman
01-06-2025
- Business
- Times of Oman
Govt prioritising lower denomination notes and digital transactions: Sitharaman
New Delhi: Indian Union Finance Minister Nirmala Sitharaman said on Saturday that the priority of the government is to "make sure" that currency in circulation will be in "lower denominations" and spreading more awareness for "doing digital transfers." Answering a question on the future of Rs 500 currency, Sitharaman said, "We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks." "We need to have more digital awareness built so that people see a benefit in doing digital transfers," the Union Finance Minister said at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the national capital. In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. At the forefront of India's digital payment revolution is UPI with a record hit of 16.73 billion transactions in December 2024. In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal players, making financial transactions faster, more accessible, and secure. As of recent data from the National Payments Corporation of India (NPCI), UPI has set a new record by processing over 16.73 billion transactions, with a staggering transaction value of Rs 23.25 lakh crore. This is a notable jump from Rs 21.55 lakh crore in November. In 2024, UPI processed around 172 billion transactions, marking a 46 per cent increase from 117.64 billion in 2023. This rise underscores a broader cultural shift toward financial inclusivity, with UPI being a central pillar.
