Latest news with #e&money
Time of India
30-06-2025
- Business
- Time of India
How to send money from UAE without bank account: What expats need to know
AE expats can send up to AED 135,000 abroad without a bank account using low-fee apps like Careem Pay and Botim and more/ Representative Image For millions of UAE expatriates, sending money home is more than a transaction, it's a vital financial link that supports families, strengthens communities, and fuels national economies. Thanks to rapid advancements in financial technology, UAE expats no longer have to rely on traditional banks, which often involve high fees, long processing times, and the need for formal banking setups. Today, a growing number of digital platforms offer simple, fast, and low-cost alternatives, often requiring nothing more than a mobile number and a debit or credit card. Below is a detailed look at the most prominent digital platforms that allow expats in the UAE to transfer money internationally, even without holding a bank account. 1. Botim: From Calls to Global Money Transfers Originally a VoIP calling app, Botim has transformed into a powerful fintech tool. In 2023, it launched the world's first in-chat international money transfer service in the UAE, India, and the Philippines. Key Capabilities: Transfer money to 170+ countries Works through a partnership with Mastercard and regional fintech firms Direct transfers to bank accounts or mobile wallets Fully integrated with a built-in wallet feature for transaction tracking Minimal to zero transfer fees for select corridors Competitive exchange rates Supported countries include India, Pakstan, the Philippines, and Egypt 24/7 service with real-time tracking 2. Careem Pay: Ride-Hailing Meets Money Transfers Careem, best known as a ride-hailing platform, launched Careem Pay with a focus on personal finance. The service now covers domestic and international money transfers, bill payments, and more. In 2022, Careem Pay rolled out its peer-to-peer transfer service, allowing users to send, request, or receive money via: Phone number Personal QR code Personal payment link all without the need for an IBAN or bank account. Transfer Highlights: Send money to 30+ countries Foreign exchange rates are 50% cheaper than banks Transfer limits: Up to Dh45,000($12,253.50) per transaction Up to Dh135,000 ($36,760.50) monthly Supports UAE-issued debit cards Offers instant or same-day delivery in certain corridors Interface includes multilingual support 3. e& money: Telecom Giant's Leap into Fintech Previously known as Etisalat Wallet, e& money is the fintech arm of the Emirates Telecom Group. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover Hotel and Restaurant Management Programs in Asia LocalPlan Search Now Undo Now licensed and regulated by the UAE Central Bank, the app offers a wide range of digital financial services. Top Features: International remittances to over 200 countries Send funds directly to bank accounts or mobile wallets Also supports local transfers, bill payments, mobile top-ups, and gifting Offers competitive exchange rates and minimal fees Fully smartphone-based interface 4. Taptap Send: Zero-Fee Transfers for Emerging Markets Newer to the UAE market but popular globally, Taptap Send focuses on enabling fast, affordable transfers to developing nations, particularly in Africa, Asia, and the Caribbean. App Features: Zero transfer fees for countries like: India Ghana Bangladesh Competitive exchange rates Delivery often within minutes Extremely simple user interface Fast registration process 5. LuLu Money: The Digital Face of LuLu Exchange Operated by LuLu Exchange, LuLu Money is a remittance and payment app serving over 170 countries. Key Benefits: Transfer money using cash, prepaid card, or a linked digital wallet Offers real-time exchange rate monitoring Features flexible payout methods Backed by strong regulatory compliance Customers can track transactions easily Includes loyalty points and developer tools for integration 6. Al Ansari Exchange App : The All-in-One 'Super-App' A well-established name in UAE remittances, Al Ansari Exchange has digitized its services into a comprehensive mobile platform. What It Offers: Transfers via: Online bank transfers Credit/debit cards (Visa/Mastercard) Direct debit PayPlus card Cash deposits at branches Features include: Real-time exchange rates Rate-alert notifications 24/7 transfer service Regulated by the Central Bank of the UAE High-level encryption and fraud protection 7. Unimoni App: Transparency and Global Reach Previously known as UAE Exchange, Unimoni is part of Wizz Financial/Finablr, headquartered in Abu Dhabi and operating in over 30 countries. Service Range: International money transfers Foreign exchange Travel and payment services Credit solutions Unique Advantages: Uses live mid-market exchange rates Small markups are built into rates, no flat hidden fees Clear display of fees in UAE dirhams For India transfers: 18% GST on the transfer fee or forex margin 5% TCS (Tax Collected at Source) on annual remittances above Dh30,500, as per Indian tax laws
Hi Dubai
14-02-2025
- Business
- Hi Dubai
e& money Surpasses 1.5 Million Subscribers, Plans Microfinance Expansion
e& money, the digital wallet service by e& International, has attracted over 1.5 million subscribers since its launch two years ago, according to CEO Khalifa Al Shamsi. Speaking on the sidelines of the 2025 World Government Summit, Al Shamsi highlighted the company's rapid growth and future plans. The company has issued one million digital and physical cards to its users, reinforcing its position in the UAE's fintech landscape. The initial phase of e& money focused on payments, facilitating person-to-person transactions, point-of-sale payments domestically and internationally, and global money transfers. Al Shamsi emphasized e& money's strong focus on remittances, given the UAE's status as the world's second-largest outbound remittance market after the U.S. He revealed that money transfer volumes have tripled, with continued growth expected. Looking ahead, e& money plans to enter the microfinance sector by offering small loans of up to AED5,000. Loan approvals will be based on payment capability and collection feasibility, with amounts starting from AED200. This move aims to enhance financial inclusion and provide accessible credit solutions to users. With its expansion into microfinance, e& money is poised to strengthen its role as a leading digital financial services provider in the UAE. News Source: Emirates News Agency
