Over 750,000 Filipino expats reside in the UAE; over 7% of the UAE population
The Philippines received nearly 5 billion ($1.35 billion) in remittances from the UAE in 2023
Customers can transfer up to AED 45,000 in a single transaction and up to AED 135,000 monthly via Careem Pay
Careem Pay, the digital wallet and fintech platform within the Careem ‘everything app’, expands its international remittance service to include money transfers to bank accounts in the Philippines. UAE residents can send up to AED 45,000 per transaction and up to AED 135,000 per month, with an average transfer time of just 7 minutes.
Transfers reach the recipient within minutes using the recipient’s bank account number and sort code, or IBAN, at competitive exchange rates and speed. Customers receive exactly the amount of money shown on the app after accounting for any back end fees imposed by banks in the Philippines.
The launch of near-instant transfers to the Philippines is the latest addition to Careem’s remittance corridors which already include India, Pakistan, and the UK. In 2024, one customer transferred AED 45,000 to a recipient in India in just 37 seconds. Another active customer transferred over AED 504,000 from the UAE to Pakistan through Careem Pay.
Mohammad El Saadi, VP of Careem Pay, commented: “Remittances are a lifeline for millions of families across our region. It’s essential that all expat communities have access to a simple and affordable way to send money back home, be it to support their families or for personal investments. Careem Pay’s purpose is to simplify financial services and improve financial inclusion across the region, and we’re thrilled to see our remittance services to India, Pakistan and the UK enable so many customers to send money abroad with ease. We’re excited to extend this critical service to another significant segment of the UAE population.”
Careem Pay also introduced a new referral program for remittance users. New users who send money abroad through a referral link will receive AED 40 credited to their Careem Pay wallet.
Careem Pay simplifies financial management for customers, captains, and business owners through a range of digital services, including bill payments and domestic and international transfers.