Careem Pay, the payments platform within the Careem app, has expanded its remittance service to Egypt, enabling UAE residents to send money directly to bank accounts in Egypt quickly and at competitive rates. The service aims to simplify international money transfers and support families, investments, and financial management.
Careem Pay already facilitates money transfers to major remittance corridors such as India, Pakistan, the UK, Europe, and the Philippines, offering a fast and convenient way to send money abroad. Egypt, with its large expat population in the UAE, is one of the top recipients of remittances from the UAE, with a market size estimated at USD 10 billion.
Mohammad El Saadi, VP of Careem Pay, highlighted that the platform offers some of the best rates in the market, being 50% cheaper than banks, and transfers are near-instant, with some completed in seconds. Careem Plus members receive even better rates than those shown on Google, potentially saving hundreds with each transfer.
The expansion comes just in time for Ramadan, when remittance volumes typically increase as people provide financial support to their families ahead of Eid celebrations. Careem Pay aims to simplify financial services in the region, offering a comprehensive platform for P2P and international transfers, bill payments, and digital wallet services.
To use Careem Pay for international transfers, users can download or open the latest version of the Careem app and select ‘Send Money’ on the home screen.
