Careem Pay, the digital wallet and fintech platform within the Careem ‘everything app’, has expanded its international remittance service to include money transfers to bank accounts in the Philippines.
It means UAE residents can send up to AED 45,000 per transaction and up to AED 135,000 per month with a transaction taking as little as 7 seconds. Over 750,000 Filipino expats currently reside in the UAE representing over 7% of the population while the Philippines received nearly 5 billion ($1.35 billion) in remittances from the UAE, last year.
Transfers reach the recipient within minutes using the recipient’s bank account number and sort code, or IBAN,. 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 reportedly transferred AED 45,000 to a recipient in India in just 37 seconds while another active customer is rsaid to have transferred over AED 504,000 from the UAE to Pakistan through Careem Pay.
Speaking on the move, Mohammad El Saadi, VP of Careem Pay, said “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.
He added: “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.”
