UAE Expats: How to Save on Remittance Fees Without Bank Accounts
Dubai: As remittance costs rise, many expatriates in the UAE are opting for digital wallets and remittance apps to send money home more affordably.
Traditional bank fees and hidden charges can make even small transfers expensive, prompting a shift towards these innovative financial solutions.
For more updates, connect with us on WhatsApp!
Experts highlight the benefits of using regulated digital platforms, which often provide better exchange rates, lower fees, and faster transfers compared to banks or exchange houses.
This trend is particularly significant for low-income and underbanked expats, such as domestic workers and freelancers, who may lack access to traditional banking services.
Syed Muhammad Ali, CEO of myZoi, emphasized the importance of user-friendly apps that offer multilingual support and transparency. He recommends choosing licensed providers to ensure security and consumer protection.
Blockchain technology is also gaining traction among expats seeking faster and more cost-effective transfers. Daniel Ahmed, COO of Fasset, noted that blockchain platforms facilitate low-cost, cross-border transactions, enhancing financial accessibility and efficiency.
Financial coaches suggest comparing remittance apps based on transfer limits, payout coverage, and exchange rates.
Many standalone apps now offer reliable services, often with features once exclusive to banks, such as instant transfers and real-time tracking.
In a recent report, the World Bank indicated that banks remain the most expensive option for sending money, with average costs rising to nearly 14% for a $200 transfer. In contrast, mobile remittance apps can charge as low as 2.8%.
To maximize savings, experts recommend using comparison tools like the World Bank’s Remittance Prices Worldwide tracker, allowing users to evaluate different providers based on cost and speed.
For UAE expats, leveraging digital remittance solutions not only reduces costs but also empowers them to manage their finances more effectively.
Follow us on Facebook for the latest updates!
Read more
Gulf News
