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What to check before choosing a remittance app

Here are Adrian’s top tips for choosing the right provider:

• Transfer limits: Some apps cap the amount you can send per day or month.
• Payout coverage: Not all apps support every bank or region in your home country.

• Exchange rate spread: Some providers claim “zero fees” but offer weaker rates, reducing
how much your recipient receives.

“The smarter way to compare is by looking at the total amount your family gets, not just the fee,” he
said. “The remittance space is more competitive now, and that gives expats more control over their
money.”

Why banks are the most expensive way to send money

According to the World Bank, banks remain the most expensive remittance providers globally. In
2024, the average cost of sending $200 (around Dh735) via banks rose to nearly 14%, up from
11.5% a year earlier. By comparison:
• Money exchange houses charge about 5.4%

• Mobile remittance apps are as low as 2.8%

Even traditional exchange houses like Al Ansari Exchange have started expanding their digital
remittance offerings to stay competitive with fintech platforms.

Use comparison tools before sending money

To find the best deal, use free tools like the World Bank’s Remittance Prices Worldwide (RPW)
tracker, which allows you to compare providers by transfer cost, speed and user ratings. This is
especially useful for UAE expats looking to maximize the value of each transfer.

For UAE expats, digital remittance apps offer a smarter way to send money home. Whether it’s
through mobile wallets or blockchain platforms, the key is to choose regulated providers,
understand the total cost of your transfer, and compare features to find what works best for your
needs.

https://gulfnews.com/living-in-uae/banking/how-to-save-on-remittance-fees-in-the-uae-expert-
tips-for-expats-without-bank-accounts-1.500184441