Banks in the UAE, Gulf are gunning for greater share of remittance market
Dubai: The Abu Dhabi headquartered ADIB has become the first bank to offer Visa's instant cross-border money transfers.
The 'Remit!' service from ADIB allows its customers to send money to more than 11 billion cards, digital wallets, and accounts worldwide.
The Visa instant fund transfer option will help banks in the UAE and Gulf expand on gaining a bigger slice of the remittance market too, according to industry sources.
The new service is meant for 'real-time and convenient cross-border money transfers, allowing individuals to send funds seamlessly for family support, personal needs, or other purposes', said ADIB in a statement.
It also allows Visa to expand further into real-time money movement in the Middle East markets.
"As consumers increasingly seek digital solutions for sending funds abroad, such collaborations help modernize the region’s payments infrastructure and support greater financial inclusion," said a statement.
“We are excited to be the first bank globally to launch such a service, offering our customers a seamless and secure way to send money across the globe,” said Amit Malhotra, Global Head of Consumer Banking, ADIB.
According to Visa’s 2025 remittance study:
* 95% of surveyed consumers in the UAE send money abroad at least once per year.
* Of those, 63% prefer to transfer funds digitally from physical locations.
* Nearly 50% cite safety, privacy and speed as key reasons for choosing digital methods.
Yet, they do have 'key pain points'.
"High fees and the need to travel to a physical location to complete a transfer are among the most frequently reported frustrations," the Visa report finds. "Over a third of UAE consumers surveyed say they have encountered such issues when sending money."
According to Salima Gutieva, Visa’s VP and Country Manager for UAE, "In the UAE alone, consumers send money abroad an average of 1.4 times per month.
"This is a clear sign of the demand for fast, secure and reliable transfers."
Visa+
Another fund transfer service, Visa+, allows businesses and financial institutions to send funds using a recipient’s mobile number or email - rather than full account details.
Already active in the UAE, Qatar, and Bahrain, Visa+ helps with 'peer-to-peer payments to business disbursements and cross-border remittances'.
Sign up for the Daily Briefing
Get the latest news and updates straight to your inbox