Dubai: TransferWise, on Wednesday announced the launch of its low cost, fast money transfers in the UAE.
TransferWise Nuqud is regulated under the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, enabling people to send money from the dirham at the real mid-market exchange rate, using its platform.
TransferWise is a global technology company that’s building a new way to move money around the world, entirely online. This includes online account set-up and verification.
Today the company offers over 1600 currency routes and 49 currencies.
TransferWise has opened an office in the ADGM, operating as a hub for its expansion into the Middle East.
“Sending money abroad should be as easy as sending an email, yet many people are still reliant on expensive, slow legacy services. People can now send money to over 80 countries without leaving their homes, and all at the real, mid-market exchange rate, said Kristo Käärmann, CEO and co-founder of TransferWise.
Over seven million people use TransferWise, which processes over $5 billion in payments every month, saving customers over $1 billion a year, the company said in a statement.