UAE expats will soon see faster, cheaper remittances with digital upgrades
New tech like stablecoins, digital wallets will transform how UAE expats send money home
Dubai: Sending money from the UAE could soon look very different. Expats may no longer have to wait days for transfers or lose a big share of their cash to fees, thanks to new technology and regulatory shifts.
Growing push to modernise
Remittances are critical for the UAE, with expats sending more than $47 billion abroad every year. That scale makes the country one of the world’s largest sources of outward remittances.
Recognising this, fintech players are stepping in to modernize how cross-border transfers work, aiming to cut delays and reduce costs. The UAE Central Bank has already started granting licences to new digital payment services and wallets, giving residents more choice beyond the traditional bank or exchange house model.
Stablecoins, blockchain in focus
Among the most talked-about innovations are stablecoins—cryptocurrencies pegged to currencies such as the U.S. dollar or UAE dirham. Unlike other volatile digital assets, their value remains steady, making them more practical for everyday transactions.
In remittance corridors, stablecoins could settle payments in minutes rather than days. By bypassing layers of correspondent banks and middlemen, they can also bring down transfer costs, ensuring more money reaches families back home.
Global firms are already paying attention to the UAE’s potential as a hub for this technology. Circle and Tether have both announced plans to roll out stablecoin options in the country, while local authorities are working on dirham-backed versions to make transfers smoother and more reliable.
What companies are doing
Western Union has been exploring its own stablecoin to speed up remittances while keeping its global network intact.
MoneyGram now accepts stablecoin payments and is testing blockchain-powered transfers.
Revolut, a global digital bank, has secured preliminary approval in the UAE to offer wallets, payments, and competitive international transfers, which could benefit millions of residents.
What it means for remitters
Faster delivery: Payments could arrive in minutes rather than days.
Lower fees: By cutting intermediaries, expats may save on every transaction.
Better visibility: Digital wallets show exchange rates and fees upfront.
What to watch out for soon?
Final regulatory approvals are still in progress for many of these services.
Stablecoins are promising but not always risk-free — local regulation will be key to making them safe.
Currency conversion charges may still apply when your family withdraws funds abroad.
Bottom line? For UAE expats, remittances are about to change. With stablecoins, digital wallets, and new payment licences, the future points to faster, cheaper, and more transparent transfers.
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