2023-06-19 22:06:49
Banks operating in the country have reduced fees for money transfers locally through smart applications, to 50 fils instead of one dirham for transfers less than 5,000 dirhams, and one dirham for transfers up to 300,000 dirhams.
According to these banks, transfers are made to the beneficiaries registered with them during the same time, while verifying the correctness of the data and the purpose of the transfer for new beneficiaries takes between two and six hours, after which the amount is entered into the beneficiary’s account.
Banks, through their smart applications, provide the option to pay fees by the sender or the beneficiary, regardless of the value of the transferred amount.
For his part, banking expert Awatif Al-Harmoudi told Emirates Today that “banks usually try to urge the customer to use electronic platforms in banking transactions, as this reduces the cost of operational operations, and at the same time is in line with the general orientation of the banking sector.” , Towards digital transformation, ”adding that“ the fees for financial transfers between banks locally are low, and do not exceed one dirham for amounts up to 25 thousand dirhams, and that the customer can transfer through the smart application amounts up to 300 thousand dirhams, for a fee that does not exceed one dirham also, and sometimes Transfer amounts reach one million dirhams in some banks.
Al-Harmoudi indicated that “the Central Bank platform allows transfers at the same time, after it was developed to keep pace with the speed with which various transactions are completed in the country,” noting that some dealers request that the transfer amounts be open, that is, not restricted to the ceiling set by the bank internally. He signs it, so that any amounts transferred are at his personal risk, and this is usually with senior businessmen and privileged clients.
And she continued, “The ceiling of the transfer allowed locally through smart applications and electronic platforms for banks is left to each bank, according to its internal policy. Very low fees,” pointing out that the transfer fees in the branches range from 5 to 10 dirhams, depending on the amount, as long as the transfer is local, so the majority of customers prefer to deal via “online” for its speed, and to save time in addition to the reduced fees.
It is noteworthy that the Central Bank has a platform and system for transferring funds between banks, operating around the clock, and has been updated during the past two years, in accordance with the best standards in force globally.
The UAE is one of the lowest countries in the value of money transfer fees, whether locally or outside the country, yet strong controls are put in place to ensure the legality and source of funds that enter or leave the country, or are transferred locally.
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