FinTech unicorn TransferWise comes to the UAE – The National

FinTech unicorn TransferWise comes to the UAE – The National

The platform enables people to send money online at the mid-market exchange rate - the midpoint between demand and supply for a currency - and charges an upfront, transparent fee.. The company offers over 1,600 currency routes and 49 currencies.. In the Emirates, the company cites research carried out by UAE-based Viva Consulting that found the cost of sending money abroad was "up to two times cheaper" with TransferWise compared to six banks and brokers.. The "UAE is considered one of the cheapest in charges worldwide," Mr Al Rahma said.. The global average cost to send $200 in the first quarter of this year was 6.79 per cent, according to the World Bank's March 2020 Remittance Prices Worldwide report.. The cost of sending money from the UAE varies by destination and method.. For example, from the UAE to India, the average cost to send Dh735 ($200) was 3.04 per cent as of February.. The cheapest was Emirates NBD Direct Remit, which is only available to bank customers, but has no fee and an exchange rate margin of 0.82 per cent.. Globally we're able to deliver 25 per cent of our payments in 20 seconds," Mr Kaarmann said.. Abu Dhabi will