The Central Bank of the Emirates decides to raise immediate financial transfers within the Emirates

The Central Bank of the United Arab Emirates announced the issuance of a decision to raise local instant money transfers within the country to reach 50 thousand dirhams.

The decision to raise the minimum required for instant money transactions inside the Emirates was made by the Central Bank of the Emirates.

The local limit for fast money transfers within the borders of the United Arab Emirates has been increased to 50,000 dirhams, as per a recent announcement made by the Central Bank of the United Arab Emirates (UAE).

Raising “instant” local transfers through banks to 50 thousand dirhams

Increasing the limit for "instant" local transactions conducted through banks to 50,000 dirhams, As of the first of this November, the Central Bank permitted banks to raise the ceiling for financial transfers between bank accounts locally "at the same moment" to a maximum of fifty thousand dirhams, up from the previous maximum of twenty-five thousand dirhams that had been in effect. According to the Central Bank, amounts that exceed fifty thousand dirhams take one business day to process. High-ranking banker, some banks began the implementation in stages, while other banks implemented the decision in full and authorized transfers through accounts locally "at the same moment" of up to 50,000 dirhams. the decision was implemented by some banks in phases, while other banks began the implementation in full. He went on to say that the consumer is free to conduct multiple transfers at the same time throughout the course of the day provided that he does not The total amount is more than fifty thousand dirhams.

Instant money transfer fees in the UAE

Costs associated with instant money transfers in the UAE, According to the source, the majority of banks have maintained the current transfer fees, which range from half a dirham to one dirham. However, some banks have increased the fee to one and a half dirhams, and other banks have taken the initiative to absorb the increase in fee for the customer in order to encourage the completion of transfers "online." He elaborated on the meaning of transfers. It costs between 10 and 15 dirhams per transfer when done through ATMs or through branches, and the process takes longer. As a result, banks are racing to meet the expectations of clients for these more immediate services, while the Central Bank, in its function as the regulatory and legislative authority, is paving the way for this to occur.

Advantages of the instant money transfer system via smart applications in the Emirates

The benefits of the Emirates' fast money transfer system, which is accessible through mobile applications, He noted that the Central Bank, with its decisions, keeps pace with the quick transformation experienced by the banking sector towards digital services, and is in accordance with the movement of money and business in the Emirates, which is defined by dynamism and speed. He said this in response to a question on how the Central Bank keeps pace with the rapid transformation witnessed by the banking sector towards digital services. He emphasized that the financial transactions that can be completed through the smart applications offered by banks are accessible at any time of the day or night, are characterized by safety and speed, and have fees that are cheaper than those associated with any other method of transaction.

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