For amounts not exceeding 25 thousand dirhams

One dirham is a fee for transferring funds between banks locally..some of them offer it for free

Customers can transfer funds to other accounts inside or outside the country.

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Banks operating in the country compete to provide their electronic banking services for free or at low prices.

According to a survey conducted by "Emirates Today", through the websites of banks, in which the largest proportion of dealers is concentrated, it was found that the fees for transferring money up to 25 thousand dirhams, amounting to only one dirham, in addition to five tax money, while some banks provide it for free without No fees.

Transfers are made within a few seconds, as long as the beneficiary is registered with the account holder in advance, while amounts above 25 thousand dirhams take one working day for the transfer.

The customer can request a money transfer service through several channels, namely the branches of the bank he deals with, online banking services, the smart application, or through the ATM service “Quick Transfer”.

These banks provide a free money transfer service between their customers in the same bank, without any fees, whether on the sender or recipient.

Fines and fees are applied in the event of an error, or the customer's omission to provide correct or incomplete transfer information, and may cause the transfer to be refused or delayed, so banks are not responsible for any potential loss.

The banking expert, Sheikha Al-Ali, said that "the banks are keen to develop their systems and services on an ongoing basis, to attract the largest number of new customers, and to preserve the current customers, by providing everything the customer needs in his financial dealings, whether transferring money or payments and others."

She explained that "the customer can transfer funds to other accounts inside or outside the country, with very simple fees, compared to other countries, in addition to the fact that banks have high levels of verification and auditing to protect these transfers."

Al-Ali pointed out that “the Central Bank’s platform for money transfer is one of the best achievements over the past few years, as it has greatly facilitated the process of transfers between banks, saved time for dealers, and reduced reliance on checks or visiting branches, and this is the essence of the great technological transformation that It is adopted by the UAE, especially in the financial and banking sector.”

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