Emirates NBD Ends Free Money Transfers

Emirates NBD Ends Free International Transfers from September

From September 1, Emirates NBD bank customers will no longer be able to send money abroad for free. One of the largest banks in the United Arab Emirates informed its customers via email that a uniform fee will be imposed on all international transfers, which will be 26.25 dirhams per transaction—regardless of whether the transfer is made through a mobile application or online banking.

The Essence of the Change

Previously, Emirates NBD offered its DirectRemit service for free, which allowed money to be sent quickly, within 60 seconds, to countries such as India, the Philippines, Pakistan, Sri Lanka, Egypt, and the United Kingdom. Many chose the bank specifically for this reason, especially those who regularly send money to their family members living abroad. However, the free service will soon become a thing of the past.

Who is Affected?

The introduction of the fee applies to all international transfers, regardless of the destination country. Those most affected will be expatriates who send money home on a monthly basis—the fees can quickly add up for them. The new regulation will also apply to customers who previously used automatic, pre-set transfers within the DirectRemit system.

Why is This Happening?

The bank did not provide a detailed explanation for the decision, but globally, the financial sector is increasingly aiming to monetize services. Operating costs, maintaining digital infrastructure, and increasing regulatory compliance burdens may all contribute to the introduction of fees. It is also possible that the bank is trying to encourage upgrades to premium packages, which may offer more favorable transaction conditions.

Alternatives and Customer Reactions

While Emirates NBD continues to offer a reliable and fast system, many customers may consider other options, such as using fintech-based money transfer platforms. Providers like Wise, Revolut, or the Western Union online systems often offer competitive exchange rates and lower fees, especially for smaller transfers.

Customer feedback is mixed: while some accept the change, others have voiced their dissatisfaction on social media. The change could particularly affect those who transfer smaller amounts multiple times a month—the fees could significantly reduce the net value of the sent amount for them.

What to Watch Out for from September?

Check costs: A fee of 26.25 dirhams must be counted for each transfer, regardless of the amount.

Consider exchange rate losses as well, as they are not negligible.

Consider other money transfer solutions, especially if one regularly transfers to a specific country.

Be attentive to the bank's new package offers—as they may offer new discounted constructs with the change.

Summary

Emirates NBD's decision is another example of how the digital banking environment is changing in the Gulf region. Although the speed of DirectRemit remains an attractive option, the fee introduced from September presents a new cost factor for customers. It's worth preparing for the change in time and carefully choosing from the transfer solutions.

(The article's source is Emirates NBD statement.)