UAEFTS: Who Qualifies and What You Get
Learn how to use the UAE Funds Transfer System to send and receive money instantly within the United Arab Emirates.
The UAE Funds Transfer System (UAEFTS) is a digital infrastructure that allows for the immediate movement of money between different banks within the United Arab Emirates.
Who it's for
This system is available to all individuals and businesses who hold a bank account in the country.
What you get
You can perform real-time domestic fund transfers. This means when you send money to another person or business within the UAE, the funds move almost instantly between banks rather than taking several days.
What it costs you
While the central system facilitates the movement, your specific bank may charge a fee for processing the transfer. You should check your bank's current schedule of fees to see exactly how much each transaction will cost in د.إ.
The catch to know
Because these transfers happen in real-time, there is very little room for error. You must always double-check the International Bank Account Number (IBAN) before confirming the transaction to ensure the money reaches the correct recipient.
How to apply
- Log in to your online banking portal or mobile banking app.
- Select the option for a domestic bank transfer.
- Enter the recipient's details and the correct IBAN.
- Confirm the transaction amount and review the fees.