UAE Funds Transfer System (UAEFTS): Who Qualifies and What You Get
Learn how to send money instantly or on the same day within the United Arab Emirates using the national transfer system.
The UAE Funds Transfer System (UAEFTS) is a national network that allows for the quick movement of money between different bank accounts within the country.
Who it's for
This system is available to all individuals who hold a bank account.
What you get
You can send money to other people within the United Arab Emirates and have the funds arrive almost instantly or on the same business day.
What it costs you
There is a small transaction fee applied to every transfer you make.
The catch to know
Once a transfer is sent, it is often irreversible. You must double-check that the recipient's IBAN (International Bank Account Number) is completely correct before you confirm the payment to avoid losing the funds.
How to apply
- Log in to your online banking portal or visit your bank branch.
- Enter the amount you wish to send.
- Carefully input the recipient's banking details, specifically their IBAN.
- Review the details and confirm the transaction.