UAE Switch: Who Qualifies and What You Get
Learn how to use UAE Switch for instant inter-bank transfers across the United Arab Emirates and what to watch out for.
UAE Switch is a system that allows you to move money between different banks in the United Arab Emirates instantly.
Who it's for
This service is available to all people who hold a bank account.
What you get
You can make inter-bank transfers that happen immediately, allowing you to move funds between different banking institutions across the country without the usual waiting periods.
What it costs you
While the service itself is a national system, you may be charged small transaction fees. The exact amount you pay will depend on your specific bank's policies.
The catch to know
Not all transfers are created equal. You should always verify with your bank whether you are using the "Instant" transfer option or a "Standard" transfer, as the speeds will differ.
How to apply
- Log in to your bank's mobile app or online banking portal.
- Select the option to make a new transfer to another bank.
- Choose the instant transfer option to use the UAE Switch system.
- Confirm the transaction and check your balance to ensure the funds moved as expected.