UAE-based Rakbank has partnered with payment services provider Inpay to offer low-cost remittance services to 25 European countries.
Under the collaboration, Rakbank customers can send money to the specified European nations by paying AED25 ($6.81) for each remittance through RAKMoneyTransfer.
Customers can also send funds through the digital banking platform or through any Rakbank branch.
All Euros transferred are deposited to the beneficiary’s bank account directly on the same day.
Rakbank COO Geoff Stecyk said: “Rakbank is expanding its global presence and the Bank’s remittance footprint into the European corridor through this strategic partnership with Inpay in order to offer customers a seamless banking experience with the new and enhanced remittance services.
“This will enable our customers to make secure, faster and convenient Euro transfers to 25 European nations.”
Inpay founder and CEO Jacob Tackmann Thomsen added: “This partnership with Rakbank, one of the most digitally advanced banks in the UAE, demonstrates Inpay’s relevant crossborder payments offering to financial institutions globally.
“We see this as an excellent example of how Inpay as a FinTech company enables its bank clients such as Rakbank to provide their customers with even better services and do it at a go-to-market speed that was previously impossible.”