The UAE Central Bank: A decision on "instant" transfers through banks

Abdallah Shahin - | Business

As of the first of this November, the Central Bank permitted banks to raise the ceiling for financial transfers between bank accounts locally "at the same moment" to 50,000 dirhams, up from the 25,000 dirhams that had been in effect previously; however, amounts that exceed 50,000 dirhams take one working day, according to a High-ranking banker.

The source told that some banks began implementing it in phases, while other banks began implementing the decision in full and permitted transfers through accounts locally "at the same moment" up to 50,000 dirhams. The source preferred that his name not be published, but he did say that some banks began implementing it in stages.

He went on to say that the customer is permitted to conduct more than one transfer at the same time over the course of the day so long as the total amount does not exceed 50,000 dirhams.

According to the source, the majority of banks have kept the current transfer fees, which range from half a dirham to one dirham, while some banks have raised the fee to one and a half dirhams. Additionally, some banks have taken the initiative to bear the increase in the fee for the customer in order to encourage the completion of transfers "online."

He noted that the Central Bank is keeping pace with the rapid transition observed by the banking sector towards digital services, and that this is in accordance with the financial and business movement in the Emirates, which is defined by dynamism and speed. He was referring to the movement towards digital services.

According to the source, the majority of banks have kept the current transfer fees, which range from half a dirham to one dirham, while some banks have raised the fee to one and a half dirhams. Additionally, some banks have taken the initiative to bear the increase in the fee for the customer in order to encourage the completion of transfers "online."

He noted that the Central Bank is keeping pace with the rapid transition observed by the banking sector towards digital services, and that this is in accordance with the financial and business movement in the Emirates, which is defined by dynamism and speed. He was referring to the movement towards digital services.

According to the source, there has been a considerable increase in the number of customers and business owners in the country who prefer to conduct their financial transactions online rather than going to a branch or using an ATM to deposit money. This preference reflects the fact that online transactions are significantly faster than traditional ones.

He emphasized the fact that monetary transactions conducted through the intelligent applications offered by banks are accessible at any time of the day or night, are characterized by safety and speed, and have fees that are lower than those associated with any other method of transfer.

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Abdallah Shahin
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