Send Money to the UAE with Peanut — Coming Soon
Peanut is expanding to the UAE. Soon you'll be able to send money and have recipients access funds via UAEFTS — the UAE's real-time transfer system.
Send Money to the UAE with Peanut — Coming Soon
The UAE is one of the world's largest expatriate hubs — over 80% of the population are foreign nationals working in Dubai, Abu Dhabi, and across the Emirates. Millions of people receive money from abroad or need to access funds sent by family and employers in other countries. The traditional options involve exchange house fees, bank transfer delays, and exchange rate markups that reduce what actually arrives. Even with the AED pegged to the US dollar, services still find ways to charge.
Peanut is building a better way. Soon you will be able to send money to the UAE and have the recipient access funds instantly through UAEFTS — the UAE's central bank real-time transfer system that connects all licensed banks. No fees, no Emirates ID required, no multi-day wait.
Why Peanut Will Be the Best Way to Send Money to the UAE
Better Exchange Rate
The UAE dirham is pegged to the US dollar at a fixed rate (3.6725 AED per USD), which should make exchange rate pricing straightforward. Yet traditional services still add markups. Wise charges a variable fee on top of the mid-market rate. PayPal takes 3-4% through fees and conversion charges. Western Union is consistently among the worst. Peanut converts digital dollars directly to local currency at a competitive market rate, without layered markups.
No Fees
Peanut charges nothing on deposits, sending, or local spending. Compare that to the exchange houses in Dubai that charge flat fees per transaction, or the banks that add percentage-based conversion charges on top of the transfer fee. Every step through Peanut — deposit, send, and spend — is free.
Instant Access via UAEFTS
UAEFTS (UAE Funds Transfer System) is the central bank's real-time transfer infrastructure, connecting all licensed banks in the Emirates — Emirates NBD, First Abu Dhabi Bank, ADCB, Mashreq, Dubai Islamic Bank, and others. When Peanut launches, recipients will access funds instantly through UAEFTS rather than waiting 1-3 business days for a SWIFT transfer to settle.
No Emirates ID Needed
The UAE financial system typically requires an Emirates ID for full banking access. Peanut removes that requirement — recipients will verify with any passport, no Emirates ID or local bank account needed. This is especially valuable in a country where the majority of the population are foreign nationals on various visa types.
How It Will Work
- 1
Sign up and verify
Create a Peanut account and complete identity verification with your passport. Takes under 2 minutes for most users.
- 2
Deposit funds
Fund your Peanut account via bank transfer (SEPA from Europe, ACH from the US) or send digital dollars from any major exchange.
- 3
Send to your recipient
Your recipient creates a Peanut account or receives funds to an existing one. Peanut-to-Peanut transfers arrive instantly.
- 4
Recipient accesses funds via UAEFTS
The recipient transfers funds to any UAE bank account through UAEFTS in real time, or holds the balance in digital dollars.
What the Recipient Will Be Able to Do
Instant Bank Transfers via UAEFTS
UAEFTS enables real-time transfers between all licensed UAE banks. Recipients will be able to move funds from their Peanut account to any UAE bank account — Emirates NBD, FAB, ADCB, Mashreq, or any other UAEFTS-participating institution — in seconds. Both AED and USD settlements are supported by the system.
Hold Digital Dollars
With the AED-USD peg at a fixed rate, recipients may also choose to hold their balance in digital dollars within the Peanut app, spending or withdrawing when convenient. This provides flexibility for people who manage finances across multiple currencies.
Bank Withdrawal
Direct withdrawal to a UAE bank account, converting digital dollars to dirhams at the point of transfer. The UAEFTS connection means this will happen in real time rather than the 1-3 business days typical of international bank wires.
Who This Is For
Expatriate Workers Receiving Money
With over 80% of the UAE's population being foreign nationals, many expatriates receive money from family abroad or need to access funds for personal needs. Traditional exchange house transfers involve queues and fees. Peanut will provide instant access to dirhams through UAEFTS, directly into any UAE bank account.
Business Professionals and Entrepreneurs
The UAE is a global business hub, especially Dubai and Abu Dhabi. Cross-border business payments through traditional banking involve SWIFT fees, intermediary charges, and multi-day settlement. Peanut's UAEFTS integration will enable instant, fee-free business transfers.
Tourists and Short-Term Visitors
The UAE welcomes millions of tourists to Dubai, Abu Dhabi, and other Emirates. While cards are widely accepted, having local currency access through UAEFTS will provide flexibility for markets, small merchants, and cash-only establishments.
How Much Will It Cost?
Peanut charges no fees on any operation. With the AED-USD peg, exchange rate costs are minimal and predictable.
| Service | Fee | Exchange Rate | Recipient Gets |
|---|---|---|---|
| Peanut (planned) | $0 | Market rate (near peg) | More dirhams |
| Wise | ~$3-6 | Mid-market with markup | Less |
| PayPal | ~$5 + 3-4% | Below mid-market | Significantly less |
| Western Union | $5-15 | Worst rate | Least |
| Exchange houses | $3-10 | Variable markup | Variable |
Sending from Specific Countries
Send Money from India to the UAE
The India-UAE corridor is one of the world's largest remittance flows, driven by millions of Indian nationals working in the Emirates. When Peanut launches, Indian senders will be able to deposit funds and send to the UAE. The recipient accesses funds instantly via UAEFTS — no exchange house visit, no multi-day wait.
Send Money from Pakistan to the UAE
Pakistan-UAE is another major corridor, with a large Pakistani workforce in Dubai and Abu Dhabi. Senders will be able to deposit funds and have recipients access them in real time through UAEFTS, replacing the slow and expensive exchange house process.
Send Money from the United Kingdom to the UAE
The UK-UAE corridor serves both personal and business transfers. UK senders will deposit via SEPA (free, 90% arrive in under 20 minutes) and send to the UAE. The recipient gets instant access through UAEFTS.
