Pay with UAEFTS Using Peanut — Coming Soon
Peanut is adding UAEFTS support. Soon you'll send AED to any bank in the UAE from your digital dollar balance — instantly.
Peanut is adding UAEFTS support. Soon you'll be able to send money to any bank account in the UAE directly from your Peanut balance — converting digital dollars to dirhams and delivering them in real time. UAEFTS is the UAE Funds Transfer System, operated by the Central Bank of the UAE (CBUAE). It is the backbone of domestic interbank transfers in the Emirates, connecting all licensed banks for real-time fund movement. Once the integration goes live, Peanut will give you instant access to the UAE's banking system.
The UAE is one of the world's largest expatriate hubs — over 80% of the population are foreign nationals. This drives massive demand for cross-border payments, both inbound (from employers and clients) and outbound (remittances to home countries). The AED is pegged to the US dollar at a fixed rate (3.6725 AED per USD), providing exchange rate stability that simplifies digital-dollar-to-dirham conversions.
What Is UAEFTS?
UAEFTS (UAE Funds Transfer System) is the central bank's real-time gross settlement system for domestic fund transfers. It handles both high-value and retail interbank payments, enabling instant transfers between all UAE-licensed banks. The system supports AED and USD settlements.
All major banks are connected: Emirates NBD, First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreq, Dubai Islamic Bank, and dozens of other licensed institutions. UAEFTS is the primary channel for urgent domestic transfers and serves as the backbone of the UAE's interbank payment infrastructure.
The UAE is also modernizing its payment ecosystem with the Instant Payment Platform (IPP) for low-value retail payments, complementing UAEFTS's strength in large-value and time-sensitive transfers. Together, these systems are driving the UAE toward its digital payment ambitions.
Where It Works
UAEFTS connects all licensed banks in the UAE:
- Emirates NBD — one of the largest banks in the Middle East
- First Abu Dhabi Bank (FAB) — the UAE's largest bank by assets
- Abu Dhabi Commercial Bank (ADCB) — major commercial bank
- Mashreq — prominent private bank with a strong digital presence
- Dubai Islamic Bank — the largest Islamic bank in the UAE
- Other UAE-licensed banks — dozens of additional domestic and international banks operating in the UAE
Any bank account in the UAE can receive UAEFTS transfers. The system works across all seven emirates — Dubai, Abu Dhabi, Sharjah, Ajman, Fujairah, Ras Al Khaimah, and Umm Al Quwain.
The UAE is a critical hub for international money movement. As one of the world's top remittance-sending countries, major outbound corridors include India, Pakistan, the Philippines, Bangladesh, and Egypt. Exchange houses and digital remittance apps are widely used, but many still charge significant fees. Peanut will offer a faster, more competitive channel for moving money into and within the UAE's banking system.
How It Will Work
- 1
Open Peanut and select Send
You'll open the Peanut app and choose to send money via UAEFTS to a UAE bank account.
- 2
Enter the recipient's IBAN
Provide the recipient's UAE bank account IBAN.
- 3
Review the transfer
You'll see the AED amount, the digital dollar equivalent, and the exchange rate. The AED-USD peg means the rate is stable and predictable. The rate locks when you confirm.
- 4
Confirm and send
Tap to confirm. The recipient will receive dirhams in their UAE bank account in real time.
The exact payment flow will be confirmed closer to launch. The steps above reflect the general UAEFTS experience combined with Peanut's existing payment model.
What You'll Need
When UAEFTS support goes live, you'll need:
- A Peanut account with identity verification. Verify with your passport or national ID card from any country — under 2 minutes for most users. Your documents are handled securely and Peanut never sees or stores them.
- A funded digital dollar balance. Deposit from any exchange or wallet, or via bank transfer. All deposits are free.
- The recipient's UAE bank IBAN. Standard IBAN format for UAE bank accounts.
- No Emirates ID or UAE bank account on your end. You won't need an Emirates ID or local bank account to send money into the UAE banking system through Peanut.
Specific requirements and transaction limits will be confirmed at launch.
Fees & Exchange Rate
Peanut charges no fees on payments. When UAEFTS support goes live, you'll convert digital dollars to UAE dirhams at a competitive rate with no transaction fee and no hidden charges.
The AED is pegged to the US dollar at 3.6725 AED per USD, making the exchange rate stable and predictable. This peg means your digital dollars convert to dirhams at a consistent, transparent rate — no surprises from currency fluctuation. The rate locks when you confirm each payment.
Detailed fee comparisons with traditional UAE transfer services will be published closer to launch.
