Peanut Is Coming to the UAE
Send money via UAEFTS to any UAE bank account — instantly, no Emirates ID needed. Sign up to get notified.
The UAE is one of the world's largest expatriate hubs — over 80% of the population are foreign nationals. That means millions of people need to move money across borders every day: sending remittances to India, Pakistan, or the Philippines, paying local bills, or receiving salary disbursements. UAEFTS — the Central Bank of the UAE's real-time fund transfer system — is the backbone of domestic banking, enabling instant transfers between all UAE banks. But accessing local financial services typically requires an Emirates ID, which is tied to a residence visa.
Peanut will open a new path. When we launch in the UAE, you will be able to send money via UAEFTS to any UAE bank account — instantly, at the market rate, without an Emirates ID. For the massive India-UAE and Pakistan-UAE remittance corridors, Peanut will provide a faster, cheaper alternative to traditional exchange houses. For business travelers and new expatriates still waiting for their Emirates ID, it will mean immediate access to the UAE's banking infrastructure.
How It Will Work
- 1
Deposit from anywhere
Send digital dollars from any exchange or wallet via Solana, Arbitrum, Base, Tron, or Ethereum. Gas fees covered. Or deposit from your bank via SEPA (Europe), ACH (US), or wire transfer. All deposits are free.
- 2
Your balance stays in dollars
Your balance will be held in digital dollars. The AED is pegged to the USD at 3.6725, so exchange rate risk between deposit and payment is minimal.
- 3
Send via UAEFTS
Transfer to any UAE bank account using an IBAN. Your dollars will convert to AED at the market rate. No fees from Peanut.
- 4
Instant arrival
The recipient will receive dirhams in their bank account instantly. UAEFTS processes transfers in real time across all UAE-licensed banks.
What Payment Methods Are Coming
UAEFTS
UAEFTS (UAE Funds Transfer System) is the Central Bank of the UAE's real-time gross settlement system. It supports instant domestic transfers between all UAE-licensed banks, including Emirates NBD, First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Mashreq, Dubai Islamic Bank, and more. The system handles both high-value and retail transfers, supporting AED and USD settlements.
The UAE is also rapidly modernizing its payment infrastructure with the Instant Payment Platform (IPP) for low-value retail payments, growing adoption of Apple Pay and Samsung Pay, and expanding digital wallet solutions. UAEFTS remains the foundation for bank-to-bank transfers.
How it will work with Peanut: Open the Peanut app, enter the recipient's IBAN, review the amount in AED and the exchange rate, and confirm. The funds will arrive instantly in the recipient's UAE bank account.
No Emirates ID needed. Opening a UAE bank account and accessing UAEFTS normally requires an Emirates ID linked to a residence visa. Peanut will accept passport verification from any country — no Emirates ID, no residence visa, no UAE bank account required on the sender's side.
Full guide: Pay with UAEFTS in the UAE
Exchange Rate: What to Expect
The UAE dirham is pegged to the US dollar at a fixed rate of 3.6725 AED per USD. This peg provides remarkable stability — you know almost exactly what your dollars will be worth in dirhams. However, traditional exchange houses and remittance services still add markups of 1-3% on top of the peg. Bank wire fees can reach $25-80, and slow processing times mean your money sits in limbo.
Peanut will convert digital dollars to AED at the market rate — close to the peg, without the layered markups. For someone sending $1,000 to the UAE monthly, avoiding a 2% markup means saving $240 per year.
Rate lock: The rate will lock at the moment of payment. What you see is what you pay.
No fees. Peanut will charge nothing on deposits, UAEFTS transfers, or withdrawals. Gas fees on network transactions are covered.
Compare rates:
Who Will Use Peanut in the UAE
Remittances (India and Pakistan)
The UAE is one of the world's top remittance-sending countries. Millions of Indian and Pakistani nationals living and working in the UAE send money home regularly. Traditional exchange houses charge 1-3% in fees, bank wires cost $25-80 and take days, and the rates offered at mall kiosks are rarely competitive.
Peanut will let expatriates send money home at the market rate, instantly. Deposit dirhams or digital dollars, and send to anyone — whether they are in India, Pakistan, or anywhere else. The recipient gets a Peanut Link and can cash out via their local payment system. Faster, cheaper, and more transparent than traditional remittance channels.
Cross-Border Travelers (UK)
The UK-UAE corridor is strong, with significant business travel, tourism, and expat movement between the two countries. Without an Emirates ID, travelers cannot access UAE banking services easily. Credit cards work widely in the UAE, but foreign transaction fees of 2-3% add up — especially in a country known for high-value transactions.
Peanut will let you send money to any UAE bank account via UAEFTS, or hold your balance in digital dollars and convert to dirhams when you need to pay. The AED-USD peg means your balance is essentially dollar-denominated on both sides.
Info
Get Notified
Peanut is not yet live for spending in the UAE, but you can sign up now to be notified when we launch. When live, you will send money via UAEFTS to any UAE bank account — instantly, at the market rate, without an Emirates ID.
Today, you can already use Peanut to deposit and withdraw digital dollars in the UAE via supported networks like Solana and Arbitrum. UAEFTS integration is coming next.
Verification: You will verify with a passport or national ID card from any country. No Emirates ID required. Under 2 minutes for most users. Powered by Persona (SOC 2 Type 2, GDPR, ISO 27001). Peanut never sees or stores your documents.
