If you're sending international wires to your suppliers in the UAE or receiving wires from UAE customers, you're likely familiar with unnecessary wire fees, FX fees, service charges, and constant payment delays. Most businesses resort to sending or receiving USD because banks and FX brokers typically don't provide control or access to AED (Dirham) accounts, the preferred currency in the UAE.

We noticed these huge gaps, and as we spoke to more customers, we understood that they have many suppliers and customers across Gulf countries, mainly in the UAE, and there's no way for them to efficiently manage payments with their partners there. But now - things are about to get streamlined.

Imagine having your own unique AED account, with the power to send local payments directly to your UAE suppliers and receive local payments from your UAE customers.

No more wire fees, no more currency conversion headaches, and no more payment delays. That's exactly what we're offering!

Introducing AED accounts with Finofo!

With a Finofo AED account, you can send payments to your suppliers and receive payments from your customers as local transfers instead of using international wires. This means you can transact in their preferred currency (Dirham), leading to faster payouts and quicker book closures. Payments are processed through the local payment rails — UAE Funds Transfer System (UAEFTS) or Immediate Payment Instruction (IPI).

To better understand how these local transfers work, let's briefly explore the payment systems used in the UAE:

What are UAEFTS and IPI payment methods in UAE?

UAE Funds Transfer System (UAEFTS) is the Real Time Gross Settlement system for large-value and high-priority fund transfers in the UAE, with no specific transaction limit. It processes payments continuously in real-time during business hours. Immediate Payment Instruction (IPI) is a feature within UAEFTS for instant domestic transfers up to AED 25,000 per transaction, processed in real-time without cut-off times, 24/7.

Finofo handles AED transactions efficiently, eliminating the need for international wire transfers, reducing unnecessary currency conversions, and minimizing delays. You'll have full control over your AED transactions, both payables and receivables, all managed from a single platform.

Here is what a Finofo AED account looks like:

By giving you direct access to and control over your own AED accounts, we're empowering you to manage your payments and receivables more effectively, reduce costs, and streamline your financial operations in the UAE.

Open your Finofo account today and start managing your UAE payments seamlessly!