• My Profile
  • Saved articles
  • Newsletters
  • Sign out
Sign in
  • Register
  • Sign in

Podcasts Newsletters Follow us App Video
Israel-Gaza warWeekendTN Magazine
News
UAE
Gulf
MENA
US
UK
Europe
Asia
Business
Aviation
Economy
Energy
Money
Property
Banking
Markets
Opinion
Comment
Editorial
Obituaries
Cartoon
Feedback
Future
Science
Space
Technology
Climate
Environment
Road to Net Zero
Health
Culture
Art & Design
Books
Film & TV
Music & On-stage
Pop Culture
Lifestyle
Travel
Fashion & Beauty
Food
Motoring
Luxury
Home & Garden
Wellbeing
Things to do
Sport
Football
Cricket
F1
Tennis
Combat Sports
Cycling
News
UAE
Gulf
MENA
US
UK
Europe
Asia
Business
Aviation
Economy
Energy
Money
Property
Banking
Markets
Opinion
Comment
Editorial
Obituaries
Cartoon
Feedback
Future
Science
Space
Technology
Climate
Environment
Road to Net Zero
Health
Culture
Art & Design
Books
Film & TV
Music & On-stage
Pop Culture
Lifestyle
Travel
Fashion & Beauty
Food
Motoring
Luxury
Home & Garden
Wellbeing
Things to do
Sport
Football
Cricket
F1
Tennis
Combat Sports
Cycling

The making of King Charles III: How the monarch spent 70 years preparing for his role

More on this story

Special report: Unwed expat mothers in legal limbo hope new visa laws will help them

A mother’s plea for her children ‘illegally’ in UAE to be sent home to India

Illegal dependents can apply for visa amnesty, say lawyers

Towering concerns

Abu Dhabi tower demolition: calls for more clarity on tenant rights

While you're here

Hussein Ibish: Could it be game over for Donald Trump?

Joyce Karam: Trump's campaign thrown off balance

Trump tests positive: everything we know so far

More from this package

 

Culture of acceptance needed to combat teen mental health issues, say experts

Netflix suicide drama 13 Reasons Why prompts young people in UAE to discuss mental health 

Dubai teen campaigns for launch of a suicide helpline in UAE

 

More from Neighbourhood Watch:

The changing face of Mussaffah

Hatta, where present and past collide

How old Dubai moved with the times and kept its heart

While you're here

Joyce Karam: Chaotic first debate unlikely to swing undecideds

Hussein Ibish: Donald Trump's 3-step plan to cling to power

Sulaiman Hakemy: Make America lose again

In numbers

- Number of children under five will fall from 681 million in 2017 to 401m in 2100

- Over-80s will rise from 141m in 2017 to 866m in 2100

- Nigeria will become the world’s second most populous country with 791m by 2100, behind India

- China will fall dramatically from a peak of 2.4 billion in 2024 to 732 million by 2100

- an average of 2.1 children per woman is required to sustain population growth

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
While you're here ...

Saudi Arabia's Unesco-listed Al Ula announces reopening plans

How a Jordanian artist is helping restore Palestinian photographs

Which art galleries are open again across the United Arab Emirates?

What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

Updated: May 03, 2023, 2:00 PM
IPSO regulated

News
UAE
Gulf
MENA
US
UK
Europe
Asia
Business
Aviation
Economy
Energy
Money
Property
Banking
Markets
Opinion
Comment
Editorial
Obituaries
Cartoon
Feedback
Future
Science
Space
Technology
Climate
Environment
Road to Net Zero
Health
Culture
Art & Design
Books
Film & TV
Music & On-stage
Pop Culture
Lifestyle
Travel
Fashion & Beauty
Food
Motoring
Luxury
Home & Garden
Wellbeing
Things to do
Sport
Football
Cricket
Olympics
F1
Tennis
Combat Sports
Cycling
Weekend
Living in the UAE
TN Magazine
Podcasts Newsletters Read E-Paper Print Subscriptions Video App
About UsContact UsWork With UsAdvertise With UsTerms & ConditionsPrivacy PolicyCookie PolicySitemapArchiveRegistration FAQsRosalynn Carter Fellowship
IPSO regulated
Follow us
Get news alerts from
The National logo
You can manage notifications at any time by clicking the notifications icon.