Payit review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Payit is a digital-only account from First Abu Dhabi Bank PJSC, licensed by the Central Bank of the UAE, aimed at expats in the UAE. It suits people who want no account keeping charge and free ATM use, with a monthly fee of AED 0 and a currency conversion fee of 0%.
Key facts
- Best for
- Expats in the UAE who want a free digital account with a dirham IBAN.
- Monthly fee
- AED 0↗
- Currency conversion fee
- 0%↗
- Currencies
- 1↗
- Local account details
- IBAN↗
- Free ATM withdrawals
- AED 0↗
- Transfer fee
- Mastercard transfer 5-12 AED; MoneyGram cash pick-up 10 AED; SWIFT bank transfer 25-45 AED↗
- Legal entity
- First Abu Dhabi Bank PJSC↗
- Headquarters
- United Arab Emirates↗
- Support channels
- Email, Phone, Help-centre↗
- Audience
- Expats
- Pricing model
- No monthly fee, Low FX fees
- Features
- Free ATM withdrawals, Digital-only
- Official website
- payit.ae
Money transfer
- Delivery time
- Instant via Mastercard instant bank transfer and MoneyGram; 2-3 working days for SWIFT bank transfers↗
- Payout methods
- Bank, Cash-pickup, Wallet↗
- Fee to send 1,000
- AED 5 to AED 12↗
Facts checked September 26, 2026, 3 sources
Apps and profiles
- Get the app
- App StoreGoogle Play
- Elsewhere
Pros and cons
Pros
- Monthly fee of AED 0 and a currency conversion fee of 0%
- Free ATM allowance of AED 0 across the account
- Runs on the licence of First Abu Dhabi Bank PJSC under the Central Bank of the UAE
- A local IBAN makes receiving dirham payments straightforward
Cons
- A single currency, so 1 currency means no in-app multi-currency balance
- A digital-only service (free atm and digital only), so everyday money handling happens in the app
- Transfer fees start at AED 5 to AED 12 on Mastercard transfers and run higher on SWIFT
Who it suits
- Expats living and working in the UAE who bank in dirhams
- Anyone happy to run the account entirely from an app
- People who want an account held by an established UAE bank rather than an app-only provider
Who should look elsewhere
- People who need several currencies in one account, since Varo Visa Debit Card serves that need
- Anyone who wants to handle cash in person, where Crezu ES offers a different route
- Business money-transfer flows that need many currencies, where Bit2Me is built around crypto pairs
Where it sits among rivals
On currency conversion fee Payit sits at position 1 of 312 brands rated, which is as good a starting point as the comparison gets. On number of currencies it ranks at position 338 of 379, reflecting an account built around the dirham alone rather than a wide multi-currency set.
How Payit compares
9.3 vs 8.7
9.3 vs 8.6
9.3 vs 8.0
9.3 vs 8.9
9.3 vs 9.1
9.3 vs 9.2
9.3 vs 8.7
9.3 vs 8.7
9.3 vs 8.7
9.3 vs 9.0
9.3 vs 8.7
9.3 vs 9.5
9.3 vs 9.4
9.3 vs 9.3
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.2
9.3 vs 9.1
9.3 vs 9.0
9.3 vs 9.0
9.3 vs 8.9
9.3 vs 8.9- 9.3 vs 8.9
9.3 vs 8.7
9.3 vs 8.5
9.3 vs 8.5
9.3 vs 8.5
9.3 vs 8.4
9.3 vs 8.3
9.3 vs 8.2
9.3 vs 8.1- 9.3 vs 8.1
9.3 vs 8.0
9.3 vs 8.0
9.3 vs 8.0
9.3 vs 9.1
Where Payit is available
- Available
- United Arab Emirates
- Licence in United Arab Emirates
- Central Bank of the UAE, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does Payit cost to hold?+
The monthly fee is AED 0, so keeping the account open costs nothing in the UAE. Outbound transfers are chargeable: the transfer fee is AED 5 to AED 12 on a Mastercard transfer. SWIFT bank transfers sit higher, so check the fee sheet before sending a large sum.
Is my money protected at Payit?+
Payit runs on the licence of First Abu Dhabi Bank PJSC and sits under the Central Bank of the UAE in the AE. The account is a digital-only product with no branch network. The local IBAN makes it easy to be paid into from within the UAE.
How do I get cash out of a Payit account?+
The account offers a free ATM allowance of AED 0, and Mastercard instant bank transfer reaches your account instantly, as does MoneyGram. SWIFT bank transfers take a few working days. Money can also arrive as cash pick-up or to a wallet.
How many currencies does Payit hold?+
Payit supports a single currency, 1, which suits a dirham salary and local bills. Holding several currencies side by side is not what the account is built for, so readers who want that should look at a multi-currency account instead.
Who is Payit aimed at?+
The service is built for expats in the UAE, and the dirham IBAN suits someone paid locally. Because it is digital-only, it suits people comfortable managing money in an app. Support runs on email, phone and help centre if you need a hand.
Does Payit charge for currency conversion?+
The currency conversion fee is 0% across the account, one of the lowest in the comparison. That matters mainly if you receive money in another currency, since the account itself holds a single currency. Sending money abroad is a separate cost, covered by the transfer fee.
How fast can I send money with Payit?+
Transfers go out instantly through Mastercard instant bank transfer and MoneyGram. A SWIFT bank transfer takes a few working days to arrive. Speed matters most for remittances home, where the transfer fee is the line to check.
Sources
- payit.ae checked September 26, 2026
Backs: Headquarters
“Location: Abu Dhabi, UAE”
- payit.ae/about-us checked September 26, 2026
Backs: Audience
“send money back home”
- payit.ae/faqs checked September 26, 2026
Backs: Delivery time, Local account details, Support channels, Licences
“International transfers sent through payit are executed through SWIFT. Therefore, it will take 2 to 3 working days for the funds to reach the Beneficiary.”
- payit.ae/key-facts-statements checked September 26, 2026
Backs: Free ATM withdrawals, Currencies, Features, Currency conversion fee, Legal entity, Monthly fee, Payout methods, Transfer fee, Fee to send 1,000
“FAB ATM - Cash withdrawal 0”
- payit.ae/plus/fees-and-charges checked September 26, 2026
Backs: Pricing model
“Monthly Fee 0; Cross currency conversion fee 0”
Compiled from 5 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.