What is UAE Exchange?
UAE Exchange is an international money transfer that offers remittances, payment services, and foreign exchange. The UAE money exchange company was established in the year 1980 and its headquarter is located in Abu Dhabi. It currently offers money transfer services in more than 30 countries and has served more than 15 million customers.
Supported currencies and countries
UAE Exchange allows customers to send money to more than 140 countries. Some of the currencies supported by UAE include:
US dollar, Thai Baht, Singapore, New Zealand dollar, Fijian dollar, Euro, Chinese yuan, Canadian dollar, British pound
Some of the countries where you can send money to using UAE exchange include:
Sri-Lanka, Australia, Pakistan, Bangladesh, United States, India, Nepal, Egypt, Philippines, United Kingdom, United Arab Emirates, Canada, Germany, Hong Kong, India, Ireland, Fiji, Botswana, Bahrain, Uganda, Kenya, Japan, Zambia, Qatar, Oman, Rwanda, Seychelles, New Zealand, Jordan, Netherland, Malaysia, Kuwait, and Panama.
How the UAE Exchange works
For you to use the UAE exchange platform in making transfers, you must sign up for an account.
Just go to the account sign up page so that you can fill the required details. In this case, you must fill in your full name, nationality, UAE mobile number, email address and password.
- Click on the create my account icon to confirm your details.
- After that, you will receive a customer registration number and a unique code. However, you must visit one of the 150 branches of UAE with your ID to activate your account.
- For you to make transfers, you can follow the steps below:
- Log in to your account, click on the send money icon and input the details of your recipient’s.
- Choose your preferred payment method so that you can confirm your transfer.
UAE Exchange Payment Methods
You can use the following methods to make payments for your transfers:
Wire transfer, online banking, direct debit and cash
Methods of receiving money
Mobile wallets and bank transfers are usually deposited directly into the account of the recipient. For cash payout, recipients can collect funds from any Xpress money agent in your country. However, they must offer a 16-digit XPIN number and original ID to collect money.
UAE Exchange Transfer speed
Bank transfers can take between 2 to 3 business to be completed. On the other hand, cash payouts and mobile wallet transfers are instant.
UAE Exchange Transfer Limits
UAE Exchange does not have a minimum transfer limit. However, it has daily and monthly transfers’ limits.
Customers are allowed to make a maximum of 2 transactions to the same recipient within a day and the daily transfer limit is AED 200,000.
Customers can transact up to AED 500,000 per month and a maximum of 8 transactions.
UAE Exchange mobile app
Apart from transacting using the website platform, you can also make payments using the UAE mobile launched in 2017. The UAE mobile is available in the app store and Google play store. You can use the app to access services such as transaction history, rate alerts, and tracking transfers, calculate exchange rates and make online money transfers.
Security of customer data and regulation
UAE Exchange has done its best in formulating measures that ensure that the information of the customer is secured. As a result, the UAE Exchange adopts the following security measures.
- Use of firewalls that protects customer information in databases.
- Use of unique 16 -digit customer password and registration number for user identification.
- Use of 128-bit secure sockets layer for data encryption.
UAE Exchange Regulation
UAE is licensed to operate as a licensed money transfer service provider in Asia and the Middle East. The Financial Conduct Authority has authorized UAE Exchange Company and the International Standard has also certified it for excellent service.
Canceling an UAE Exchange transfer
You can only cancel a transfer if it has not yet been paid out to the recipient. All you have to do is to send your transaction details to the customer support team. However, you must know that some cancellation and exchange rate adjustments fees may apply and as a customer, you are the one who will cater to them.
UAE Exchange Pros
• Offers competitive exchange fees and rates
• UAE Exchange offers a seamless online money transfer experience with many payouts and transfers payment options.
• Excellent customer service at the branches and online
• Impressive transfer speed, especially for customers who use a cash payout option.
UAE Exchange Cons
• Does not have a live chat
• Small transfers are charged high fees
• Are transfers must only be made from UAE Exchange.
• Transfers that are made to less popular routes tend to take some time.
UAE Exchange Review
As highlighted above, UAE Exchange is an international money transfer company with many subsidiaries that can be used to send money. However, the company that you can use to make transfers will depend on the place where you live. Additionally, to get the best deal, you must compare the UAE Exchange with other international transfer service providers before you get started.