UAE Exchange Review: Is it safe? How does it work? What are the rates?

The UAE Exchange offers online money transfers from the United Arab Emirates to 31 countries worldwide. It is one of the major money transfer provider in the Middle East region. The company offers competitive exchange rates and excellent customer service.

Our independent review of the UAE Exchange services

The UAE Exchange is the global remittance, foreign exchange and payment solutions company. It is one of the largest money transfer providers in the Middle East and Asia. The company handles 6% of the total volume of global money transfers, serving around 400,000+ daily. It is often called the “holistic financial supermarket”, which successfully addresses all the financial needs of its customers under one roof.

UAE Exchange is synonymous with money transfer service in the Middle East region. It was the first remittance brand in the UAE which used to have branches in all the seven emirates. Nowadays the UAE Exchange has a local presence in over 140 countries throughout six continents.

With the UAE Exchange we can do either an online transfer or a cash payout through an extensive network. The company also provides a dedicated mobile application for both Apple and Android devices. Payment methods include cash, bank transfer and debit card. Credit cards are not accepted. An online transfer can be made only from the United Arab Emirates.

One of the most significant advantages of the UAE Exchange is the size of its network. The UAE operates in more than 31 countries in 5 continents. The company has 200+ branches around the globe), as well as an extensive network of partners. The UAE cooperates with over 150 leading global banks. Some of the branches are open 24/7 all year-round at selected locations.

Another benefit of using the UAE Exchange is transparent and competitive exchange rates. Their low mid-market exchange rates can save you a lot of money. However, their transfer fees are not among the most competitive ones.

The UAE Exchange has a very unique and outstanding customer service approach. Excellent customer experience brought many prestigious awards, such as the Dubai Service Excellence Scheme Award in ’Brand’ category or the UEA’s Superbrand. The UAE Exchange is a customer-centric company - they made their priority to provide an exceptional customer experience to their customers//providing them with prompt and customized services as per their financial needs. The company has excellent reviews on Trustpilot (mostly 5 out of 5!). Their customers praise them for the transfers speed, reliability and their pro-active attitude.

The UAE Exchange regularly has new promotions for their customers - discount vouchers, bonus shopping vouchers, referral program and the fee-free first transfer.

What Monito Likes About UAE Exchange

• Local presence in more than 140 countries around the globe, including locations not covered by other money transfer companies
• Transparent & competitive exchange rates
• Multiple ways to receive money: bank transfer, cash pick-up or mobile wallet
• Professional, helpful and multilingual customer service
• Excellent reviews on Trustpilot

What Monito Dislikes About UAE Exchange

• Online transfers available only from the United Arab Emirates
• Relatively high transfer fees
• Credit cards are not accepted

UAE Exchange fees & exchange rate

The UAE Exchange currency exchange rates

The UAE is fully transparent when it comes to exchange rates - the current rates are presented on their website. Their exchange rates are competitive and are typically around 0,5-1% below mid-market rates and are generally among the best, as confirmed by many super-positive user reviews on Trustpilot.

The UAE Exchange fees

The company charges a nominal transaction fee, which depends on the amount sent and the transfer destination. These are examples of the UAE Exchange nominal fees:

From the UAE to India:

• delivery option: bank transfer - 0 AED
• delivery option: cash payout - 15 AED (sent amount - 0.01 -1000 AED) & 20 AED (sent amount 1000.01 - 18400 AED)

From the UAE to Pakistan:

• delivery option: bank transfer - 16 AED (sent amount 0.01 - 736 AED) & 0 AED (sent amount above 736.01 AED)
• delivery option: cash payout - 20 AED (sent amount 0.01 - 752.97 AED) & 0 AED (sent amount 752.98 - 27500 AED)

From the UAE to Philippines:

• delivery option: bank transfer - 20 AED
• delivery option: cash payout - 25 AED

How easy is it to send money with UAE Exchange

The customers describe the whole transfer process (both online and at an agent’s location) as simple & effortless. It’s easy to calculate the exchange rates & fees. The UAE Exchange website is transparent, informative and easy to navigate.

Credibility security

Security is vital at the UAE Exchange. As a financial institution, the company is fully regulated by multiple authorities around the world. It is an Authorized Payment Institution (API) with the Financial Conduct Authority.

To ensure transaction security, the UAE Exchange uses the highest level of security solutions, including:

• Encryption - 128-bit Secure Sockets Layer (SSL) encryption technology
• Customer Number and Password - all customers are provided with a unique 16 digit customer number and password
• Checks and screening as required under Anti-Money Laundering and Counter-Terrorist Financing laws
• Firewalls

UAE Exchange is also ISO 9001, 14001 & 27001 certified. The company has also been certified with TISSE2012 (The International Standard for Service Excellence).

Service & Coverage

The UAE Exchange transfers money to more than 140 countries. The company has 100+ bank and 200,000+ cash pickup points around the world. The online transfers can be made only from the United Arab Emirates.But the company announces the further expansion.

Speed

The transfer takes around 2-3 business days.

Customer Satisfaction

The UAE Exchange has almost 8,000 reviews on Trustpilot, with 96% excellent reviews and very good reviews. The company scores five out of five stars! Most of the users’ comments are extremely positive, often personalized, praising a specific UAE employee, who helps a customer with their international transfer.

What is unique is that the UAE Exchange responds to almost every customer’s review on Trustpilot. Here's a summary of what UAE Exchange customers have to say:

Positive:

• Excellent service and great speed
• Fast service
• Outstanding customer service

Negative:

• Transfer delays
• Not available in every location
• Long queues at local branches

Customer support

• 24/7 365 days a year
• Available via e-mail, phone or live chat
• Email and phone number in the UAE: 600555550; customer.service@ae.uaeexchange.com

More contact details can be found on their dedicated website, as well as via branch locator.

The UAE Exchange mobile app

UAE Exchange offers a mobile app available on both Apple iOS and Google Android. It allows us to send money to more than 140 countries across the globe. The app enables customers to calculate currency rates, track the transactions, locate the nearest the UAE Exchange branch and many more options.

It’s rated 3 / 5 in the Google Play Store and 3.2 / 5 in the Apple App Store.

How the UAE Exchange works

Online at the UAE Exchange website

Tech-savvy customers can choose online transfer. To make an online transfer with the UAE Exchange, you need to follow a few easy steps:

1. Go to the UAE Exchange website or use their mobile app.
2. Create your profile & verify your identity.
3. Select the method of transfer: bank transfer or cash payout.
4. Add the beneficiary (or select the recipient from the list), enter the amount you want to send. The exchange rates for your transfer will be displayed instantly.
5. Choose the method of transferring funds: net banking, internet transfer or card payment.
6. The confirmation will be displayed on your account and sent to your e-mail address as well.

At one of the Exchange branches

1. Visits any of the UAE Exchange branches & provide you and beneficiary information (recipient’s name, address and bank account details if the money will be sent to the bank account).
2. If the amount of your transaction is over 1000 EUR, you need to provide your ID and proof of address.
3. Pay in cash or by card.
4. You will receive confirmation receipt (16-digit XTT number).
5. The money is on the way to the transfer recipient.
6. If you choose cash as a payout method, the recipient can get it by providing his/her ID and sixteen digit XTT number.

Additional services

The UAE Exchange offers a wide range of services, including foreign exchange, travel cards, prepaid cards, payroll management and more.

The company also offers a bill payment service (ex. utility, insurance or subscription bills) at any UAE Exchange branch.

The story behind the UAE Exchange

The UAE Exchange was founded in 1980 by Bavaguthu Raghuram Shetty and former United Arab Emirates Minister of Justice - Abdulla Humaid Al-Mazroei. It was the first transfer service offered in the UAE to meet expectations of an increasing number of migrants sending money to their home country. Within 35 years the company has grown into one of the leading global remittances across 31 countries with more than 200 branches worldwide.

Awards

The UAE Exchange has received many awards rewarding its top-notch customer service, service quality, as well as business excellence:

• Dubai Service Excellence Scheme Award in ’Brand’ category
• Most Promising Brand Award in Asia
• Service Olympian People’s Choice Award
• Banker Middle East Product Award
• Dubai Quality Award
• UEA’s Superbrand
• and many more