LuLu Exchange is an ISO 9001:2015 certified global foreign exchange and cheap money transfer services provider. It is part of the LuLu Group International and operates in 12 countries globally serving over 6 million customers including banking institutions, local and international corporations, business houses as well as individuals who regularly transfer funds to their recipients overseas. This review will take you through everything you need to know about using LuLu Exchange to transfer your money abroad as quickly as possible.
For the past 12 years, the provider has been recording fast-paced growth year on year starting from its humble beginnings with the launch of its first branch at Al Wahda Mall, Abu Dhabi, UAE in September 2009. Currently, the provider boasts of more than 200 branches, 73 of which are located in the UAE.
To access LuLu Exchange services, you need to visit a branch near you or transact online through the LuLu Money app. Unlike other money transfer providers, LuLu Exchange online services are not available on its website making the app the only avenue for international money transfers online.
LuLu Exchange transacts over $6.73 billion every year to more than 83 countries and territories, with a particularly large presence in India. As of 2017, half of its then 3.5 million customers were Pravasi Malayalees from Kerala, India. The company has a workforce as diverse as the countries it serves, with over 1500 employees drawn from more than 20 nationalities – making every customer feel at home while being served at any of its branches.
Across just the UAE, LuLu Exchange accounted for more than $1.5 billion of the total personal remittances sent in 2015 – making the company one of the key regional players.
Just like with most money transfer companies, when you send money using LuLu Exchange, you’ll be charged an exchange rate margin for converting your host currency to your destination currency, and transaction fees to get your transfer to your recipient overseas. Here’s what to expect when making your transfer.
Exchange rates
It can be hard to discover exactly what margins are charged by LuLu Exchange, so we’ve done some research. To know the exchange rates and fees charged on the LuLu Exchange online platform, you have to sign up for an account on the LuLu Money app, which is available in 10 out of the 12 countries the provider operates in as listed below:
Customers in Bangladesh and Malaysia can only transact through physical branches. That being said, you can also get the current exchange rates at any of the LuLu Exchange branches near you. They have a foreign exchange live board that displays the buy and sell rates for different global currencies. The exchange rates are the same whether you transact through the app or at the branch. Based on the rates updated by the provider on the app as of 17th March 2020, here are margins it charges.
From the analysis above, the provider varies the margins charged depending on the transfer route. However, regardless of the route, LuLu Exchange offers competitive rates that usually fall between 0.1% and 1.2%.
Fees
When transferring money using LuLu Exchange, you’ll have to pay transaction fees and a Value added tax (VAT) of 5% charged on the fee amount. For instance, if the fee is 10.95AED, you’ll pay an additional 0.55 AED as tax. In total, you’ll be billed 11.50 AED.
The fees are the same whether you send from the branch or using the app, but do vary depending on the amount you are sending. When transferring funds up to AED 1,000, you will pay a transaction fee of AED 17 inclusive of tax. The transaction fee for sending any amount above AED 1,000 is AED 23. Irrespective of the transfer route, the fees remain the same.
Additional costs
Depending on how you pay for your transfer, you may incur some charges from your bank. For instance, some banks may charge you a nominal fee for using wire transfer or the Payment Gateway. The recipient may also be charged landing fees if the transfer is paid out through the bank. LuLu Exchange doesn’t have control over these external fees, so it’s important to check with your bank.
LuLu Exchange supports overseas money transfers through a robust infrastructure available online and at physical branches. This makes it simple and cheap for customers to send and receive money. Here is a look at their pros and cons to help you decide if they are the right choice for you.
When you are transferring money via the LuLu Exchange platform you can either pay in-app or at a branch. The beneficiary also has several options on how to receive the money sent. Here is a look at the options available in terms of payment and withdrawal options on LuLu Exchange.
There are three ways you can pay for your transfer with LuLu Exchange:
Beneficiaries can receive money from LuLu Exchange in one of the following ways.
LuLu Exchange is more than a money transfer company; in addition to its money transfer and currency exchange services, the company offers a variety of other mainstream financial services including:
LuLu Exchange has a simple and straightforward way to send and receive money. The steps are easy to follow starting from the moment you sign up for an account to the time you make a transfer.
Transferring funds using LuLu Exchange is a simple process: sign up for an account, initiate the transfer, and pay for it. Here are the steps involved.
1. Account signup
Open the LuLu Money app and click ‘Next’ until you get to the phone verification screen. Then follow the below steps to sign up.
2. Making a transfer
Open the LuLu Money app on your smartphone and enter your 4-digit PIN to unlock it and access the transfer features. Then proceed as follows.
3. Paying for your transfer
There are three ways you can pay for your transfer on the LuLu Money app. You can choose Payment Gateway, Pay@Branch, or wire transfer. Here is a summary of the options:
If you choose ‘Direct to Account’ or ‘LuLu Now’ as the payout methods, the funds will be deposited directly into the recipient’s bank account.
For cash pickup, the beneficiary will receive a notification when the transfer is complete. To claim the money, they must visit their nearest pickup location with their ID and the transaction code for verification purposes.
For door to door deliveries, the LuLu Money representative takes the cash to the recipient’s doorstep. All that the beneficiary needs to do is to produce their identity document and transfer notification or code for verification and receipt of the funds.
Yes, LuLu Exchange has an app available on both Play Store and App Store as a free download. Since you cannot make an online transfer on the website, the app is the only platform you can use. On the app, you can do the following:
The provider aims to move 30% of all its remittance transactions onto the online platform by 2020. This will ensure more convenience for its millions of customers.
Most transfers are delivered the next business day. However, some may take up to 3 working days to be completed. This depends on the intermediary banks involved and your specific transfer route. For instance, transfers from Hong Kong to the Philippines take only 48 hours for door to door deliveries.
There are no transfer limits. You can send as little as 1 AED with no maximum.
LuLu Exchange is a reputed ISO 9001:2015 certified international money transfer and foreign exchange brand. It serves both businesses and private clients looking to move funds across borders. The transfer platforms both branch-based and online are flexible, reliable and secure. Below is a summary of the trust factors that make the provider a reliable brand in the industry.
History
LuLu Exchange was established in 2008 by Yusuff Ali Musaliam Veettil Abdul Kader (Mr Yusuff Ali M.A), an Indian billionaire businessman based in the UAE. In 2009, it opened its first branch in the UAE and quickly extended its operations across the GCC countries such as Qatar, Kuwait, Oman, and Bahrain. To organise and consolidate its expansion, LuLu Exchange Holdings Limited was incorporated in 2018 and registered at the Abu Dhabi Global Market.
Today, LuLu Exchange boasts an annual turnover of more than $10.353 billion and vibrant operations in 12 countries under the following names:
As part of its future expansion plans, the provider is considering building more of a presence in markets in Europe, Australia and Indonesia. The first two are mainly sending markets, but Indonesia is a net recipient of remittances having recorded $11.2 billion in 2018.
Regulatory compliance
In the UAE, the provider is licensed by the Central Bank of the United Arab Emirates (CBUAE) to offer foreign currency exchange, payment of wages, and remittance operations.
Its Philippines subsidiary is licensed by Bangko Sentral Ng Pilipinas (BSP) as an Electronic Money Institution (EMI) and TYPE A Remittance Transfer Company. This gives it the authority to operate as a foreign exchange, money changer, and remittance business.
The provider also fully complies with the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legal standards.
Encryption and customer data
Customer data in the custody of the provider is protected by a solid cloud-based security system. Some of the technologies the company has deployed include SSL by Default, Comodo SSL, Sectigo SSL, and Sectigo Domain SSL.
In addition, LuLu Exchange has a data privacy policy that explains the measures it has taken to protect customer information against unauthorised access and misuse.
Investors and Awards
LuLu Exchange is privately owned by M A Yusuff Ali and falls under the LuLu Financial Group. In the 12 years in operation, the provider has won several awards recognising its exemplary work in currency exchange and remittance. Here are some of the notable ones:
Key industry partnerships
The provider has partnered with the following money transfer companies to expand its global reach. Whenever you visit any LuLu Exchange branch, you’ll see their logos displayed. This means you can receive money sent through them right at the branches:
LuLu Exchange has no reviews yet on Trustpilot, but there are a few on sites such as Sitejabber, App Store and Play Store. Overall, the reviews bring out mixed experiences. Here is a summary of what customers had to say.
Positive
Negative
Transfers can only be cancelled by visiting a branch. However, on both the app and the website, there is a live chat with a dedicated stream known as ‘Transaction Error/Complaints’ where you can raise an issue about any of your transactions for quick assistance.
According to SimilarWeb, a traffic analytics and intelligence firm, most visits to the LuLu Exchange website come from the United Arab Emirates (13%) and Qatar (5%). The following countries are among the top destinations for the provider:
If you want to make a general enquiry, transaction enquiry, report a transaction error or complaint, or any other issue, you can reach customer support through any of the below channels:
LuLu Exchange has made a name for itself in the 12 years it has been in the industry. Its focus on the GCC region and markets in Asia has seen it grow its operations very fast. Currently, it has over 200 branches including 73 in the UAE. The provider serves both private and corporate clients with the latter benefiting from salary and wage administration services. However, online transfers can only be done from the LuLu Money app since the website doesn’t have a money transfer functionality.
When paying for your transfer you can choose Payment Gateway, wire transfer, or pay@branch. Once you make the payment, LuLu Exchange will process your transfer and deposit it directly into your recipient’s bank account, send it for cash pick up or use the ‘LuLu Now’ service for instant credit into the recipient’s bank account.
The provider has a strong history and is part of a family of brands under the LuLu Financial group. However, it is yet to get reviews on Trustpilot. If you want to find more about user experiences, head to the app reviews on Play Store or App Store.
Alternatively, you can use our money transfer comparison tool to quickly find out where it stands in our recommended list of providers. This will help you decide whether it is the right provider for you or not and get the best deal for your transfer.
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.
Someone sent me money using this system but unfortunately I don’t know how I can get access to that money, iam in Uganda
Lulu exchange is very good to send money best rates
Every facilities available also Best management staff response
I like and and invite friends come send money by Lulu
Worst experience in dealing with the staff at Lulu Hyper Market at Al Majaz 3. The staff are incompetent and unprofessional in dealing with customers, where they lack basic knowledge of there day to day job.
The manager there, Ms. Nirmala, impolite and harsh when talking to her on the phone. The whole team defy to take any responsibility for their incorrect actions.
I raised a complaint with the head office, it seems they ignored my email as there was no response.
Now i cant send money in my contry. I can not received eny secure otp messeges in my registered mobile number
My husband have send money from malaysia to india. But didnt credited yet in my account the live chat support says beneficiary imps is enabled. But it is active
Sir
Iam send money in April 30-2020. But not credit cash in my account.please help me and support me
I want to send money from oman to Nigeria