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Scoring UAE Exchange
The key areas of our UAE Exchange review are focused on the fees & exchange rates, transfer limits & speed, product offering, ease of use, safety, and customer feedback.
Before you choose whether to transfer funds overseas with UAE Exchange, here’s a quick summary of the company.
- UAE Exchange has a strong presence around Kuwait. They have 16 branches, and let you convert and send money to 21 currencies and destinations. If you’re in Kuwait, it might be a good option for you.
- UAE Exchange rates are fairly competitive, when exchanging money to KWD, UAE Exchange adds 0.35% on top of the mid-market rate.
- You will get a better rate when converting from KWD. UAE Exchange offers 0.46% more than if you’re converting over the mid-market rate. However, this doesn’t include the fees.
- Partnership with Western Union means there are more pickup locations available worldwide.
- With UAE Exchange, you can send money on the go using the mobile application, from the website, or in person at a branch near you.
- Taking a global look, UAE Exchange is fairly limited in coverage compared to Western Union and MoneyGram.
- Most communication is done over the email. If you have an urgent matter you will need to contact their office which can get expensive. For instance, when calling the UAE from Kenya, you'll be charged about $0.4 per minute.
UAE Exchange fees and exchange rates
Fees and rates
UAE Exchange is fairly transparent when it comes to the exchange rates, however, the transfer fee is determined at the checkout.
Considering how good their exchange is, it is very likely that the fee is inflated to cover the costs.
Exchange rates
Just like any other exchange, the UAE Exchange charges an exchange rate markup.
When exchanging money for Kuwaiti dinar (KWD), the average markup is around 0.35%. On the other hand, when converting from KWD, you will be getting 0.45% more money over the mid-market rate.
Just like with any currency, the exchange rate is different depending on the currency pair.
Here’s an overview of their exchange rates compared to the mid-market rate.
Exchange rates to KWD
Currency from | UAE Exchange rate | Markup |
INR | 273.2240 | -0.41% |
PHP | 182.5484 | -0.63% |
PKR | 908.2652 | -0.14% |
BDT | 392.7730 | 0.39% |
NPR | 436.6812 | -0.26% |
LKR | 994.0358 | 2.47% |
EGP | 158.8562 | 0.46% |
EUR | 2.9244 | -0.53% |
GBP | 2.4361 | -0.36% |
USD | 3.2712 | -0.12% |
MYR | 14.0501 | 4.00% |
SAR | 12.2408 | -0.38% |
AED | 11.9977 | -0.27% |
BHD | 1.2270 | -0.60% |
THB | 109.5530 | 3.45% |
AUD | 4.7500 | 0.54% |
CAD | 4.3813 | -0.99% |
QAR | 11.8513 | -0.61% |
OMR | 1.2563 | -0.36% |
TRY | 97.6658 | -12.81% |
JOD | 2.3161 | -0.21% |
*Rates taken in September 2024. The negative is below the mid-market rate, meaning an additional charge.
Exchange rates from KWD
International transfer fees
When it comes to fees, there is a strong lack of transparency.
There is no indication of their new fees on the website, and most references are about their old services.
To me (and you), this means that they are very likely to charge higher fees to make up the difference with the exchange rate markup and generate profit.
On their terms and conditions page, they make it clear that there could be bank-end charges and foreign correspondent bank fees.
This means they will deduct these charges from the transfer amount payable to the sender (you).
In addition, based on our analysis, we’ve found that the average high street exchange charges around $10 - $26.
Transfer speed
Transfer speed
Transfer speed depends on the payment method you choose and the delivery option.
For instance, mobile wallet transfers cash transfers, and payouts are instant.
Whereas bank transfers can take 2 to 3 days to be delivered.
Transfer limits
Transfer limits
Similar to the fees, there’s a lack of transparency when it comes to the limits.
In general, there will be a limit when making a mobile or bank transfer.
When sending money in person, the limits are usually higher (and in some cases unlimited).
Product offering
Product offering
Supported currencies & destinations
With UAE Exchange, you can convert (and send) money from Kuwaiti dinar and to Kuwaiti dinar.
In both cases, you can convert and send money to and from these currencies:
India (INR)
Philippines (PHP)
Pakistan (PKR)
Bangladesh (BDT)
Nepal (NPR)
Sri Lanka (LKR)
Egypt (EGP)
European Union (EUR)
United Kingdom (GBP)
United States (USD)
Malaysia (MYR)
Saudi Arabia (SAR)
United Arab Emirates (AED)
Bahrain (BHD)
Thailand (THB)
Australia (AUD)
Canada (CAD)
Qatar (QAR)
Oman (OMR)
Turkey (TRY)
Jordan (JOD)
Transfer types
There are a few transfer methods offered by UAE exchange.
Bank transfer
With a bank transfer, you can send money through your bank account, using any available delivery method.
Western Union transfer
UAE Exchange is partnered with WU for cash transfers.
You can use any of their branches in Kuwait to make a transfer and pick up at the UAE Exchange branch.
Similarly, transfers made from the UAE Exchange can be picked up at any WU branch.
Cash-to-cash transfer
With this, you can deposit cash at any UAE Exchange or Western Union branch and the receiver will receive the cash (that they need to pick up).
Cash to bank account transfer
Here you will deposit cash at the store and the money will land in your receiver's bank account.
Home delivery
With home delivery, you can deposit money at the store and your transfer will be delivered to the home of your recipient.
This is a good option if there are no stores near the receiver.
Mobile money transfer
You can use the UAE Exchange app to send money.
The money will be sent to your receiver's mobile wallet.
SSS/Pagibig/PhilHealth
Finally, Filipino customers can use UAE Exchange to pay their contributions through any of the UAE Exchange branches.
Payment methods
When paying for your transfer, you can choose from any of the following methods:
Bank deposit
You can use your bank account to deposit money for your transfer, either in the app at any of the UAE Exchange or WU branches.
Mobile wallet
If you have money in your UAE Exchange mobile wallet, you can use it to fund your transfer abroad.
If not, you will need to deposit the funds (which can be done via bank transfer or in-store with cash).
Cash
Finally, you can fund your transfer with cash at any physical branch.
Receiving methods
UAE Exchange offers a few payout options:
Bank deposit
The money you send will be delivered directly to the recipient's bank account. There’s nothing they need to do to pick it up.
Mobile wallet deposit
Similarly, funds you send to the recipient's mobile wallet will land directly into their UAE Exchange mobile wallet. There’s nothing they need to do, the whole process is automated.
Cash pickup
With cash pickup, the recipient will need to come to the closest UAE Exchange branch (or Western Union branch) with their ID and transfer number.
Cash delivery
You can have your transfer delivered to the recipient. The courier will deliver your money to the door, and the recipient will need to show their ID and the proof of transfer (receipt or transfer number).
Mobile app
The UAE Exchange app is available on both Google Play and the App Store as a free download.
Using the app, you can do the following:
Send money online
Calculate the exchange rate
Track the transfer
Set up rate alerts
Check transfer history
Currently, the app has a 2.4/5 rating on Google Play with a total of 1895 reviews and 3.1/5 on the App Store with 417 reviews.
It is fair to say that UAE Exchange has a bit of work to bring its app up to the standards.
Ease of use
Ease of use
Customer service
To get help with your transfer or any other query, you have a few options:
Email
Phone
Callback
Contact form
FAQs (although very limited)
You can contact them using the following details:
Contact method | Details |
|---|---|
Phone | +965-1808800 |
Online form | You can find it here. |
Request a callback | You can use the form here. |
Safety and trust
Safety and trust
Legitimacy of UAE Exchange
UAE Exchange was established in 1980 in the UAE by Bavaguthu Raghuram Shetty and HE Abdulla Humaid Ali Al-Mazroei.
Starting with demand draft services, it launched the Instant Cash 'Xpress Money' service in 2001.
In April 2018, UAE Exchange became part of Finablr, a London Stock Exchange-listed financial services company, which also owns brands like Xpress Money, Remit2India, Travelex, Unimoni, Ditto, and BayanPay.
Regulatory compliance & certification
Key industry partnerships
Customer feedback
Customer feedback
On Trustpilot, UAE Exchange has a TrustScore of 4.3/5.0 from 13,904 users. Of those, 87% are 5*.
However, there aren’t any credible reviews online for the service that have been published in the past year. Most seem to be auto-generated, and a few complain about the service, fraudulent actions, and a complete lack of support.
Opening an account with UAE Exchange
To sign up for the UAE Exchange mobile app, you will need to have your basic details (such as phone number, address, and email).
To sign up with the app, follow these steps.
Download the app
Navigate to your app store and search for UAE Exchange.
Click on the Download button and wait for it to install.
Start the registration
When the app is downloaded, open it and begin the registration process.
Fill in the details
Finally, fill in the registration form with your details and click complete.
Activate your account
You’ll be sent an email with your Customer Registration Number and a code will be sent to the registered mobile number.
To send money in-store you don’t need to have an account.
Making international transfers
To send money with UAE Exchange, you will need the following:
Recipient details (name, surname, address, etc…)
Currency you wish to send
The amount you wish to send
If you are sending money to a bank account outside of the EU, you will also need to provide a SWIFT code.
Sending money abroad
Once you have all the details ready, follow these steps to send money abroad with UAE Exchange.
Start the transfer
Click on the ‘Send Money’ tab and input the details of where you want to send the money.
Fill in transfer details
Choose the country, the amount you want to send, the transfer method (cash payout or bank), and the payment method. Then confirm your transfer by clicking on ‘Send Money’.
Enter recipient details
Key in the recipient’s name, gender, nationality, the country they are in, state, city, address, your relationship with them, phone number, and email address.
You should also add the preferred payout method, your source of income, and the purpose of the transaction.
Add your payment details
Choose your payment method and follow the prompts to pay for your transfer.
As long as the transfer has not been paid out to the beneficiary, you can cancel it by sending an email to the customer service team.
Cancellation charges and any exchange rate adjustments will be charged to you as the sender.
Receive international transfers
Bank and mobile wallet transfers are deposited directly into the recipient's accounts.
They can withdraw the money or spend it in whichever way they prefer.
For cash payout, the recipient can collect the funds in cash from any cash pickup location in their country.
They will need the following information to collect the money:
A valid, original photo ID
A transfer number provided by the sender
How UAE Exchange compares to other transfer services
Since the change in operation and focus on Kuwait, the service has gone downhill a little. We'd suggest the following alternatives for your transfers.
Fees & Rates9.4Transfer Speed9.0Safety & Trust9.2Product Offering8.8Transfer Limits9.5Ease of Use10.0Customer Feedback8.5Overall
Fees & Rates9.8Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.4Overall
Fees & Rates9.3Transfer Speed9.0Safety & Trust9.0Product Offering8.0Transfer Limits9.0Ease of Use9.0Customer Feedback8.7Overall
Fees & Rates9.1Transfer Speed8.0Safety & Trust9.0Product Offering9.0Transfer Limits8.0Ease of Use9.0Customer Feedback9.0Overall
Fees & Rates9.4Transfer Speed8.0Safety & Trust8.5Product Offering8.8Transfer Limits9.5Ease of Use8.2Customer Feedback8.3Overall
Other Alternatives
Alternatively, consider using one of these neobanks for international transfers.
UAE Exchange: Is it good for transfers abroad?
Overall, UAE Exchange lacks transparency and there are better options available.
Most of the information available is related to their old services in Dubai as opposed to the services in Kuwait (which is their key market right now).
They have good exchange rates compared to many other similar services, however, the lack of fee transparency means there are hidden fees involved (at least very likely).
As for coverage, it is good if we are looking at Kuwait only, but poor if we consider the bigger picture (worldwide).
If you live in Kuwait, have a store nearby, and your recipient has a WU or UAE Exchange store near them, then it’s a decent option for cash transfers if nothing else is available.
Alternatively, you will get better service and rates by using Western Union or Ria Money Transfers for cash transfers.
However, like with all other transfers abroad, we recommend comparing your options. By comparing, you will get a better rate right now, lower fees, and a fully regulated online provider.
Help & FAQ
Get answers to the most common questions asked when sending money abroad. Covers costs, fees and the best way to compare.
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