UAE Exchange Review| North Loop Official Blog
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16 Sep 2020

UAE Exchange Review

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About UAE Exchange –

UAE Exchange is a foreign exchange and global remittance company based in Abu Dhabi. It deals primarily in remittance, foreign exchange and bill payment services. The key market of UAE Exchange is India, and around 60% of its total inflows get recorded from states like Kerala, Tamil Nadu and Maharashtra.

UAE exchange handles more than 6% of the global remittance payments and has a customer base of around 15 million. It also has a partnership with approximately 140 banks worldwide. However, as per recent reports, the UAE Exchange parent firm Finablr is facing possible insolvency and all operations of the UAE Exchange have been seized by the Central Bank of the UAE.

UAE Exchange rates and fees -

The UAE exchange rate today in India is Rs.20.02. The company makes money by charging transaction fees and exchange rate margins. On average, its exchange rate margin is between 0.05% and 1.5% based primarily on the amount of transfer, destination, and payout method. The other charges incurred on transferring money using UAE Exchange services are bank-end charges and foreign correspondent bank fees. Let us now look at some of the pros and cons of using UAE Exchange to transfer money.

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Pros –

Wide network – UAE Exchange allows you to send money to 86 countries across different continents. In UAE itself, the provider has around 150 branches.

Competitive Exchange Rates – UAE Exchange offers competitive exchange rates and nominal fees on its money transfers to countries like India. The exchange rate margins vary between 0.05% and 1.5%.

Multiple Payout Options – It offers multiple payout options like bank transfers, cash pickups and mobile transfers. It has also partnered with several banks globally and has over 2 lakh cash payout locations worldwide.

Multiple Transfer Platforms – It enables you to transfer money either from its mobile application, website or in-person at a UAE exchange branch. The company's different transfer platforms provide a lot of flexibility in choosing the most convenient option.

Corporate Solutions – Along with offering individual remittance and forex, it also caters to various business needs like customised money transfer, payroll processing and foreign exchange solutions designed to meet corporate demands.

Cons –

Restricted online transfer – UAE Exchange does not allow online transfers from anywhere other than the UAE.

High fees for small transfers – It charges exorbitant fees for small Bank transfers through UAE Exchange take two to three days to be delivered, and currency routes with lots of intermediaries and correspondent banks take an additional day to complete the transfer. That is considerably slow compared to many other providers. You can transfer money much faster with a digital service platform like North Loop at transparent and mid-market rates.

What are the minimum and maximum transfer amounts?

Though UAE Exchange does not have any minimum transfer amount criteria, it does have a daily and monthly transaction limit. For daily transactions, the limit is AED 2 lakh and a maximum of 2 transactions to the same recipient per day. The monthly transaction limit is up to AED 5 lakh with the maximum number of transactions allowed being 8 per month.

Conclusion –

Even though the UAE Exchange is a well-known and trusted money transfer company, its restricted online transfer is a notable drawback in the current digital age. Instead of paying high fees and multiple charges on its money transfer services, you can opt for a digital service provider like North Loop. It offers not only lightning-fast money transfer service through its App but also uses mid-market exchange rates with no money transfer fees. The App is extremely user-friendly and easy to use with inbuilt money-tracking facilities. Moreover, North Loop does not charge any foreign transaction fees and has no maximum limit on the amount you can remit. You can also find the UAE exchange rate today in India on its website along with a live chat facility and 24*7 customer services support.

North Loop has definitely proven to become the best platform to opt for remittances and money transfers worldwide.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.