Terms and conditions

Transaction Enquiry

Terms & Conditions

UAE EXCHANGE UK LIMITED (“UAE Exchange”)

Terms and Conditions: In Branch

These Terms and Conditions (“the T&Cs”) and the Privacy Statement govern your use of UAE Exchange’s Payment Services. You must accept and agree to abide by the T&Cs and acknowledge the content of the Privacy Statement before sending funds via a UK Branch.

UAE Exchange has its registered office at Level 10, 1 Canada Square, Canary Wharf, London E14 5AB, UK. UAE Exchange is an Authorised Payment Institution and is authorised and regulated by the Financial Conduct Authority (“the FCA”) under FCA Reference Number 504329. UAE Exchange is registered as a Money Service Business with HM Revenue & Customs as a Money Service Business under Registration Number XZML00000168803.

  1. DEFINITIONS
    • For the purposes of the T&Cs, the following terms shall have the following meanings:

      “Applicable Regulations” means all laws and regulations from time to time in force relating directly or indirectly to the provision of Payment Services including, without limitation, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002 and the Payment Services Regulations 2017;

      “Beneficiary” means the beneficiary of a Payment Instruction;

      “Beneficiary Account” means the bank account shown on a Payment Instruction which the parties agree is the bank account to which the Pay-out Currency is to be sent by UAE Exchange;

      “Customer” means a person who UAE Exchange has accepted as their customer in accordance with the Customer Verification Procedures, and who has agreed to be bound by the T&Cs;

      “Customer Verification Procedures” means UAE Exchange’s anti-money laundering and know your customer verification processes;

      “Delivery Date” is the date when UAE Exchange’s bank is instructed to send the Pay-out Currency to the Beneficiary Account;

      “Foreign Exchange” means (in respect of a Payment Instruction where the Pay-in Currency is different from the Pay-out currency) the exchange of a given amount of the Pay-in Currency for a given amount of the Pay-out Currency;

      “Nominated Account” is the bank account nominated by UAE Exchange in the Payment Instruction for the receipt of funds from the Customer or as otherwise nominated by UAE Exchange from time to time;

      “Payment” means a payment by UAE Exchange to a Beneficiary Account by means of electronic transfer;

      “Payment Confirmation” means UAE Exchange’s confirmation of the Payment having been executed;

      “Payment Instruction” is an instruction from the Customer for UAE Exchange to execute a Payment;

      “Payment Instrument” is any device or agreed set of procedures enabling the Customer to access any accounts, obtain information on the Customer’s account or give Payment Instructions to UAE Exchange;

      “Payment Services” means the money remittance services (and, where relevant, associated currency exchange services) provided by UAE Exchange in accordance with these T&Cs;

      “Privacy Statement” means the privacy statement of UAE Exchange as available on the “Privacy Statement” section of the website https://corp.uaeexchange.com/gbr-privacy-policy and in UK Branches from time to time;

      “Pay-in Currency” means the currency paid by the Customer to UAE Exchange at the UK Branch or deposited to Nominated Account prior to initiating a Payment Instruction;

      “Pay-out Currency” means the currency used for the Payment and for such amount as shown on the Payment Instruction;

      “UK Branch” means a branch of UAE Exchange located in the United Kingdom, as listed on the Website from time to time;

      “Website” means UAE Exchange’s website at https://corp.uaeexchange.com/gbr;

      “Working Day” is a day when UK clearing banks are open for business;

      “Working Hour” is an hour during a Working Day.

    • Websites not maintained by us and you are warned that when you enter other websites via such hypertext links, you will not be subject to these Terms and you will not benefit from the protections afforded to you in using our website. We will not be liable in any way for the content, availability or use of such third party web sites and you use such links entirely at your own risk.
    • Unless the context otherwise requires, references to the singular include the plural.
    • The headings contained in these T&Cs are for convenience only and do not affect their interpretation.
  2. GENERAL CUSTOMER REPRESENTATIONS

    Upon accepting the T&Cs and when issuing each Payment Instruction, the Customer represents and undertakes to UAE Exchange that:

    • The Customer is acting as principal and has full power and authority within the law to issue Payment Instructions with UAE Exchange and acknowledges that UAE Exchange is also acting as principal in relation to every Payment Instruction.
    • All information provided by the Customer to UAE Exchange is true and accurate and that the Customer will provide full disclosure of any information relevant to any Payment Instruction entered into with UAE Exchange, including, but not limited to: financial, company structure or legal and beneficial ownership. The Customer agrees to notify UAE Exchange of any changes from time to time including but not only name, address, officers, bankers, and any other significant information which might affect UAE Exchange’s decisions relating to the Customer.
    • The Customer will make available on request any information which UAE Exchange may reasonably request to enable UAE Exchange to comply with the Applicable Regulations and/or make decisions as to whether or not to accept or continue with a Payment Instruction issued by the Customer.
    • Each Payment Instruction issued by the Customer to UAE Exchange is for a genuine transaction entered into for legitimate and legal purposes.
    • The Customer relies on its own judgement when initiating a Payment Instruction and will not rely on any view or opinion expressed by UAE Exchange.
    • The Customer is fully satisfied as to the financial standing and legal status of UAE Exchange.
  3. CUSTOMER VERIFICATION REQUIREMENTS
    • To make use of UAE Exchange’s UK Branch based Payment Services, the Customer must provide UAE Exchange with the information and/or documents required for UAE Exchange to comply with its know your customer (KYC) requirement and with Applicable Regulations, together with such other information for security purposes as UAE Exchange shall require. The information and/or documents requested by UAE Exchange would depend on the Payment amount and/or country where the Payment needs to be executed.
    • UAE Exchange reserves the right to change the requisite verification information it requires without giving prior notice to the Customer.
  4. PAYMENT INSTRUCTIONS
    • Payment Instructions from the Customer to UAE Exchange in relation to any Payment Service and all matters relating to any and all Payment Instruments are subject to these T&Cs.
    • Only the Customer may give Payment Instructions to UAE Exchange and the Customer authorises UAE Exchange to accept such Payment Instructions.
    • The Customer may not revoke or amend a Payment Instruction after the end of the Working Day preceding the Delivery Date, without the prior written consent of UAE Exchange. UAE Exchange may, at its absolute discretion, refuse to accept such requests to revoke or amend a Payment Instruction.
    • Should UAE Exchange revoke or amend a Payment Instruction at the Customer’s request the Customer shall be liable to reimburse UAE Exchange in full, on demand, for any reasonable costs incurred as a result of such revocation or amendment.
    • The Customer warrants that it has the full authority to place a Payment Instruction as principal only and not as agent for any third party whose identity has not been disclosed to UAE Exchange.
    • UAE Exchange reserves the right to require further written confirmation of any Payment Instruction, for example where the Payment Instruction appears to be ambiguous or unclear.
    • The Customer accepts that UAE Exchange may introduce alternative methods of Payment Instrument from time to time.
    • UAE Exchange reserves the right to refuse, delay, decline or reverse any Payment Instruction if:
        1. UAE Exchange reasonably believes or suspects that the transaction might be unlawful or might be associated with financial crime, or represent the proceeds of crime;
        2. UAE Exchange has reasonable grounds for suspecting fraud;
        3. UAE Exchange reasonably believes or suspects that by carrying out the transaction it might otherwise breach its legal or compliance obligations;
        4. if UAE Exchange reasonably believes that execution of the Payment Instruction may have a detrimental effect on UAE Exchange’s reputation;
        5. if the Payment Instruction exceeds UAE Exchange’s maximum threshold limit;
        6. if the Customer is in breach of these T&Cs;

      and the Customer agrees that UAE Exchange will not be liable to the Customer if UAE Exchange delays or refuses to carry out any Payment Instruction in such circumstances.

    • If UAE Exchange refuses to accept or execute, or otherwise delays a Payment Instruction it will (to the extent permitted by law) inform the Customer as soon as possible, give reasons for the refusal and where appropriate give the Customer reasonable opportunity to remedy the reason for the refusal.
    • Where the Customer disputes any transaction, UAE Exchange will investigate the matter in good faith and the Customer agrees to fully co-operate with UAE Exchange and local law enforcement in any such investigations.
  5. PAYMENT IMPLEMENTATION AND NOTIFICATION
    • On receipt of funds from the Customer at the UK Branch or via cleared funds deposited by Customer from Customer’s bank account into the Nominated Account, UAE Exchange will immediately credit the ledger account for the Customer with UAE Exchange according to the date of the funds credited. UAE Exchange will not accept funds deposited from third-party bank account (i.e. bank account other than that belonging to Customer).
    • UAE Exchange may use the services of various banks/financial institutions in any country of its choice to execute a Payment. Customer understands that various banks/financial institutions have different times of cut-off for the receipt and dispatch of electronic payments. UAE Exchange accepts no responsibility for any delay in onward payment attributable to the late arrival of funds or Payment Instructions relative to the cut-off times of the designated bank/financial institutions. UAE Exchange will not be under any obligation to transfer the Pay-out Currency to the Beneficiary Account until it has unconditionally received the Pay-in Currency in full as cleared funds in the Nominated Account.
    • Provided that the full amount of Pay-in Currency is received by UAE Exchange before 5pm GMT (Monday to Friday), UAE Exchange will on receipt of a valid Payment Instruction remit the Pay-out Currency to the Beneficiary Account but not earlier than the Delivery Date.
    • Where the full amount of the Pay-in Currency is received by UAE Exchange after 5pm GMT (Monday to Friday, on receipt of a valid Payment Instruction, UAE Exchange will, subject to clause 5.2, seek to remit the Pay-out Currency to the Beneficiary Account on the Delivery Date or the next Working Day (whichever is the later).
    • UAE Exchange shall not be liable for any fees or commissions charged by any intermediary bank (including the Customer’s bank) when any funds are transferred to any of UAE Exchange’s bank accounts.
    • On receiving appropriate Payment Instruction from the Customer in the prescribed format UAE Exchange shall provide the Customer with a Payment pre-notification which will set out the details of the Payment which UAE Exchange intends to make and any applicable charges.
    • Payment Confirmations may be issued by UAE Exchange to the Customer. Any failure by UAE Exchange to issue a Payment Confirmation to the Customer does not mean the Payment has not been executed.
    • If UAE Exchange does not execute or incorrectly executes a Payment (otherwise than as a result of a Customer’s error or in order to comply with Applicable Regulations), UAE Exchange will without undue delay take the necessary action to rectify the error or omission.
  6. DISPUTES
    • The Customer must notify UAE Exchange without delay by telephoning UAE Exchange’s Operations Department on the numbers given in the Payment Confirmation to dispute any unauthorised or incorrect Payment Confirmation. Any such notification must be received by UAE Exchange no later than 13 months from the date of the Payment Confirmation. If the Customer does not notify UAE Exchange within this period the Customer will not be entitled to any refund.
    • Subject to clause 6.1, where UAE Exchange establishes that the Payment was not authorised by the Customer or was incorrectly executed (other than as a result of the Customer’s error) UAE Exchange will refund the amount of the Payment and where appropriate restore the Customer’s account to the state it was in before the Payment was made. Where a payment is incorrectly executed as a result of the Customer’s error, UAE Exchange will make reasonable efforts to recover the funds involved in the payment transaction, but may charge the Customer for its reasonable costs in obtaining any such recovery. In the event that UAE Exchange is unable to recover the funds it will, on receipt of a written request, provide to the Customer with all available relevant information in its possession in order for the Customer to claim repayment of the funds. The Customer is liable for all losses suffered and costs incurred by UAE Exchange or the Customer as a result of the Customer making payment into the wrong account at UAE Exchange or in the wrong currency to UAE Exchange as a result of the Customer providing incorrect payment details in a Payment Instruction.
    • UAE Exchange may make such reasonable investigations and enquiries as are necessary to establish whether or not the Payment Instruction has been properly authorised or executed.
    • If an unauthorised transaction arises from the Customer having acted fraudulently or with gross negligence the Customer will be liable for any losses incurred.
  7. UAE EXCHANGE’S OBLIGATIONS AND LIMITATION OF LIABILITY
    • UAE Exchange will ensure that the Nominated Account is compliant with the Payment Services Regulations 2017 and that it is a segregated bank account where UAE Exchange’s bank agrees that it will not consolidate or combine such account or the funds held in such an account with UAE Exchange’s own non-segregated accounts and the funds held in such accounts.
    • Subject to clause 6.2 UAE Exchange shall not be liable to the Customer for any loss, expense, damage, delay, costs or compensation (whether direct, indirect or consequential) which may be suffered or incurred by the Customer arising from or in any way connected with any delay, failure or error in making any Payment pursuant to a Payment Instruction where such delay failure or error is caused directly or indirectly by:-
      1. Failure or error or essential maintenance or critical change or, repairs or alteration of any computer system or communications system or transmission link of any kind under the control of a third party or UAE Exchange; or
      2. The acts or omissions of any third party; or
      3. UAE Exchange or any bank making necessary enquiries as required by Applicable Regulations.
    • If the Customer is entitled to a refund UAE Exchange will reimburse any interest and charges the Customer has incurred as a result of the unauthorised or incorrectly executed Payment. UAE Exchange will not pay any indirect or consequential loss resulting from the incorrect execution of the Payment.
  8. AMENDMENTS TO TERMS
    • All proposed changes to the terms relating to Payment Services will be notified to the Customer at least two months before they take effect, unless the changes are of benefit to the Customer, in which case they will take place immediately.
    • Any such changes are deemed to have been accepted, unless the Customer informs UAE Exchange otherwise.
    • In the event that the Customer does not accept the changes, UAE Exchange will take this as notice from the Customer that they wish to terminate this agreement with UAE Exchange, without incurring any account closing charges.
  9. FOREIGN EXCHANGE RATES APPLICABLE TO THE PAYMENT SERVICES
    • All Foreign Exchange rates applicable to Payment Instructions shall be fixed by UAE Exchange. The prevailing Foreign Exchange rate applying to a Payment Instruction will be communicated to the Customer at the time of initiating a Payment Instruction. Details of the prevailing Foreign Exchange rates are also available on the exchange rate display screens at UAE Exchange’s UK Branches.
    • UAE Exchange may, upon request from the Customer, quote a defined or fixed Foreign Exchange rate away from the market on a per currency pair basis. Such decision is at the sole discretion of UAE Exchange.
    • Customer acknowledges that for a cross border Payment which involves a different Pay-in Currency and Pay-out Currency there may be a difference between the exchange rate at which UAE Exchange buys the relevant Pay-out Currency and the exchange rate provided to the Customer. UAE Exchange may make a profit in these circumstances and the Beneficiary will get only the amount of the Pay-out Currency stated in the Payment Instruction. The Customer acknowledges that UAE Exchange has no obligation to disclose to the Customer any profit that it makes on a transaction.
  10. FEES AND CHARGES

    UAE Exchange shall be entitled to charge the Customer fee for the Payment Services. In addition, UAE Exchange may also collect additional charges from the Customer which it may be required by law to collect (for example in respect to taxes which may be payable in respect of the sums remitted to the Beneficiary).

  11. STATEMENTS, NOTICES AND COMMUNICATIONS
    • Any notices in writing may be delivered either by hand or first class pre-paid post or by fax or email to the receiving party at the address set out in these T&Cs or otherwise previously notified to the other party in writing. Notices in writing will take effect:
      1. If delivered personally, at the time of delivery to the address;
      2. If sent by first class pre-paid post, two Working Days after posting;
      3. If sent by fax or email, at the time of its transmission.
    • All notices will be in English, unless agreed by both UAE Exchange and the Customer. If required by the Customer the T&Cs and any notices may be translated in to another language but only at the Customer’s expense.
  12. COMPLAINTS
    • We are committed to provide our Customers with the best service at all times. In the unlikely event that you are dissatisfied with our service, please write to: Complaints Officer, UAE Exchange, Level 10, 1 Canada Square, Canary Wharf, London E14 5AB, UK or email us at uk.ho@uk.uaeexchange.com. You can also make an oral complaint by calling 203 960 7625 or in person at one of our UK Branches.
    • Where we have received a complaint, we will acknowledge it in writing, setting out our understanding of the complaint. We will deal with your complaint promptly and fairly and will send a final response to you within a minimum of 3 working days and a maximum of 15 days (or 35 days in exceptional circumstances) from the date of receipt of your complaint. In case the complaint cannot be resolved within 3 days and needs further information on the complaint from the Customer, we will inform you accordingly.
    • If you do not receive our final response after 15 days (or up to 35 days, if we have notified you within 15 days of the exceptional circumstances affecting our ability to respond) or you are otherwise unhappy with our final response, you may be eligible to have your complaint heard by the Financial Ombudsman Service. You can write to The Financial Ombudsman Service at: The Financial Ombudsman Service, Exchange Tower, London E14 9SR. Alternatively you can call them on: 0800 023 4567 or email them at: complaint.info@financial-obudsman.org.uk. If you wish to make use of the Financial Ombudsman Service you should ensure that you contact them within six months from the date of our final response.
  13. FORCE MAJEURE
    • Neither UAE Exchange nor the Customer is liable to the other for failure to perform or delay in performing any of its obligations in relation to a Payment Instruction insofar as the performance of such obligations is prevented by circumstances beyond the control of UAE Exchange or the Customer, as applicable (hereinafter referred to as a Force Majeure Event).
    • If UAE Exchange and/or the Customer is unable to perform or is delayed in performing its obligations in relation to a Payment Instruction due to a Force Majeure Event, UAE Exchange and/or the Customer as applicable shall promptly notify the other party of the occurrence of a Force Majeure Event and use all reasonable endeavours to continue to perform its obligations in relation to the Payment Instruction but if a Force Majeure Event prevents a party from fulfilling its obligations under a Payment Instruction for an unreasonable period the other party may forthwith terminate the Payment Instruction by notice in writing to that party but without prejudice to the respective rights of the parties.
  14. MISCELLANEOUS
    • Nothing in these T&Cs shall be deemed to create a partnership or joint venture or agency relationship between the parties or confer any right or benefit to any third party. No person who is not a party to a Contract shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of a Contract.
    • These T&Cs together with the Payment Instruction and the Privacy Statement constitute the whole agreement between the parties in relation to the Payment Services and supersede any previous arrangement, understanding or agreement between them relating to a Payment Service. The Customer acknowledges that, in entering into an agreement with UAE Exchange, it does not rely on any statement, representation, assurance or warranty of UAE Exchange or any of its employees or agents other than as expressly set out in these T&Cs.
    • Should any of these T&Cs be deemed unenforceable or illegal, the remaining terms will nevertheless continue in force and effect.
  15. PERSONAL INFORMATION

    The Customer understands that UAE Exchange will process Customer and Beneficiary personal data in accordance with the Privacy Statement.

  16. GOVERNING LAW AND LANGUAGE

    These T&Cs, any Payment Instructions issued thereunder, and the Privacy Statement are governed by, and shall be construed in accordance with, English Law and the parties hereto submit to the non-exclusive jurisdiction of the English Courts.