Key Facts Statement

FOREIGN CURRENCY EXCHANGE

Definition

"You”, “your", “Consumer” or "Customer” means the customer. "We", "our “and "us" refers to Global Exchange Sole Establishment, licensed and regulated by the Central Bank of the UAE”.

Foreign Exchange

Foreign Currency Exchange service allows you to:

• Purchase Foreign Currency
• Sell Foreign Currency

FOREIGN CURRENCY PURCHASE / SELL

Warning

• Foreign Currency exchange rates are influenced by market conditions, geopolitical events, and economic factors.
• Kindly count and verify the cash before leaving the counter. Global Exchange and/or its employees will not be held responsible for any discrepancies thereafter.
• Global Exchange reserves the right to recover any amount paid in excess to the customer due to errors or omissions.

Cooling off period

No Cooling-Off Period: It is the responsibility of the consumer to thoroughly review and understand the terms and conditions before finalizing a transaction. In the absence of a cooling-off period, any concerns or queries regarding the terms should be addressed prior to the transaction execution.

Key Terms and Conditions

• Remittance/Foreign Currency (FC) Exchange must not involve third-party transactions, money laundering, or terrorism financing.
• All transactions are subject to the AML/CFT laws and regulations issued by the Central Bank of the UAE. The sender and/or beneficiary may be asked to provide necessary evidence or clarification to prove the authenticity of the funds involved for effecting payment or refund.
• All customer information and supporting documents must be provided as per requirements of local and international regulations. The transaction may be blocked if found suspicious. The sender and beneficiary are fully responsible for providing necessary evidence about any query, including source of funds, to prove the legitimacy and legality of the information and funds involved, as well as any follow-ups required with the concerned authorities to affect the payment or claim a refund. In such cases, Global Exchange will not bear any responsibility.
• Transfers/Remittance are considered executed and delivered unless a claim is received within three months from date of remittance.
• Global Exchange reserves the right to use the services of intermediary banks/ financial institutions for the execution of this transfer.
• Currency once sold or bought can be returned only with a new transaction at the prevailing rate.
• Customers must ensure the correctness of the transaction and are advised to verify the details on the receipt before leaving the counter. Upon signing the receipt, the customer must confirm and acknowledge the correctness, authenticity and legality of the details and will be held responsible for the same.
• The remitter will be fully liable for any misrepresentation, omissions, losses, errors, negligence, or fraudulent cases.
• Customers are advised to proceed with the transaction only after obtaining full and thorough information on the products, services, rates or any changes to the system or process of Global Exchange. The staff or management of Global Exchange cannot be held responsible for delays in pay-outs or any other issues thereafter.
• Cancellation of a transaction can only be processed once the customer produces the original receipt and identification document at the counter. Transaction will not be refunded to a third party under any circumstances even with an authorization letter from the actual sender.
• In case of any refunds, Global Exchange has the right to avail the necessary charges incurred for the transactions, including those of the correspondent networks.
• Global Exchange reserves the right to recover in any amount paid in excess to the customer due to errors or oversights.
• Global Exchange reserves the right to change its service terms and conditions, products, or business decisions without prior notice to the customer.
• Transaction amounts may be subject to additional costs, and additional fees may be imposed by the correspondent bank or financial institution providing financial services to the beneficiary of the remittances.
• Global Exchange may refuse to execute any requests, instructions or services requested by the Customer if the Customer fails to comply with the necessary procedures; or if the information or data are incorrect or are in violation of the law applicable in the United Arab Emirates.
• Global Exchange will refund the unclaimed funds in accordance with regulatory authority guidelines.
• Global Exchange retains the right to amend the terms and conditions to comply with local laws or internal policies. Customers will be informed of any such changes via the website, branch disclosures, or electronic facilities.
• Global Exchange will provide customers with a minimum of 60 calender days’ notice by updating the website before changes to the terms and conditions of products/services, including changes to service change or fees.

Important Notice

Transactions conducted by the customers are subject to local, federal, and international laws, as well as the regulations of the Central Bank of the UAE. All customer information and supporting documents must be provided as per the requirements of local and international regulations and standards. The transaction may be blocked by any party involved if found suspicious. The customer will be fully responsible for providing necessary evidence and clarification about any query, including the source of funds, to prove legitimacy and legality of the information and funds involved, as well as any follow-ups required with the concerned authorities to effect the payment or claim a refund. In such cases, Global Exchange will not bear any responsibility.

Consent for Data Sharing

• We may collect and use your personal data (including name and contact details) for direct marketing purposes (i.e. you may receive SMS, phone calls, and email communications from Global Exchange containing transactional, promotional, and marketing material about our products and services).
• Your information may be shared with authorized agents to facilitate marketing activities on our behalf ((i.e. receive SMS, Phone calls, and email communications from Global Exchange containing transactional, promotional, and marketing material about our products and services).

Customer Acknowledgement

I/We acknowledge receipt and understanding of this Key Facts Statement. I/We also acknowledge that I/We have an understanding of the product/service features, pricing, benefits, risks, fees and terms and conditions as detailed in the Key Facts Statement. I/We acknowledge and agree that the provision of any services shall be at the discretion of Global Exchange and subject to all applicable terms and conditions.

Complaint Process and Procedures

Any branch.
Email; cms@global-exchange.ae
Contact no; 0565150807
By post: Global Exchange, Khyeli Street, Abu Dhabi, UAE,112875

We will acknowledge your compliant within 2 business days and strive to respond to your complaint within an average of 5 business days.

Customer Name:…………………………………………….
EID/Passport no: …………………………………………..
Date & Time: ………………………………………………….
Customer Signature : ……………………………………..

This Key statement is presented to the Customer at the time of registration. By signing the receipt at the counter, the Customer acknowledges the receipt of and understanding of this Key Facts Statement. The customer further acknowledges that he/she has an understanding of the product/ service features, pricing, benefits, risks, warnings, fees and Consumer rights and obligations as detailed in the Key Facts Statement.

REMITTANCE

Definition

"You”, “your", “Consumer” or "Customer” means the customer. "We", "our “and "us" refers to the Global Exchange Sole Establishment, licensed and regulated by the Central Bank of the UAE”.

Remittances

• Customers can send and receive remittances, both locally and internationally.
• For remittance, the customer should provide the beneficiary details, like – Beneficiary name, Account number, IFSC, or whichever bank identification.
• Customers can place TT cancellation requests, before the transaction being executed & processed.
• Funds transferred can be recalled after execution subject to the approval of other financial institutions and the availability of funds and beneficiary debit authority.
• Fund Transfers can be requested only through branches.

The remittance service allows you to send payments with the following delivery options:

• Bank Accounts
• Cash Payout

* The available delivery options, categorized by customer types, are as follows:

* The available transfer options, are as follows:

CASH PICKUP

Warning

• Fees and Charges: Customers are subject to applicable fees, commissions, and charges for remittance services. Customers may incur additional charges beyond those levied by Global Exchange, imposed by the correspondent banks, financial institutions, and other service providers.
• Exchange Rates: Remittance transactions are subject to foreign currency exchange rates, which may fluctuate based on market conditions. The customer receives the prevailing rate at the time of the transaction.
• Recipient Details: Customers are responsible for providing accurate and complete recipient details, including the beneficiary’s name, account number, and other relevant information. Any discrepancies may lead to delays or errors in the transaction.

Cooling off period

No Cooling-Off Period: It is the customer’s responsibility to thoroughly review and understand the terms and conditions before finalizing a transaction. In the absence of a cooling-off period, any concerns or queries should be addressed prior to the transaction execution.

Key Terms and Conditions

• Remittance/FC Exchange does not involve third-party transactions, Money Laundering, or Terrorism Financing.
• All transactions will be subject to the AML/CFT laws & regulations issued by the Central Bank of the UAE and the receiving country. The sender and/or beneficiary may be asked to provide necessary evidence or clarification to prove the authenticity of the funds involved for effecting payment or refund.
• Customers must provide all required information and supporting documents as per local and international regulations. Suspicious transactions may be blocked. The sender and beneficiary will be fully responsible for providing necessary evidence about any query, including the source of the fund, to prove the legitimacy and legality of the information and fund involved as well as any follow-ups required with the concerned authorities to affect the payment or claim a refund. In such cases, Global Exchange will not bear any responsibility.
• Transfers/Remittances are considered executed and delivered unless a claim is received within three Months from the date of remittance.
• Global Exchange reserves the right to use the services of intermediary banks/financial institutions for processing transfers.
• Currency once sold or bought can only be returned through a new transaction at the prevailing rate.
• Customers must verify transaction details on the receipt before leaving the counter. By signing the receipt, the customer confirms the correctness, authenticity, and legality of the details and will be held responsible for the same.
• The remitter will be fully liable for any issues, including misrepresentation, omissions, losses, errors, negligence, and fraudulent cases.
• Customers are advised to proceed with the transaction only after obtaining complete information about the products, services, rates, or any changes on the system or process of Global Exchange. Delays or issues cannot be blamed on Global Exchange staff or management.
• Cancellation requests require the original receipt and identification document. Refunds will not be processed for third parties, even with an authorization letter from the actual sender.
• In case of any refunds, Global Exchange has the right to avail the necessary charges incurred for the transactions.
• Global Exchange reserves the right to recover in any amount due to errors.
• Global Exchange reserves the right to amend its service Terms and Conditions, products, or business decisions without any prior notice to the beneficiary.
• Additional costs may be imposed by correspondent banks or financial institutions providing services to the beneficiary.
• Global Exchange may refuse any transaction request if the customer fails to comply with the procedures or UAE laws.
• Global Exchange will refund the unclaimed funds by regulatory authority guidelines.
• Global Exchange retains the right to amend the terms and conditions to comply with local laws or internal policies. Customers will be informed of any such changes via the website, branch disclosures, or electronic facilities.
• Any changes to terms and conditions will be notified by Global Exchange through the website with a minimum of 60-day notice.

Important Notice

Transactions are subject to local, federal and international laws as well as Central Bank of the UAE regulations. All customer information and supporting documents must be provided as per the requirements of local and international regulations and standards. The transaction may be blocked by any party involved if found suspicious. The customer will be fully responsible for providing necessary evidence and clarification about any query, including the source of fund, to prove legitimacy and legality of the information and fund involved as well as any follow-ups required with the concerned authorities to affect the payment or claim a refund. In such cases, Global Exchange will not bear any responsibility.

Consent for Data Sharing

• We may collect and use your personal data (including name, contact details) for direct marketing purposes (i.e. Receive SMS, Phone and email communications from Global Exchange containing transactional, promotional and marketing material about our products and services from time to time).
• Your information may be shared with authorized agents for marketing purpose (i.e. receive SMS, Phone and email communications from Global Exchange containing transactional, promotional and marketing material about our products and services from time to time).

Customer Acknowledgement

I/We acknowledge receipt and understanding of this Key Fact Statement. I/We also acknowledge that I/We have an understanding of the product/service features, pricing, benefits, risks, fees and terms and conditions as detailed in the Key Fact Statement. I/We agree that the provision of services is at the discretion of Global Exchange.