KEY FACTS STATEMENT - FOREIGN CURRENCY EXCHANGE
Universal Exchange Center is a Licensed Financial Institution, regulated by the Central Bank of the UAE. UEC deals with the exchange of all major currencies including buying and selling of foreign currency.
Foreign Currency Purchase - Details
| Currency | Major currencies - USD, EUR. GBP. AUD, CAD and Other currencies – JPY, SGD, MYR, NZD, THB, SAR, KWD, BHD, OMR, QAR, INR, PKR, BTK, PHP, NPR and other local currencies. |
| Payment Mode | Cash |
| Transaction Charges | Nil |
| Transaction Time | 5-10 minutes (dependent on volume and processing time) |
Foreign Currency Sale - Details
| Currency | Major currencies - USD, EUR. GBP. AUD, CAD and Other currencies – JPY, SGD, MYR, NZD, THB, SAR, KWD, BHD, OMR, QAR, INR, PKR, BTK, PHP, NPR and other local currencies. |
| Payment Mode | Cash |
| Transaction Charges | Nil |
| Transaction Time | 5-10 minutes (dependent on volume and processing time) |
Key Terms and Conditions
- Currency exchange services are available during specified business hours
- Rates are subject to change without prior notice and may vary from time to time.
- There are no hidden/Additional fees apart from the transaction charges mentioned above.
- Customers must provide valid identification documents (e.g., Passport, Emirates ID) for all transactions.
- Universal Exchange Center reserves the right to change the terms and conditions at a later date.
- Universal Exchange Center will notify the customers at least 60 days prior to making any changes to the terms and conditions through our website.
- The detailed Terms and Conditions are available at our branches or can be accessed on our website.
Warning:
This product/service may be affected by changes in foreign currency exchange rates.
Warning:
Customers are responsible for verifying the accuracy of exchanged amounts and receiving the correct currency.
KEY FACTS STATEMENT - WAGES PROTECTION SYSTEM (WPS)
Universal Exchange Center is a Licensed Financial Institution, regulated by the Central Bank of the UAE. UEC offers the Wages Protection System (WPS), an electronic salary transfer system that allows institutions to pay employee’s wages through banks, approved exchange houses, and authorized financial institutions. The Wages Protection System (WPS), developed by the Central Bank of the UAE, enables the Ministry of Labor to create a database that tracks wage payments in the private sector, ensuring that wages are paid on time and in full.
SCHEDULE OF CHARGES
| Disbursement Charges (UEC Account) | Disbursement Charges (Bank Account) | Account Opening Charges | ATM Card Issuance Charges |
|---|---|---|---|
| 5 - 7 AED | 5 - 6 AED | 40 - 100 AED | 5 - 7 AED |
5% VAT is inclusive. Acceptable payment methods: Cash, Cheque and Bank transfers.
Key Terms and Conditions
- Employers must pay salaries on or before the specified due date each month
- Timely payments are essential to comply with labor laws and to avoid penalties
- Employers must provide accurate employee details to ensure successful transactions
- Employees must provide valid identification and banking information to receive wages through WPS
- Any changes to employee information must be promptly updated with us
- Fees for processing WPS transactions will be clearly communicated to employers
- Employers must comply with all relevant UAE labour laws and regulations regarding wage payments
- The exchange house is not liable for any losses or disputes arising from incorrect information provided by employers or employees.
- Universal Exchange Center reserves the right to change the terms and conditions at a later date
- Universal Exchange Center will notify the customers at least 60 days prior to making any changes to the terms and conditions through our website
- The detailed Terms and Conditions are available at our branches or can be accessed on our website.
Warning:
Employers are legally required to comply with WPS regulations. Failure to do so may result in fines, penalties, or legal action from the Ministry of Labor.
Warning:
Beware of fraudulent schemes. Always verify the legitimacy of anycommunication regarding wage payments or employee information requests.
Warning:
Providing incorrect employee information can lead to delays in salary processing. Employers are responsible for ensuring the accuracy of all submitted data.
KEY FACTS STATEMENT - REMITTANCES
Universal Exchange Center offers remittance services worldwide. All our correspondent banks and agents use electronic platforms to transfer funds, ensuring fast and secure transfers.
SCHEDULE OF CHARGES
Acceptable payment methods: Cash, Cheque and Bank Transfer.
Fees vary by destination and amount. Please inquire at our branches for specific rates.
Click here for Fees & ChargesKey Terms and Conditions
- Remittance services are available during specified business hours.
- Remittance Services may be subject to geographical restrictions.
- Minimum and maximum transfer limits may apply to remittance transactions.
- There are no hidden/additional fees apart from the transaction charges mentioned above.
- Transfer fees will be clearly disclosed before the transaction
- Customers must provide valid identification (e.g., passport, Emirates ID) for all transactions.
- Additional documentation might be required, if so, will be informed prior to transaction.
- Exchange rates are subject to change and will be confirmed at the time of the transaction.
- All remittances must comply with UAE laws and regulations regarding money transfers. The exchange house reserves the right to refuse any transaction that violates these laws.
- Customers are responsible for ensuring the accuracy of the information provided and for understanding the fees and exchange rates.
- Universal Exchange Center reserves the right to change the terms and conditions at a later date.
- Universal Exchange Center will notify the customers at least 60 days prior to making any changes to the terms and conditions through our website
- The detailed Terms and Conditions are available at our branches or can be accessed on our website
Warning:
Penalties and fees may be imposed for any customer errors or omissions in providing accurate or complete information for remittances
Warning:
The actual time to complete a transaction may differ from estimates due to increased scrutiny of transactions by the correspondent bank/financial institution or entity providing financial services to the beneficiary of remittances.
Warning:
Accurate recipient details must be provided for successful transfers.
Warning:
Universal Exchange Center is not responsible for errors in recipient information.