Key Fact Statement
DESERT EXCHANGE KEY FACT STATEMENT
Desert Exchange is licensed by the Central Bank of the UAE. We would request our customers kindly carefully review and comprehend this Key Fact Statement pertaining to our products and services. This information is also available in Arabic.
By reviewing this Key Fact Statement, you confirm that you have read and understood the applicable fees, charges, and the General Terms and Conditions as published on the website.
This document serves solely as an acknowledgment and is not intended to create any legal rights or obligations between the parties. In the event of any inconsistency between this document and the General Terms and Conditions or any product-specific terms and conditions, the General Terms and Conditions and the product-specific terms and conditions shall prevail.
General Terms & Conditions
- Execution and Reporting of Transactions: Transfers and remittances are considered successfully completed unless discrepancies are reported within seven (7) days from the date of the transaction for both cash payouts and bank transfers.
- Transaction Adjustments: Requests for amendments or re-issuance of transactions are subject to applicable standard fees, including any rate differences.
- Refund Procedure: Refunds are issued by Desert Exchange upon receiving written confirmation from the respective Correspondent or Money Transfer Operator. Customers must provide the original transaction receipt or voucher to process refunds. Unclaimed funds are handled in accordance with the consumer protection regulations of the UAE Central Bank.
- Transaction Confirmation: Customers, by signing the transaction receipt, confirm the accuracy and legality of the transaction details and accept full responsibility.
- Use of Intermediaries for Transfers: Desert Exchange may utilize intermediary banks or financial institutions to facilitate transfers. Any charges incurred will be deducted at the receiving end.
- Regulatory Compliance: All transactions are conducted in compliance with local, federal, and international laws, including regulations by the Central Bank of the UAE. Transactions deemed suspicious may be blocked or reported.
- Identification for Transactions: For remittance transactions, a valid original Emirates Identity Card is required. For foreign currency transactions, a valid original Emirates Identity Card or a valid Passport with a valid UAE visa is necessary.
- Cheque Payment Conditions: Transactions via cheque are subject to clearance. Customers bear responsibility for any dishonored cheques, including any rate variations and additional charges.
- Service Charges: Charges for services and transactions may vary and are available for review at branch locations and on the Desert Exchange website www.desert-exchange.com
- Foreign Currency Transaction Returns: Returns on currency transactions are treated as new transactions at current market rates. No claims or shortages will be entertained after counting and issuing the receipt.
- Refund Policy for Unpaid Transactions: Refunds for unpaid transactions will be calculated at the current market rate or the transaction rate, subject to deductions for charges and expenses.
- Customer Due Diligence: Customers are obligated to provide necessary evidence and clarifications for transactions, especially in cases deemed suspicious.
- Complaints and Disputes: Complaints regarding transactions must be submitted within a period not exceeding seven (7) days following the date of the transaction. Desert Exchange shall exert all reasonable efforts to resolve any grievances pertaining to services facilitated by third parties, through direct coordination with the involved service provider.
- Data Protection and Confidentiality: Desert Exchange is committed to protecting the confidentiality of customer data, disclosing it only as legally required. Customers will be notified of any data breaches through official channels.
- Conflict Resolution: Desert Exchange endeavors to address and resolve issues arising from technical errors or external factors.
- Communication Consent: By accepting these terms, customers consent to receive SMS, phone calls, and email communications from Desert Exchange for both transactional and marketing purposes. Customers may opt-out of marketing communications via email to customercare@desert-exchange.com or by calling 04-234 7107.
- Additional Information: For comprehensive terms, please visit our website or contact customercare@desert-exchange.com
Key Fact Statement
Product & Services
| Foreign Currency Purchase & Sales | |
| Currencies | All currencies (Except currencies of Sanctioned Countries and the Currencies which are not in circulation in UAE Market) |
| Mode of Payment | Cash |
| Type of Charge | AED 3 (Inclusive of VAT) |
| Delivery Timeline | Instant – Upon receipt of Fund |
| List of Currencies | USD, AUD, EUR, GBP, BDT, BHD, CAD, EGP, IDR, INR, IQD, PKR, SAR, JOD, KWD, QAR, OMR, MAD, NZD, PHP, NPR, NZD, SGD, THB, CHF, TRY, JPY, CNY, LKR, MYR, ZAR, HKD |
| Outward Remittance / Money Transfer | |
| Country Region | Gulf (GCC) and Asia |
| Countries | Kingdom of Saudi Arabia (KSA), Bahrain, Qatar, Kuwait, United Arab Emirates, Egypt, Jordan, Pakistan, India, Bangladesh, Nepal, Philippine, Indonesia and Sri Lanka |
| Type of Service | Cash Pick up / Bank Transfer |
| Cash Pick-up Transfer Charges | Sender or Beneficiary For more details regarding product and countries-wise charges, kindly visit our branch or contact us on +97142347107 |
| Bank Transfer charges | Sender or Beneficiaryfor more details regarding product and corridor wise charges, kindly visit our branch or contact us on +97142347107 |
| Commission / Charges | AED 15.75-50 (for more details regarding charges kindly visit our branch or contact us on +97142347107) |
| Delivery Timeline | Same day / Instant |
| Outward Remittance / Money Transfer | |
| Country Region | African Countries |
| Countries | Ghana, Kenya, Uganda, Tanzania, Cameroon, Tunisia, Ethiopia, Morocco |
| Type Of Service | Cash Pick up / Bank Transfer |
| Cash Pick-up Transfer Charges | Sender or Beneficiary For more details regarding product and countries-wise charges, kindly visit our branch or contact us on +97142347107 |
| Bank Transfer charges | Sender or Beneficiaryfor more details regarding product and corridor wise charges, kindly visit our branch or contact us on +97142347107 |
| Commission/ Charges | Cash Pick up Service – AED 15.75-50 and it may vary upon the country-wise or change in amount Bank Transfer – AED 15.75 |
| Delivery Timeline | Instant and value date based depending on the service chosen |
Cancellation & Refunds
Customer can request Cancellation of Transaction by filling the prescribed Form and provide supporting documents such as Original Official Receipt, Original Emirates ID.
Refund Procedure: Refunds are issued by Desert Exchange upon receiving written confirmation from the respective Correspondent or Money Transfer Operator. Customers must provide the original transaction receipt or voucher to process refunds.
Unclaimed funds are handled in accordance with the consumer protection regulations of the UAE Central Bank.
Refund Policy: Refunds will calculate at the current market rate or the transaction rate. Charges will not be refunded for transactions already processed by Desert Exchange.
Transaction Cancelled by Correspondent Bank or Money Transfer Operator due to incorrect data or any other reason. Customer will be notified by Desert Exchange. Customers must provide the original transaction receipt or voucher to process refunds. Refunds will calculate at the current market rate or the transaction rate. Charges will not be refunded.
Complaint Process & Procedures
DESERT EXCHANGE CUSTOMERS MAY LODGE THEIR COMPLAINTS OR CONCERNS AND QUERIES THROUGH THE FOLLOWING CHANNELS;
- E-mail – customercare@desert-exchange.com
- By visiting the branch
- Telephone / Call – +971 4 234 7107
- Desert Exchange Website – www.desert-exchange.com
Our contact details available on the website and printed on voucher.
Compliance Resolution Time Line
| SIMPLE ISSUES | COMPLEX ISSUES | |
| Acknowledgment | Within 2 business days via email or phone call | Within 2 working days |
| Processing and Resolution (assess, investigate and resolve) | Within 3 working days | Within a reasonable period of time which shall not exceed ten (10) business days |
| Communication of Resolution | Through Telephone / E-mail Immediately when case is resolved | Through Telephone / E-mail Immediately when case is resolved |
All periods are calculated from the date of receipt of the complaint. Additionally, above timeline applies to complaints received via telephone, mail, or website.
In case, a complaint is not resolved within ten (10) business days (i.e., an overdue complaint), Desert Exchange ensure that customers are updated on the very next business day with reasonable justifications for possible delay.
For further inquiries and details on terms and conditions of all Desert Exchange products and services, kindly visit our website (www.desert-exchange.com ) or call: +971 4 234 7107 or email us at customercare@desert-exchange.com
Warnings!!
| Additional fees may be levied by the correspondent bank/financial institution or entity providing financial services to of beneficiary of remittances. |
| Penalties and Fees may be applied if there is a customer error or omission in providing correct or incomplete information for remittances. |
| This product/service may be affected by changes in foreign currency exchange rates. |
| The actual time to complete a transaction may differ from estimates due to increased scrutiny of transactions by the correspondent bank/financial institutional or entity providing financial services to the beneficiary of remittances. |
| Service charges details of all the product and services are available in our website www.desert-exchange.com |
| Exchange rate used for the refund money paid by the customer may differ from the original rate used for the transfer, and any cost which could be incurred for the cancellation. |
| Any amendments or re-issuance of the remittance transaction requested by the customer for any reason will be subject to our regular charges and settlement of any rate differences, if applicable |
| Currencies once exchanged will be bought/sold only at our prevailing buying/selling rate. |
Desert Exchange reserves the right to amend its terms and conditions in accordance with applicable laws or internal policies, with a prior notice period of sixty (30) day’s. Any changes will be communicated to customers through our website and branch disclosures.
I/We hereby irrevocably and unconditionally declare that I/ we have read the above Key Facts Statement and clearly understand all the information and references provided herein.
Customer Name: Customer Signature:
Date:
Desert Exchange
Is Licensed by Central Bank of the UAE
Important Information for Our Customers
At Desert Exchange, we strive to ensure that our customers are well-informed about regulatory requirements. Please take note of the following important information:
Customs Declaration Requirement: If you are entering or departing the UAE carrying currencies, precious metals, precious stones, or bearer negotiable instruments valued above AED 60,000, you are required to declare these items by completing the Customs Declaration Form (CDF).
Our Responsibilities:
We are obligated to collect and retain the original Customs Declaration Form (CDF). if you exchange currency with us.
If you declare that the source of your funds is related to the proceeds from the purchase or sale of precious metals or stones brought into or taken out of the country, we must retain the CDF.
Please ensure you comply with these regulations to avoid any inconvenience. Thank you for your cooperation.