Terms & Conditions
At Desert Exchange, we are committed to delivering reliable and efficient services while maintaining compliance with all applicable regulations. By using our services, you agree to the following Terms and Conditions:
1. Foreign Currency Purchase & Sale
- Currency once bought or sold can only be returned through a new transaction at the prevailing market rate.
- Customers must count their money before leaving the counter and obtain a receipt for their transaction.
- Desert Exchange and its employees are not liable for any claims or shortages after the transaction is completed.
- Desert Exchange reserves the right to recover any excess amounts paid to the customer due to errors or oversights.
2. Bank Transfers and Other Services
- Transfers and remittances are considered executed and delivered unless a claim is received within:
- 3 months for cash payouts.
- 6 months for bank transfers from the date of remittance.
- Amendments or re-issuance of remittance transactions requested by customers will incur regular charges and settlement of any applicable rate differences.
- By signing the transaction receipt, the customer confirms the correctness, authenticity, and legality of all transaction details and assumes responsibility for them.
3. Refunds and Cancellations
- Refunds for canceled drafts, transfers, or other remittance transactions returned unpaid will be processed as follows:
- Refunds will be made at the prevailing market buying rate or the transaction rate, whichever is lower.
- Sending charges, cancellation fees, and any deductions by the beneficiary bank or other incurred expenses will not be refunded.
- A confirmation of non-payment and cancellation from the correspondent bank or agent is required before processing a refund.
- The sender must surrender the original receipt to initiate the cancellation process.
- Refunds for corporate senders will be conducted through authorized representatives and will not be paid in cash. Refunds will be issued via cheque in favor of the corporate entity.
4. Corporate Transactions
- Desert Exchange will only transact with duly authorized representatives of corporate entities supported by an authorization letter signed by the authorized signatory.
5. Use of Intermediary Banks
- Desert Exchange reserves the right to use intermediary banks or financial institutions of its choice for processing transactions.
- Correspondent and/or intermediary charges may apply to certain countries and will be deducted at the receiving end.
6. Legal and Regulatory Compliance
- All transactions are subject to local, federal, and international laws as well as the regulations of the UAE Central Bank.
- Customers must provide all required information and supporting documents to comply with local and international regulations.
- Transactions may be blocked if deemed suspicious, and the sender and beneficiary are responsible for providing necessary evidence to validate the legitimacy of the transaction.
- Desert Exchange is not liable for delays, delivery failures, or losses arising from incorrect information or regulatory actions.
7. Complaints and Resolution
- Complaints related to transactions must be lodged within 14 days of the transaction date.
- Desert Exchange will coordinate with third-party service providers to resolve issues but bears no liability for third-party services.
- The third party is solely responsible for fulfilling its service obligations under its terms and conditions.
8. Identification Requirements
- Customers must provide a valid original ID (UAE National ID or Passport with a valid UAE visa) for remittance transactions.
9. Customs Declaration Compliance
- Customers carrying currencies, precious metals, precious stones, or bearer negotiable instruments valued above AED 60,000 when entering or leaving the UAE must complete a Customs Declaration Form (CDF).
- Desert Exchange is obligated to:
- Collect and retain the original CDF when exchanging currency.
- Retain the CDF if funds are declared as proceeds from the purchase or sale of precious metals or stones.
- Compliance with these regulations is mandatory to avoid inconvenience.
10. Liability and Force Majeure
- Desert Exchange is indemnified from claims related to:
- Delays, delivery failures, mistakes, or losses caused by incorrect information or force majeure events.
- Any circumstances beyond our control.
- Our liability is limited to performing necessary amendments in the shortest time possible.
11. Amendments to Terms & Conditions
- Desert Exchange reserves the right to amend its Terms & Conditions in line with applicable laws or internal policies.
- Customers will be notified of any changes at least 60 days in advance through our website and branch disclosures.
Contact Us
For inquiries about our Terms & Conditions or other details, please contact us:
Desert Exchange
123 Naif Road, Near Wipmy Signal,
Deira, Dubai, UAE
Email: info@desert-exchange.com
Phone: +971 4 2347 107
By using our services, you acknowledge and agree to these Terms & Conditions.
Desert Exchange
Licensed by the Central Bank of UAE