UAE Exchange

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UAE Exchange Centre LLC
Type Limited Liability Company
Industry Financial Services
Founded 1980 (1980)
Founders Bavaguthu Raghuram Shetty and Abdulla Humaid Al Mazroei
Headquarters Abu Dhabi, United Arab Emirates
Key people

Abdulla Humaid Al Mazroei (Chairman)

Bavaguthu Raghuram Shetty (CEO and Managing Director)
Products Remittance
Money transfer
Foreign Exchange
Bill Payment
Employees 9000+ (2013)

UAE Exchange is a United Arab Emirates based company dealing primarily in remittance, currency exchange and bill payment solutions. The company is headquartered in Abu Dhabi, UAE, and operates more than 700 offices[1] across 31 countries, with over 330 of these are in India through its subsidiary UAE Exchange & Financial Services.

UAE Exchange has more than 9000[2] employees in over 40 countries. It is one of the largest remittance companies and has extensive network in the middle east and Asia.


UAE Exchange was founded by business man B. R. Shetty and former United Arab Emirates Minister of Justice H. E. Abdulla Humaid Ali Al Mazroei, in 1980, in Abu Dhabi. It expanded from a single office in Abu Dhabi to over 700 offices, worldwide.

In 1993 UAE Exchange became a SWIFT member and the following two years opened operations in Oman and Kuwait as well as launching an express transfer, gold card and bank notes service.

In 1999 it launched retail operations in India, which was to become the largest operation outside its home base. It followed this with opening offices in Bangladesh, the UK and Sri Lanka in the following three years. In 2001 it launched Xpress Money, an instant money transfer service in the UK.

By 2003, it has also added Australia to its network. The same year it opened its 100th branch in India as well as launched services for the corporate sector. The following year it introduced a web-based money transfer process.

Between 2005 and 2009 it continued to expand, opening offices in Hong Kong, Uganda, Jordan, Canada, New Zealand and China, as well as purchasing Moneydart Global Services in the United States. It also launched an online money transfer portal, XPay, the bill payment solution using mobile phone was also brough out in India.[3]

In 2009 UAE Exchange became an of an Authorized Payment Institution (API) in 2009 with the UK financial regulator at that time, the Financial Services Authority[4]

Products and Services[edit]

The company offers a number of services:


External links[edit]