Service is our currency
|Type||Limited Liability Company|
|Founder(s)||Bavaguthu Raghuram Shetty and Abdulla Humaid Al Mazroei|
|Headquarters||Abu Dhabi, United Arab Emirates|
Abdulla Humaid Al Mazroei (Chairman)
|Parent||New Medical Centre Group (NMC)|
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 across 30 nations globally, with over 300 of these are in India through its subsidiary UAE Exchange & Financial Services. UAE Exchange currently has more than 9000 employees from over 40 countries working for it. It is one of the largest remittance companies and has extensive network in the middle east and Asia.
UAE Exchange was founded by Dr. Bavaguthu Raghuram Shetty and former United Arab Emirates Minister of Justice H. E. Abdulla Humaid Ali Al Mazroei, in 1980, in Abu Dhabi. It expanded rapidly from one office single office in Abu Dhabi to having over 650 office by 2012.
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 when it acquired a local exchange house. The same year it opened its 100th branch in India as well as launching a 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, Money2anywhere. XPay, the bill payment solution using mobile phone was also brough out in India.
Products and Services
The company offers a number of services:
- Money Transfers
- Bank Transfers – Senders can transfer money to recipient’s bank account at desired destinations including instant bank account trensfers.
- Instant Money Transfer – UAE Exchange serves as an agent for instant money transfer services like Western Union, MoneyGram and Xpress Money. It also has country-specific instant money transfer services name in Jordan, Qatar and Nepal.
- Online Money Transfer – Money2anywhere.com is the online money transfer service of UAE Exchange.
- Card Transfers – Senders can transfer money to recipient’s Visa or MasterCard instantly using Visa Money Transfer (VMT) and MasterCard Moneysend services respectively.
- Foreign Exchange(forex)
- Bill Payment
- Bill payment - the company serves as a payment collection entity for participating service providers. Bill payments for credit cards, bank loans, air ticket booking, electricity, water, mobile phone recharge, movie ticket booking, etc., are accepted at UAE Exchange branches.
- XPAY - UAE Exchange offers a mobile bill payment solution, XPAY, in India. Users can pay bills for utility services (water, electricity, etc.), shopping, air ticket purchase, mobile phone recharge, and ticket booking, among others, through XPAY. Consumers can use XPAY mobile application, Internet or an IVRS system, to make bill payments through XPAY.
- Payroll Management - Smart Pay, a payroll management solution, is available in Bahrain, Qatar and the UAE. Corporate entities that subscribe to Smart Pay in these countries get to disburse their employees’ salaries through UAE Exchange branches.
- Travel Solutions
- Prepaid Travel Cards -UAE Exchange offers gocash, a six-currency prepaid travel card in the UAE. Individuals travelling from the UAE to foreign countries can use the card for their spending purposes abroad. A single gocash card supports up to six currencies at a time. Card holders can select the six currencies from a total of 15 currencies available for the card. gocash cards can be availed only by UAE residents.
- Travel Management -Travel management services are available in India. These services include ticket reservations for car, bus, train, and flight (domestic or international) journeys; accommodation reservations; and travel packages for domestic and international destinations.
- Other Financial Services
- UAE Exchange offers investment options such as saving certificates and mutual funds in the capacity of an agent for investment service providers in India and the UAE. The Company also maintains an online trading platform E-Trade available only in India.
- Corporate cash management involving cash collection and disbursal. Cash is collected from agents of corporate entities on behalf of the entities as part of corporate cash collection; payments are made to entities authorised by participating corporate companies as part of corporate cash payout.
- Gold Loans - Gold loan service of UAE Exchange is available in India and the UK.
- "UAE Exchange History". www.uaeexchange.com. Retrieved February 27, 2011.