DINAR EXCHANGE KEY FACT STATEMENT

Dinar Exchange is licensed by the Central Bank of the UAE. We kindly request that our customers 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 our 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

1. 1. Execution and Reporting of Transactions: Transfers and remittances are considered successfully completed unless discrepancies are reported within three months from the date of the transaction for both cash payouts and bank transfers.

2. 2. Transaction Adjustments: Requests for amendments or re-issuance of transactions are subject to applicable standard fees, including any rate differences.

3. 3. Refund Procedure: Refunds are issued by Dinar 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.

4. 4. Transaction Confirmation: Customers, by signing the transaction receipt, confirm the accuracy and legality of the transaction details and accept full responsibility.

5. 5. Use of Intermediaries for Transfers: Dinar Exchange may utilize intermediary banks or financial institutions to facilitate transfers. Any charges incurred will be deducted at the receiving end.

6. 6. 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.

7. 7. 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.

8. 8. Cheque Payment Conditions: Transactions via cheque are subject to clearance. Customers bear responsibility for any dishonoured cheques, including any rate variations and additional charges.

9. 9. Service Charges: Charges for services and transactions may vary and are available for review at branch locations and on the Dinar Exchange website.

10. 10. 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.

11. 11. Refund Policy for Unpaid Transactions: Refunds for unpaid transactions are calculated at the lower of the market buying rate or the transaction rate, subject to deductions for charges and expenses.

12. 12. Customer Due Diligence: Customers are obligated to provide necessary evidence and clarifications for transactions, especially in cases deemed suspicious.

13. 13. Complaints and Disputes: Complaints regarding transactions must be submitted within a period not exceeding fourteen (14) days following the date of the transaction. Dinar 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.

14. 14. Data Protection and Confidentiality: Dinar 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.

15. 15. Conflict Resolution: Dinar Exchange endeavours to address and resolve issues arising from technical errors or external factors.

16. 16. Communication Consent: By accepting these terms, customers consent to receive SMS, phone calls, and email communications from Dinar Exchange for both transactional and marketing purposes. Customers may opt-out of marketing communications via email to helpdesk@dinarexchange.ae or by calling 04-230 2000.

17. 17. Additional Information: For comprehensive terms, please visit our website or contact helpdesk@dinarexchange.ae

Key Fact Statement

Product & Services

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 Dinar 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 calculated at the lower of the market buying rate or the transaction rate. Charges will not be refunded for transactions already processed by Dinar Exchange.

Transaction Cancelled by Correspondent Bank or Money Transfer Operator due to incorrect data or any other reason. Customer will be notified by Dinar Exchange. Customers must provide the original transaction receipt or voucher to process refunds. Refunds will calculated at the lower of the market buying rate or the transaction rate. Charges will not be refunded

Complaint Process & Procedures

DINAR EXCHANGE CUSTOMERS MAY LODGE THEIR COMPLAINTS OR CONCERNS AND QUERIES THROUGH THE FOLLOWING CHANNELS;

1. 1.  E-mail – helpdesk@dinarexchange.ae
   2. Walk in or visit to the branch (verbal complaint)
   3. Telephone / Call – +971 4 230 2000
   4. Dinar Exchange Website – www.dinarexchange.ae
   5. WhatsApp – +971 4 230 2020
   6. Happiness Dashboard (in branch)
   7. Suggestion/Complaint Box ( in branch )

Designated phone number and E-mail ID has been printed on all receipts given to the customers. 

Likewise, it is displayed at prominent location within the premises.

Compliance Resolution Time Line

 All periods are reckoned 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), Dinar 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 Dinar Exchange products and services, please 

visit our website (www.dinarexchange.ae) or call: +971 4 230 2000 or email us at helpdesk@dinarexchange.ae

Warnings!!

Dinar 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 (60) 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:                 

Dinar Exchange

Is Licensed by Central Bank of the UAE

Important Information for Our Customers

At Dinar 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.