KEY FACTS STATEMENT
FOREIGN CURRENCIES (FCY)

KEY PRODUCTS & SERVICES

We hereby Al Modawala Exchange offer the following range of products to ensure the fastest, safest, and
most reliable way to exchange foreign currency to customers across the United Arab Emirates.

• Foreign Currency Purchase
• Foreign Currency Sale

PRICING – FOREIGN EXCHANGE BUY & SELL

Foreign currency will be exchanged according to the rate of exchange prevailing in the same day.

FOREIGN CURRENCY PURCHASE - PRICING
Country	All
Payout currency	Major currencies - USD, EUR, GBP, AUD, CAD   Other currencies - EGP, MAD, SAR, KWD, QAR, BHD, OMR,   TND, INR, PKR, BDT, PHP, LKR, IDR, NPR, SGD, MYR and   other local currencies
Mode	Cash
Type of charge	Nil
Charges	Nil
Delivery timelines	Instant upon fund receipt from the customer
Commission/ charges	Nil

 

FOREIGN CURRENCY SALE - PRICING
Country	Nil
Payout currency	Major currencies - USD, EUR, GBP, AUD, CAD   Other currencies - EGP, MAD, SAR, KWD, QAR, BHD, OMR,   TND, INR, PKR, BDT, PHP, LKR, IDR, NPR, SGD, MYR and   other local currencies
Mode	Cash
Type of charge	Nil
Charges	Nil
Delivery timelines	Instant upon fund receipt from customer
Commission/ charges	Nil

 

PROCESS & PROCEDURES – CUSTOMER VISION

CUSTOMER RIGHTS
Al Modawala Exchange provides the services to the customers during the business working days based on the availability of the currency.

CUSTOMER ACKNOWLEDGEMENT
I/We hereby declare and confirm that the source of this transaction is from a legitimate source and not generated from any illegal activities. The Purpose of this transaction is not for any money laundering activities.

WARNING
The customer must ensure the availability of the fund at the time of executing the Foreign Exchange services and the deal is binding once the Forex Exchange transaction is executed, the customer will not have the right to cancel the transactions, however, once exchange rates agreed between the customer and the Al Modawala Exchange shall not be changed. Before leaving the counter, count your cash and make sure that you obtain the receipt. Once the customer leaves the exchange house premises, Al Modawala Exchange will not be responsible for any discrepancies in the currency bought or sold

TERMS & CONDITIONS

•       Before leaving the counter, count your cash and make sure that you obtain the receipt.
•       Any subsequent claims or shortages won’t be the responsibility of Al Modawala Exchange or its employees.
•       Currency once bought or sold can be returned only with a new transaction at the prevailing market rate.
•       Al Modawala Exchange reserves the right to recover any amount paid in excess to the customer due to errors or oversights.
•       By signing the receipt, the customer confirms the rate offered, acknowledges the accuracy, legitimacy, and legality of the details, and agrees to be held accountable for the same.
•       Al Modawala Exchange retains the right to obtain identification from a customer for registration purposes. Emirates ID, a passport with current visa or a GCC national ID are examples of such customer identification documents. The Al Modawala Exchange’s Consumer Protection Policy will apply to the information thus collected from the customer.
•       Al Modawala Exchange will neither misuse customer data nor share it with a customer or to a third party unless it is compelled by the law/regulation.
•       In the event of misrepresentation, the Company reserves the right to seek help from authorities.
•       Customer has the right to express their complaints, suggestions or dissatisfactions through our exchange Customer care email (customercare@modawalaexchange.ae), Customer complaint box or Designated complaints in charge.

COOLING OFF PERIOD:
Cooling-Off Period is not applicable for our products/services as the products/services provided by the Exchange House are instant.

Al Modawala Exchange reserves the right to amend terms and conditions in line with the applicable law of land or internal policies of Al Modawala Exchange.