You will not use the Service unless you are at least 18 years old.
You will have to pay the total amount and charges in AED as indicated on the transaction.
You shall comply with these Terms and Conditions as well as with any applicable laws, rules and regulations.
In relation to your registration and use of the Service you will:
provide us with accurate, current, complete and true evidence of your identity and any additional information or evidence we may require confirming your identity.
supply us with all information and documentation we may ask in order to process your transfer and to comply with any legal requirements applicable to us or to our partners.
update all information you provide to us to keep it accurate, current, complete and true.
not use the Service for or in connection with any Prohibited Purpose or attempt to tamper, hack, modify, overload, or otherwise corrupt or circumvent the security and/or functionality of the Website and/or the Application or to infect it with any Malicious Code;
not open more than one registered account with us.
use the Service to send money only to people that you know personally or to pay for goods and services purchased from suppliers of whom you have sufficient knowledge and whose identity you verified. You acknowledge that we have no control over the suppliers or over the goods and services for which you use our Services to make payments and we have no responsibility for the quality, safety, legality, or the delivery of such goods or services to you.
You understand and accept that
We are legally obliged to retain information about our customers and the Transactions that we process for up to 5 years after termination of our relationship with you or as may be required from time to time by applicable law or by any regulatory authorities;
All currency converted as part of the Service will be converted using our rate of exchange as communicated to you during the transaction and a FX Spread may apply. We reserve the right to make changes to our rate of exchange at any time without providing notice.
Some countries may impose minimum and maximum thresholds in relation to the amounts that can be sent through our Service.
You will be liable to us for all losses which we suffer or incur in relation to any fraud or fraudulent activity by you or any breach of the Terms and Conditions by you.
You must contact us as soon as possible if you believe or suspect that a Transaction was not executed properly or that the amount has not been received or was only partly received.
It is your responsibility to inform the Beneficiary of the information he/she will need to provide in order to collect the money you transfer through the Service (such as photographic identification, the exact amount of remittance and the Transaction Reference Number).
Cancellations and Refunds
You can request for cancellations and refunds by emailing us at [email protected] or by visiting our branch.
Please note that cancellations and refunds would be processed at the discretion of Alfa Exchange.
Cancellations or Refunds can take up to 14 business days to be processed where accepted and this solely depends on the counterparties which are beyond our control.
Additional charges might apply for cancellations and refund requests.
The channel of refunds would be decided by Alfa Exchange depending upon the payment method you have used during the original transaction.
Alfa Exchange reserves the right to terminate its relationship with customers in the event of any violations or instruction of applicable laws and institutional policies". Any termination of the relationship will be informed to customers in writing with consideration of AML CFT regulations of UAE.
In the event of a product or service being expired or withdrawn from Alfa Exchange, notification of such changes will be communicated to the customer with a minimum of 30 days' notice. Alfa Exchange shall categorize a customer as dormant if their identification (ID) has expired or if there has been no activity for a period not less than 365 days. Customer profiles affected by the aforementioned reasons will be reactivated upon completion of Know Your Customer (KYC) renewals.
The revocation of consent by a consumer in the future shall not impact the legality of data processed or under processing conducted based on the previously given consent. Unless explicitly stated otherwise, the consent withdrawal shall become effective within a full 30 calendar days from the consumer's request, as communicated to the Alfa Exchange.
Confidentiality/ Privacy
As a fully regulated institution under the Supervision of the Central Bank of the UAE and with a purpose of providing the Service we are bound by the legal requirements to obtain, verify and record information about our customers. Therefore, we may request from you or consult any legal sources to obtain your personal data and required KYC information when offering the Service to you.
Your personal information will be treated and processed securely and strictly in accordance with applicable data privacy and protection laws and regulations.
Customer information will be treated as confidential, unless where it is already public knowledge or where it becomes public knowledge through no fault of our own.
We may disclose customer information if we are required to do so by law, by our financial partners in order for them to fulfil their regulatory obligations, by court order, by any statutory, legal or regulatory requirement, by the police or any other competent authorities in connection with the prevention or detection of crime or to help combat fraud, money laundering and terrorism financing. We may also report suspicious activity to appropriate competent law enforcement or government authorities.
Please refer to our Privacy Policy document available on our website www.alfaexchange.net.
Alfa Exchange expressly confines its data collection activities to lawful purposes directly associated with consumer-related functions or activities. The nature of the data being collected, and whether such collection is mandatory or voluntary, shall be communicated to and acknowledged by the consumer. When the Alfa Exchange processes the consumer's data, a comprehensive description of the data/personal data under processing shall be provided in accordance with legal requirements.
Terms and Conditions
1. Please note that the Terms and Conditions are subject to periodic changes at the sole discretion of Alfa Exchange.
2. You hereby acknowledge and agree that the English language version of these Terms and Conditions is the applicable version for all languages. Any other language version we may provide is for guidance purposes only. Any dispute or claim arising out of or in connection with the present Terms and Conditions or their subject matter or formation (including non-contractual disputes or claims) will be considered in relation to the English version only.
3. By availing Alfa Exchange Products and Services, customer agrees to the waiver of cooling-off period for immediate commitment.
4. All transactions will be subject to the AML/CFT laws, regulations, standards, and policies issued by the Central Bank of UAE and other international organizations/bodies. All KYC information/documents must be provided as per requirements of local and international KYC regulations and standards we guarantee the confidentiality of all KYC information/documents submitted by the customers.
– Any of the valid and original ID's must be presented at the time of transaction processing.
– Valid ID's include Emirates ID, Passport with Valid Visa and GCC ID for GCC Nationals
5. Currencies once exchanged will be bought/sold only at our prevailing buying/selling rate.
6. Please count your money before leaving the counter. We will not be responsible for any claims whatsoever afterwards. Errors & omissions are excepted.
7. You / customers undertake that the foreign currency provided to convert has been obtained from legitimate personal / business sources.
8. Alfa Exchange or its branches accept no liability, whatsoever, for remittance delayed in any from or bank charges or fees or deductions levied or omission or funds confiscated by the beneficiary bank or correspondent bank or any government agency on any grounds.
9. The estimated time for the funds to be transferred to the beneficiary will be informed at the time of transaction. However, time taken to transfer funds can be delayed due to various reasons.
10. Any amendments or re-issuance of the remittance transaction requested by the customer for any reason will be subject to our regular charges and / or amendment charges and settlement of any rate differences, if applicable.
11. Refund against stop/cancelled transfers or any other remittance transactions returned unpaid for whatsoever reason will be made at prevailing buying rate or purchase rate whichever is lower. Refund shall be provided once the stop payment is confirmed (or) funds are received back from the correspondent back or its agent.
12. Unclaimed amount lying pending for a longer period, can only be refunded as per internal policy.
13. All refunds will be paid in UAE Dirham (AED) only.
14. For foreign remittances, there will be a backend deduction ranging between USD 40/- to USD 80/-. The charges for tracer/amendment/cancellation shall be AED 200 /- if applicable.
15. Any transaction related complaint should be lodged within a maximum period of fourteen (14) days from the date of transaction.
16. Alfa Exchange will inform customers of our latest promotions/updates via SMS/WhatsApp. if you want to opt out from this pls call 04-2286231.
17. For any further enquiries/feedbacks/complains, kindly email us on [email protected] or call 04-2286231. or refer to www.alfaexchange.net
18. The details of the transection mentioned in this receipt shall be considered as final and it is the responsibility of the customer to go through the same before leaving the branch and to the notice of the concerned staff if there is any error or omission in the same.
19. Alfa Exchange is indemnified from any incorrect details of beneficiary and remitter once the application is seen and signed or approved otherwise by customer. Alfa Exchange will not be responsible for any material potential changes once the remittance is executed.
20. You agree that Alfa Exchange may delay, block or refuse to process any transaction without any liability if the transaction is suspected to:
(a) breach any laws or regulations in UAE or in any other country:
(b) involve any person (natural, corporate or government) that is itself sanctioned or is connected, connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by any country; or
(c) Directly or indirectly involve the proceeds of, or be applied for the purposes of, conduct which is unlawful in any country.
21. You agree that Alfa Exchange may disclose any information concerning you it or any person named in the payment instruction to any law or enforcement regulatory agency or court where required by any such law or regulation in UAE or elsewhere and any Correspondent used to make payment for purpose pf compliance with any such law or regulation.
22. Please check & Confirm correctness of the transaction details before making the payment.
