Terms and conditions

Terms & Conditions

The Terms and Conditions set forth herein govern all transactions between UAE Exchange Australia Pty Ltd in Australia (the Exchange, which expression shall include its successors and assigns) and the person or persons transacting with the Exchange. Signature by the Customer on the transaction form shall constitute acceptance of the Terms and Conditions herein, as amended from time to time. These General Terms and Conditions are applicable to each and every Customer irrespective of any special conditions agreed by the Customer in relation to any specific services.

  1. The Exchange or its agents shall not be held liable for the loss, mutilation or dishonour of a cheque or other instrument or for the failure to credit, late presentation, and granting time, any delay in crediting the Account or non payment and return of cheques or other instruments.
  2. The exchange shall not be liable to the Customer for any loss, damage or delay attributable in whole or part to action by any government or government agency or other force majeure including, without limitation, strikes, industrial action, equipment failure or interruption of power supplies provided that the exchange shall endeavor to give notice generally to its customers of any anticipated delays by notice in its branches.
  3. Neither failure by the Exchange to exercise, nor any delay by the Exchange in exercising any rights or remedy shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law.
  4. Each of the provisions herein are severable and distinct from the others and, if one or more of such provisions is or becomes illegal, invalid or unenforceable, the remaining provisions shall not be affected in any way.
  5. Any demand or communication made by the Exchange shall be in writing and made at the correspondence address of the Customer indicated in the transaction slip (or such other address as the Customer shall notify the Exchange in writing from time to time) and shall be deemed to have been served on the date of posting. The Customer shall advise the Exchange without delay of any change in address and/or in the documents submitted to the Exchange.
  6. These Terms and Conditions create legally binding obligations on the Customer that do not contravene other contractual or legal obligations of the Customer.
  7. These Terms and Conditions shall be governed by and construed in accordance with the laws of the country in which the branch of the Exchange is located and the applicable federal laws of Australia. Any claim or dispute, arising from the relationship between the Exchange and its Customer or otherwise shall be subject to the jurisdiction of the civil courts of the country in which the branch is situated, but without prejudice to the Exchange’s general right to take proceedings, where necessary, in any court whatsoever.
  8. The Customer hereby authorises the Exchange to respond, at its sole discretion, to any and all enquiries received from any other bankers (including, without limitation, bank references), concerning any and all accounts of the Customer with the Exchange, without reference to the Customer.
  9. In these Terms and Conditions the term “person” includes an individual, firm, company, corporation, government, state or agency of a state or any association or partnership (whether or not having separate legal personality) or two or more of the foregoing and, shall include its or their successors and heirs (as applicable).
  10. The Exchange reserves the right to vary any of these Terms and Conditions. Customers will be notified of changes by display at the Exchange’s branches. Use of service after the date upon which any changes to these Terms and Conditions is to have effect (as specified in the Exchange’s notice) will constitute acceptance without reservation by the Customer of such change provided that the Customer shall have been notified thereof before such use.
  11. Publication of change by such means as the Exchange may consider appropriate will constitute effective notice to the Customer.
  12. These Terms and Conditions shall be governed by and construed in accordance with the laws for the time being in force or which shall be in force in the future in Australia where the Exchange’s branch is operating.

Foreign Currency and Travellers Cheques – Sale & Purchase

Foreign Currency

  1. Currency sale/purchase may be subject to monetary limits, Money Exchange restrictions and complying with anti-money laundering regulations. The Exchange takes very seriously its obligations in respect of Money Laundering and customers should note that any suspicious and/or high value transactions will be reported to the appropriate authorities in relevant countries without further reference.
  2. Foreign Currency Notes are bought and sold subject to any restrictions imposed by the Regulatory Bodies of the issuing countries. The sighting of valid photo ID’s and the recording of these details may be mandatory (by law) for certain transactions, depending on the amounts.
  3. Currency once sold or bought will be returned only at prevailing rate.
  4. We are unable to buy and sell foreign currency coins.
  5. The different exchange rate applied for buying and selling of Foreign Exchange will be decided at the counter based on the card rate displayed at branch rate board. There will be a different rate for purchase and sale of a foreign currency
  6. The Currency Exchange rates are flexible and will be fluctuating from time to time. The Exchange is not responsible and will not be compensating for any loss occurred to you due to these rate fluctuations.
  7. Customer should verify the genuineness, validity and correctness of the notes received before leaving the Exchange’s counter. The Exchange is not responsible for failure by any party to accept any currencies supplied from counters.
  8. The Exchange reserves the rights to refuse to buy / sell any currency on grounds of suspicion (of currency notes or otherwise) and also has the implicit authority to confiscate fake or counterfeit currency notes or travelers cheques, in order to hand them over to higher authorities for investigation / scrutiny

Travellers Cheques

  1. The Exchange reserves the right to supply travellers cheques issued by such companies (issuers)as it chooses.
  2. The general acceptance of traveller’s cheques varies by country and may also depend on their currency.
  3. Acceptance or payment of traveller’s cheques cannot be stopped for whatsoever reason.
  4. The Exchange will not be liable to you:

    • If it is unable to perform any of its obligations because of something outside its reasonable control.
    • Any failure by you to provide it with correct information when you order.
  5. The Exchange shall not be liable for any claims for compensation, losses, damages, costs or expenses arising as a consequence of the loss or theft of your cheques.
  6. The Exchange shall not be liable for any errors, negligence, defaults, actions or omissions, whether of itself or its employees or of any correspondent, subagent, or other agent or of their employees.
  7. The Exchange shall have no responsibility for or liability to the Applicant or any other person whatsoever for any diminution in the value of funds due to taxes or depreciation or for the unavailability of such funds due to restrictions on convertibility, requisitions, involuntary transfers,distraints of any character, exercise of governmental or military powers, wars, strikes or other causes beyond the Exchange’s control.
  8. The Exchange reserves the right to investigate the loss or theft (including corroborating any information provided and verifying compliance with the above conditions) and to delay refund during such investigation. It shall not be liable for any loss or expense caused by any such reasonable delay.
  9. Encashment of the travellers cheque is subject to the requirements of the encashment practice and the rules and regulations of the country where the travellers cheque is to be encashed or payment is to be made. In view of the prevalence of exchange restrictions in some countries, the liability of The Exchange with respect to the encashment of the travellers cheque shall not exceed in any case the extent to which payment is allowed in the currency in which the travellers cheque is drawn under any government or other restrictions existing in the place of payment or principal financial centre of the relevant currency or in the case of the Euro, the European Union or any of its member countries, at the time the payment instructions are received or are to be carried out. Neither the Exchange nor its correspondents or agents shall be liable for any delay or loss caused by or as a result of any Act or Order or any Government or Government Agency or the failure of any clearing, settlement or payment system or any other causes whatsoever.
  10. In the event a refund from or repurchase by the Exchange of the amount of the travellers cheque is desired, such refund or repurchase shall be made, at the Exchange’s discretion, to or from the Applicant and upon receipt by the Exchange of the travellers cheque duly endorsed by the Applicant, at the prevailing buying rate for the currency in question less all costs, charges, expenses and interest (where applicable). It is understood that any claim for a refund or repurchase of a travellers cheque shall be subject to the approval by the issuer of the travellers cheque. The Exchange reserves its right to recover from the Applicant money to the full extent of the refund or the repurchase in the event that the Exchange is unable to recover such sum from the issuer of the travellers cheque.
  11. It is understood that, if the travellers cheque applied for overleaf is lost, stolen or destroyed, any request for the issuance of a replacement travelers cheque or a refund of the amount of the travellers cheque purchased shall be subject to the approval by the issuer of the travellers cheque and shall be made or addressed to the issuer directly and the Applicant must, at the request of the Exchange and/or the issuer of the travellers cheque, provide the Exchange and/or the issuer of the travellers cheque with an acceptable bond of indemnity protecting the Exchange and/or the issuer of the travellers cheque against liability with respect to the lost, stolen or destroyed travellers cheque, in connection with any request the Applicant may make for the issuance of a replacement travellers cheque or a refund of the amount of the travellers cheque purchased.
  12. The Applicant consents to the Exchange, its officials, employees, correspondents and agents disclosing any information regarding the Applicant’s particulars, this application, the subject matter thereof as the Exchange shall deem appropriate for the purpose of any investigations relating to the travellers cheque applied for herein and any transaction connected therewith.
  13. The Exchange reserves the right to revise all charges from time to time without prior notice.
  14. The Exchange reserves the right to add, alter, vary and modify any or all of the above terms and conditions at any time at its discretion without any notice.
  15. The Exchange reserves the rights to refuse to buy / sell any travelers cheques on grounds of suspicion, and has the implicit authority to confiscate fake or counterfeit travelers’ cheques, in order to hand them over to higher authorities for investigation.

Telegraphic Transfers

  1. Telegraphic transfers will be considered as executed unless any claim contrary to this, is received from the remitter within 1 (one) month from the date of remittance.
  2. Telegraphic Transfer is dispatched entirely at the remitter’s own risk.
  3. The exchange does not have any responsibility for the wrong information given to it by the remitter. It is the responsibility of the sender to verify the beneficiary information before confirming the transaction.
  4. Refund against cancellation of Telegraphic transfers, Missing Demand Drafts or any payment orders returned unpaid for whatsoever reason will be only, at the prevailing market rate, after an advice confirming non-payment of the missing instrument and cancellation of our original payment instruction is received by us from our correspondent.
  5. The Exchange is free to use service/s of intermediary banks/financial institutions in any country of its choice for the execution of this transfer. Correspondent / Intermediary charges are applicable to some countries and will be deducted at paying end.
  6. The Exchange reserves the right to draw this Telegraphic Transfer on a different place from that specified by the remitter if operational circumstances so require.
  7. The remittance will be subject to laws related to monetary transactions in Australia / intermediary / destined countries and may be blocked / freezed incase found suspicious. The sender / beneficiary will be fully responsible to provide necessary evidence / clarification to prove geniality / legality of entities / funds involved and follow up the concerned authorities for effecting payment or refund in such cases. The Exchange will not bear any responsibility in this respect.
  8. The exchange will not be responsible for any delay; mistake or omission caused in transmission and our liability is limited for emendation at shortest possible time on notice.
  9. It is understood that neither the exchange, nor its branches, correspondents, or agents are responsible for any loss, delay, error, omission, or mutilation arising in the transmission of cables telegrams or communications by electronic systems.
  10. Telegraphic transfers will be effected as per the rates

    • Displayed at the branches or
    • As per the rate provided by the Exchange officials
  11. Application for same day value will be handled at the discretion of the Exchange’s Management as this is subject to the time the application is received, as well as the cut-off time which applies in the country to which funds are remitted.
  12. The exchange or correspondents are not responsible for any delay, mistake or omission caused by the Telegraphic or Postal Authorities and that in the event the draft is lost or stolen, and the Exchange is not liable for immediate refund.

Express Transfers/DD’s

  1. Express transfers and DD’s will be considered as executed unless any claim contrary to this, is received from the remitter within 1 (one) month from the date of remittance.
  2. Express Transfer is dispatched entirely at the remitter’s own risk.
  3. The exchange does not have any responsibility for the wrong information given to it by the remitter. It is the responsibility of the sender to verify the beneficiary information before confirming the transaction.
  4. Refund against cancellation of Missing Demand Drafts or any payment orders returned unpaid for whatsoever reason will be only, at the prevailing market rate, after an advice confirming non- payment of the missing instrument and cancellation of our original payment instruction is received by us from our correspondent.
  5. The Exchange is free to use service/s of intermediary banks/financial institutions in any country of its choice for the execution of this transfer. Correspondent / Intermediary charges are applicable to some countries and will be deducted at paying end.
  6. The Exchange reserves the right to draw this Express Transfer on a different place from that specified by the remitter if operational circumstances so require.
  7. The remittance will be subject to laws related to monetary transactions in Australia / intermediary / destined countries and may be blocked / freezed incase found suspicious. The sender / beneficiary will be fully responsible to provide necessary evidence / clarification to prove geniality / legality of entities / funds involved and follow up the concerned authorities for effecting payment or refund in such cases. The Exchange will not bear any responsibility in this respect.
  8. The exchange will not be responsible for any delay; mistake or omission caused in transmission and our liability is limited for emendation at shortest possible time on notice.
  9. The exchange or correspondents are not responsible for any delay, mistake or omission caused by the Telegraphic or Postal Authorities and that in the event the draft is lost or stolen, and the Exchange is not liable for immediate refund.

Other Services (where applicable)

  1. The Customer authorises the Exchange to make payment of Utility Bills raised upon him by any company offering Utility Services (hereinafter referred to as "billing company") where The Exchange has entered into a collection arrangement, on receiving payment instructions from him.
  2. The customer shall furnish the required information as specified by the billing company and other essential data pertaining to the Bills so as to identify the same. In the case of any change in the identification details the user shall be responsible to communicate such changes as registered with the billing company to the Exchange within the time specified by the exchange.
  3. The user has no objection whatsoever to the billing company providing the billing details to the Exchange.
  4. All billing and payment details will be prepared by electronic means and the information contained will be extracted from the system maintained by the Billing Company and the Exchange respectively. While the Exchange will take all reasonable steps to ensure the accuracy of the statements, it is not liable for any error. The customer shall hold the Exchange not liable against any loss, damages etc. that may be incurred / suffered by the customer if the information turns out to be inaccurate/ incorrect.
  5. Any disputes on bill details will be settled directly with the billing company and the Exchange's responsibility is restricted to providing of information only.
  6. The customer shall not hold the Exchange liable for:

    • Such transactions that are carried out on their instructions done in good faith.
    • Not carrying out such instructions where the Exchange has reason to believe that the instructions are not genuine or are otherwise improper, unclear, vague.
    • For any loss or damage incurred or suffered by the customer due to any error, defect, delay failure or interruption in providing the bill payment services arising from or caused by any reason whatsoever.
    • Withdrawing /suspending the facility wholly/partially without prior notice to the customer.
  7. The remittance will be subject to laws related to monetary transactions in Australia / intermediary / destined countries and may be blocked / freezed incase found suspicious. The sender / beneficiary will be fully responsible to provide necessary evidence / clarification to prove geniality / legality of entities / funds involved and follow up the concerned authorities for effecting payment or refund in such cases. The Exchange will not bear any responsibility in this respect.
  8. The record of the instructions given and transactions with the Exchange kept either in electronic form or otherwise shall be binding on him and the same shall be conclusive proof for all purposes and can be used as evidence in any proceedings.
  9. The customer agrees that all transactions those necessitate processing by the Exchange / Billing company will be carried out only during business hours and the value dates, if any will be within the operating hours/ days decided by the Billing Company/ Exchange.
  10. The Customer shall indemnify and keep the Exchange indemnified from and against all actions, claims, demands, proceedings, cost, charges and expenses whatsoever which the Exchange may at any time incur, sustain, suffer or put to as a consequence or by reason of or arising out of providing the user the Bill payment facility or by reason the Exchange in good faith refuses to take or omit to take action on the instructions of the Customer.

Non local currency account credit may incur substantial back end charges