General

  1. Customers must present a valid identification document at the time of processing any transaction. The accepted forms of valid identification include UAE Emirates ID (for residents), a passport with a valid visa (for visitors), and a GCC ID (for GCC Nationals). Failure to provide a valid ID may result in the inability to proceed with the transaction.
  2. Customers are required to provide and update their personal and professional information, including details such as employment, source of income, employer name, and the validity of their visa and Emirates ID (EID). If a customer does not conduct any transactions for a period of six consecutive months, their profile will be marked as inactive. Before processing any future transactions, an inactive profile will be subject to a review, which may require additional documentation or verification.
  3. Customers must ensure that they count their money before leaving the cashier’s counter and collect the transaction receipt. Once the transaction has been processed, International Development Exchange and its employees will not be responsible for any claims, shortages, or discrepancies regarding the transaction. It is the customer’s sole responsibility to verify the correctness of the transaction before leaving the counter.
  4. Customers must ensure that all funds transacted through International Development Exchange originate from legitimate sources and do not involve money laundering, terrorist financing, or any other illicit activities. Funds should be derived from lawful business transactions or personal earnings. Any violation of UAE and international anti-money laundering (AML) regulations is solely the customer’s responsibility. If suspicious activity is detected, the matter will be reported to the relevant regulatory authorities as required by law.
  5. By signing the transaction voucher, the customer confirms that all transaction details are accurate and truthful. The customer also acknowledges the authenticity and legality of the information provided and accepts full responsibility for the same. Once a transaction is completed, it is deemed final, and no modifications, reversals, or disputes will be entertained unless required by law.
  6. International Development Exchange reserves the absolute right to amend, enhance, or withdraw any of these Terms and Conditions at its sole discretion. This includes modifying or eliminating existing provisions and introducing new ones as necessary to comply with regulatory updates or operational requirements. Customers are encouraged to review the latest Terms and Conditions regularly. Continued use of the services following any amendments shall constitute the customer’s acceptance of the updated terms.
  7. All customer and transaction-related information is considered strictly confidential and will not be shared with third parties without proper authorization. However, necessary disclosures may be made to regulators, government authorities, law enforcement agencies, and correspondent banks as required for transaction processing and regulatory compliance. Employees, consultants, and auditors of International Development Exchange may access customer data only for official purposes while ensuring strict confidentiality. All confidential information is securely stored within the UAE and protected with appropriate security measures to prevent unauthorized access.
  8. International Development Exchange reserves the right to refuse or decline any transaction, service request, or instruction if the customer fails to comply with the required procedures. Transactions may also be declined if the information provided is incomplete, inaccurate, misleading, or in violation of applicable laws, regulations, or internal policies. Such decisions will be final and binding, and the company is not obligated to provide an explanation unless legally required.
  9. These Terms and Conditions are governed by the federal laws of the United Arab Emirates (UAE). Any disputes arising in relation to these terms shall fall under the jurisdiction of the courts of the Emirate of Dubai & Sharjah.
  10. All transactions must comply with the UAE’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws. International Development Exchange reserves the right to report any suspicious transactions to the relevant regulatory authorities as required by law. We implement robust Customer Due Diligence (CDD) procedures to ensure compliance with the UAE Central Bank (CBUAE) regulations, particularly for high-risk customers and transactions.
  11. In compliance with the UAE’s Personal Data Protection Law, customers have the right to access, correct, or request the deletion of their personal information held by International Development Exchange, subject to the procedures and conditions outlined in applicable laws.
  12. Any disputes arising from transactions or services provided by International Development Exchange shall be handled in accordance with the Federal Laws of the UAE. If a customer is not satisfied with the resolution, they have the right to escalate the matter to the UAE Central Bank or other relevant authorities. The decision of the relevant authority will be final and binding.
  13. International Development Exchange is committed to ensuring transparency regarding all applicable charges. All transaction fees, including those for currency exchange, remittances, and other services, will be communicated to the customer before the transaction is initiated. This includes any additional charges such as correspondent bank fees for international remittances.
  14. Customers must provide informed consent before initiating any transaction. This includes a clear understanding of the transaction’s terms, applicable charges, exchange rates, and processing times. The International Development Exchange will not process any transaction without the customer’s explicit consent.
  15. The International Development Exchange ensures that customer data is protected through industry-standard security measures, including encryption, firewalls, and secure storage. All sensitive personal and transaction data is handled in compliance with the UAE Data Protection Laws, ensuring that unauthorized access is prevented.

Currency Exchange

  1. Once a currency is sold or bought, it can only be returned or exchanged at the prevailing exchange rate of International Development Exchange at the time of the return. The company does not guarantee the same rate at which the original transaction was conducted, as exchange rates fluctuate based on market conditions.
  2. Customers must provide valid supporting documents proving the source of funds if their cumulative transactions amount to AED 55,000 or more within a 90-day period. This requirement ensures compliance with regulatory guidelines and helps prevent financial crimes, including money laundering.
  3. If a customer brings foreign currency into the UAE and the transaction amount is AED 60,000 or more, they must provide a Customs Declaration Form (CDF) as proof of legal importation. Failure to present this document may result in the transaction being declined or subject to further scrutiny by the authorities.
  4. Any fake or counterfeit currency detected during a transaction will be immediately reported to the local authorities. Customers attempting to exchange counterfeit money may be subject to legal consequences as per UAE laws.
  5. Stringent Enhanced Due Diligence (EDD) measures and source of funds verification requirements apply to high-risk customers, including non-resident individuals and entities. These measures help ensure that transactions comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
  6. Corporate customers engaging in commercial transactions must provide supporting documents such as invoices, transportation records, and any other relevant documents for verification purposes. These documents help establish the legitimacy of the transaction and ensure compliance with regulatory requirements.

Money Transfer / Remittance

  1. If a customer’s cumulative remittance transactions amount to AED 55,000 or more within a 45-day period, they must provide valid supporting documents to verify the source of funds. This is a regulatory requirement to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) guidelines.
  2. If a remittance transaction is conducted for any purpose other than home remittance, the customer must submit the necessary documents to prove the reason for the transaction. This helps ensure that the funds are being used for legitimate purposes and comply with financial regulations.
  3. Corporate customers engaging in commercial remittances must provide supporting documents such as invoices, transportation records, and other relevant documentation to verify the legitimacy of their transactions. This requirement ensures transparency and compliance with UAE financial regulations.
  4. Once a remittance transaction has been successfully processed, it will be considered final and complete unless the remitter raises a claim within one month from the date of remittance. After this period, no disputes or claims regarding the transaction will be entertained.
  5. If a remittance is canceled due to a return from the correspondent bank, the refund will be processed at the prevailing market rate or the original transaction rate, whichever is lower. The refund will only be issued after receiving official confirmation from the correspondent bank regarding non-payment or cancellation. Additionally, the customer must bear all applicable bank charges incurred during the return or cancellation process.
  6. If a bank rejects and returns a transaction, International Development Exchange will inform the customer and refund the money after receiving it from the correspondent bank. If the customer cannot be contacted within seven days after the return confirmation from the bank or fails to collect the refund, the amount will be treated as unclaimed funds and will be kept separately for future retrieval.
  7. If a remittance is sent through an Instant Money Transfer service, and the beneficiary fails to collect the funds within 90 calendar days, the amount will be recalled from the Instant Money Transfer agent and categorized as unclaimed funds. These funds will be held separately until the customer claims them.
  8. A remittance transaction can be canceled by the customer only if it has not yet been processed. If the transaction has already been processed and credited to the beneficiary’s account, cancellation will be subject to:
    The availability of funds in the beneficiary’s account.
    Confirmation of cancellation or return from the beneficiary’s bank.
  9. To claim a cancellation or refund, the customer must present a valid identification document and the original transaction voucher. Failure to provide these documents may result in delays or rejection of the refund request.
  10. International Development Exchange shall not be liable to the customer for any loss or damage incurred or suffered due to non-acceptance, rejection, delay, or non-processing of a transaction, regardless of how it arises or is described. This includes any claims based on legal liability in connection with the services provided. However, the International Development Exchange will be liable only in cases where the loss was caused by fraud or willful misconduct on its part.
  11. International Development Exchange shall not be responsible for any indirect or consequential losses, including loss of profit, whether such losses were foreseeable. This means that any financial loss or business disruption caused as a result of a failed or delayed transaction will not be covered by the International Development Exchange.

Money Transfer / Remittance

  1. If a customer’s cumulative remittance transactions amount to AED 55,000 or more within a 45-day period, they must provide valid supporting documents to verify the source of funds. This is a regulatory requirement to ensure compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) guidelines.
  2. If a remittance transaction is conducted for any purpose other than home remittance, the customer must submit the necessary documents to prove the reason for the transaction. This helps ensure that the funds are being used for legitimate purposes and comply with financial regulations.
  3. Corporate customers engaging in commercial remittances must provide supporting documents such as invoices, transportation records, and other relevant documentation to verify the legitimacy of their transactions. This requirement ensures transparency and compliance with UAE financial regulations.
  4. Once a remittance transaction has been successfully processed, it will be considered final and complete unless the remitter raises a claim within one month from the date of remittance. After this period, no disputes or claims regarding the transaction will be entertained.
  5. If a remittance is canceled due to a return from the correspondent bank, the refund will be processed at the prevailing market rate or the original transaction rate, whichever is lower. The refund will only be issued after receiving official confirmation from the correspondent bank regarding non-payment or cancellation. Additionally, the customer must bear all applicable bank charges incurred during the return or cancellation process.
  6. If a bank rejects and returns a transaction, International Development Exchange will inform the customer and refund the money after receiving it from the correspondent bank. If the customer cannot be contacted within seven days after the return confirmation from the bank or fails to collect the refund, the amount will be treated as unclaimed funds and will be kept separately for future retrieval.
  7. If a remittance is sent through an Instant Money Transfer service, and the beneficiary fails to collect the funds within 90 calendar days, the amount will be recalled from the Instant Money Transfer agent and categorized as unclaimed funds. These funds will be held separately until the customer claims them.
  8. A remittance transaction can be canceled by the customer only if it has not yet been processed. If the transaction has already been processed and credited to the beneficiary’s account, cancellation will be subject to:
    The availability of funds in the beneficiary’s account.
    Confirmation of cancellation or return from the beneficiary’s bank.
  9. To claim a cancellation or refund, the customer must present a valid identification document and the original transaction voucher. Failure to provide these documents may result in delays or rejection of the refund request.
  10. International Development Exchange shall not be liable to the customer for any loss or damage incurred or suffered due to non-acceptance, rejection, delay, or non-processing of a transaction, regardless of how it arises or is described. This includes any claims based on legal liability in connection with the services provided. However, the International Development Exchange will be liable only in cases where the loss was caused by fraud or willful misconduct on its part.
  11. International Development Exchange shall not be responsible for any indirect or consequential losses, including loss of profit, whether such losses were foreseeable. This means that any financial loss or business disruption caused as a result of a failed or delayed transaction will not be covered by the International Development Exchange.
  12. The customer agrees to indemnify and hold harmless International Development Exchange and its affiliates from any losses, damages, or claims arising from the use of its services. This indemnity applies unless the losses result from fraud or willful misconduct on the part of the International Development Exchange or its affiliates.
  13. Notwithstanding the above, International Development Exchange’s total liability in any given instance shall not exceed the total amount of funds received from the customer for the specific transaction at the time of accepting the service request.
  14. Any charges incurred for transaction amendments, cancellations, tracers, refunds, or any other related services will be applicable in all cases. Additionally, if currency conversion is involved, the applicable exchange rate at the time of processing will be used.
  15. International Development Exchange reserves the right to use the services of any correspondent bank or financial institution in any country of its choice for processing remittances. If applicable, correspondent bank and intermediary bank charges will be deducted from the amount payable to the beneficiary.
  16. International Development Exchange will not be held responsible if a remittance or instant money transfer fails to be executed due to reasons beyond its control. This includes cases where:
    The beneficiary’s account is closed.
    Legal or compliance-related restrictions prevent the transaction.
    Disruptions in the communication system occur.
    Any unforeseen issues arise at the destination.
    If the International Development Exchange can retrieve the funds from its correspondents, the funds will either be resented based on revised instructions from the remitter or refunded in UAE Dirhams.
  17. The estimated time required to complete a transaction may differ from initial estimates due to increased compliance inspections or verification processes carried out by correspondent banks, financial institutions, or remittance service providers handling the beneficiary’s transaction.
  18. Remittances are subject to UAE monetary laws and the regulations of the correspondent bank’s country. Transactions may be blocked or frozen if deemed suspicious. In such cases, both the sender and beneficiary are fully responsible for providing supporting documents and clarifications to establish the legitimacy of the transaction. The customer must coordinate with the relevant authorities for the release of funds, and International Development Exchange bears no liability in this respect.
  19. The customer grants International Development Exchange the right to disclose any transaction-related information to correspondent banks, remittance partners, and regulatory authorities to facilitate transaction processing and ensure compliance with applicable laws and due diligence requirements.
  20. International Development Exchange is legally obligated to share customer and transaction details with regulators and government agencies upon request. This disclosure is made without obtaining prior consent from the customer as part of regulatory compliance.
  21. When a remittance or instant transfer request is initiated against a cheque or bank transfer, the request is considered an instruction to execute the transaction. However, such transactions will only be processed after the realization/credit of funds into the International Development Exchange’s account.
    If a cheque is returned unpaid for any reason or the customer fails to make payment on the transaction date, International Development Exchange reserves the right to cancel the transfer, take legal action against the remitter, and hold them liable for:
    Any expenses incurred.
    Any exchange rate differences.
    Applicable cheque for return charges.
  22. While no guarantee can be provided regarding the absence of delays, transactions are typically processed within a timeframe ranging from “instant or real-time” to “3 to 4 working days”, depending on:
    The beneficiary’s country.
    The availability of banking services.
    The efficiency of intermediaries and financial institutions involved.

Consumer Protection

  1. Customers can register complaints at any service counter. Complaints and suggestions can also be submitted through the following channels:
    Email: customercare@Ideexchange.com
    Customer Service Number: +971 4 2255373
    Complaints will be resolved within 10 business days. If the resolution takes longer, customers will be informed of the delay, including the reasons for it. In case of unresolved disputes, customers may escalate the issue to the UAE Central Bank or relevant authorities for further action.
  2. Customers will receive an SMS confirmation within two business days, including a complaint reference number for follow-up.
  3. Customers Complaints will be resolved within 10 business days. If the resolution takes longer, the customer will be informed of the delay along with a valid reason.
  4. In case of any conflict of interest between the International Development Exchange and the customer, the matter will be handled in accordance with UAE Federal Law.
  5. International Development Exchange will never contact customers through unregistered phone numbers or emails to request confidential information or documents. Customers are advised to report any suspicious communication immediately.
  6. The International Development Exchange ensures that customer data is protected through industry-standard security measures, including encryption, firewalls, and secure storage. All sensitive personal and transaction data is handled in compliance with the UAE Data Protection Laws, ensuring that unauthorized access is prevented.

Consumer Rights

  1. Customers have the right to full disclosure regarding products, services, counterparties, delivery channels, and charges. International Development Exchange staff are knowledgeable and will provide complete and transparent information about all available services.
  2. International Development Exchange staff will review necessary documents before onboarding or executing a transaction, but only with the customer’s consent.
  3. All customer information and documents will be treated with strict confidentiality to ensure privacy and data protection.

Type of Service Charges
Currency Exchange (Buy/ Sell) AED 3.00 (Below 20K AED)

AED 5.00 (Above 20K AED)
Bank Transfer /IMTS Charges vary depends on
amount slab and destination country. (On Desk)