Product  Foreign Currency Product Description 
Foreign Currency Exchange The International Development Exchange provides financial services involving foreign currency exchange, including both the buying and selling of foreign currency
Fees The International Development Exchange provides financial services involving the exchange of foreign currency, including both buying and selling, based on the rates displayed on the Tariff Board. The charges are mentioned Below:
(i) AED 3.00 (Below 20K AED)(ii) AED 5.00 (Above 20K AED)
Availability of currency The types of currencies maintained at the Exchange are at the discretion of the management of International Development Exchange, determined based on local population needs and market demand.
Refund & Cancellation Once the currency is bought or sold, it can only be returned with a new transaction at the prevailing market rate. Neither the Exchange nor its employees will be held liable for any claims or shortages thereafter
Compliant Management Customers may contact our branch to register complaints. They can also send complaints and suggestions via email at customercare@ideexchange.com or call our customer service at +971-4-2255373
Turnaround Time The turnaround time for complaint resolution is 10 working days.
Key Terms and Conditions
  • The International Development Exchange reserves the right to decline any customer request at its sole discretion.
  • The above-mentioned terms are subject to the International Development Exchange Approved Product Policy.
  • The fees and charges applicable to the above product will be as per International Development Exchange’s Services & Tariff Board and are subject to change from time to time at International Development Exchange’s absolute discretion, in accordance with UAE Central Bank regulations.
Warnings
  • The International Development Exchange may refuse to execute any requests, instructions, or services requested by the customer if the customer fails to comply with the necessary procedures, or if the information or data provided is incorrect or in violation of applicable laws and regulations.
  • Please count your money before leaving the counter and obtain a receipt for your transaction. Neither the International Development Exchange nor its employees will be held liable for any claims or shortages thereafter. International Development Exchange reserves the right to recover any amount paid in excess to the customer due to errors or oversights.
Notice Period Any changes to the terms and conditions for any product will be communicated to customers with a notice period of 60 days to ensure they are well-informed and have adequate time to adjust to any alterations in our services or policies.

Product  Remittance Product Description
Remittance The International Development Exchange provides financial services that facilitate the transfer of funds from one individual to another, often across significant geographical distances. This service enables customers to send money to their families and friends in different locations, both within the country and internationally, ensuring secure, efficient, and timely remittances.
Sender and Recipient The sender is the person initiating the money transfer, while the recipient is the individual receiving the funds. Remittances are commonly used by migrant workers to send money back to their families in their home countries
Counter Parties Involved The International Development Exchange maintains several counterparties to facilitate customers’ remittance transactions upon receipt of a remittance order from customers. International Development Exchange reserves the authority to select the counterparty for the execution of remittances. However, for IMTS services, customers have the privilege to choose their preferred counterparty. It is important to note that all counterparties engaged by International Development Exchange have received approval from the Central Bank of the United Arab Emirates.
Fees Remittance service fees are based on the Schedule of Charges Board and are subject to change in line with the remitting countries and the amounts being transferred. The schedule of charges can be clarified by the Front-Line Associate
Turnaround Time Turnaround time for the various remittance modes are as follows:

  • IMTS: Instant
  • Cash Pickup: Instant 
  • NEFT: 24 – 48 hours
Refund and Cancellation 
  • Outward remittances through instant money transfer services or other financial institutions are considered executed and delivered unless a claim is received within 90 calendar days from the date of the transaction.
  • Inward remittance transactions will be returned to the originator if the customer is unable to collect the funds within 30 calendar days from the date of the transaction
Warnings
  • International Development Exchange may refuse to execute any requests, instructions, or services requested by the customer if the customer fails to comply with the necessary procedures, or if the information or data provided is incorrect or in violation of applicable laws and regulations.
  • Please count your money before leaving the counter and obtain a receipt for your transaction. Neither International Development Exchange nor its employees will be held liable for any claims or shortages thereafter. International Development Exchange reserves the right to recover any amount paid in excess to the customer due to errors or oversights.
Notice Period Any changes to the terms and conditions for any product will be communicated to customers with a notice period of 60 days to ensure they are well-informed and have adequate time to adjust to any alterations in our services or policies.