City Exchange is licensed by the Central Bank of UAE to provide the following financial activity(s):
- Dealing in sale and purchase of foreign currencies and travelers’ Cheques
- Executing remittance operations in local and foreign currencies
- Payment of wages through establishing a link to the operating system of “wages protection”
- Cash collection arrangements for:
- Value Added Tax (VAT) on behalf of Federal Tax Authority
- Pension on behalf of General Pension & Social Security Authority (GPSSA)
- Credit Card Bill collection
- Air Fare Collection – Air Arabia PJSC
TERMS & CONDITIONS
Buying & Selling of Currencies
Telegraphic Transfers/Instant Transfers:
Payment of wages through Wages Protection System:
The employees can withdraw their salaries through the designated ATMs. Withdrawals from other ATMs will be charges as per the respective Banks.
Cash withdrawal through ATM and/or POS transactions made outside UAE will be in currencies of respective countries and conversion rates will be applicable.
Cash collection arrangements for Value Added Tax (VAT) on behalf of Federal Tax Authority, Pension on behalf of General Pension & Social Security Authority (GPSSA), Air Arabia Ticket Collection & Credit Card Bill collection:
The GPSSA payments are acceptable only for the amount fetched through UAEFTS – If any variations are found in the amount, the transaction will not be processed.
Once the GPSSA Payments have been processed, it is not refundable. VAT Payment must be paid as per the deadline shown on the VAT return of the customer.
Customer must ensure the correctness of the Tax Registration Number (TRN) as the amount paid cannot be claimed if payment is made to the wrong TRN.
VAT Payments will be made against the invoice shared from the FTA portal.
VAT payments are acceptable only for the amount fetched through UAEFTS – If any variations are found in the amount, the transaction will not be processed
VAT Payments are acceptable on every quarter and once the payment is completed, it is not refundable.
Credit Cards Payments customers must review and verify the correctness of the payment advice and confirm by paying the amount.
Credit Cards payments accepted through City Exchange and not refundable once it is transmitted.
Credit Cards Payments bill amount will be transferred to relevant account of the credit card issuer via UAEFTS.
Credit Cards Payments Cash collected on public holidays or if it exceeds the cutoff period, the same will be settled on next business day value.
Credit Cards Payments have to pay before the deadline and City Exchange is not responsible for any delay, error or omission which may happen in its transmission or delivery or due to technical error.
For Air Arabia Ticket payments, the customer must provide the PNR number for completing the ticket purchase.
Air Arabia Ticket payment has to be completed within 24 hours from the time of online booking.
City Exchange is not responsible for the cancellation/amendment of the Air Arabia ticket itinerary done by the customer.
For all the above financial activity(s) licensed by the Central Bank of UAE:
Customers must provide required documents as per Compliance requirements. Original valid ID such as Emirates ID/Passport with Valid UAE Visa must be provided while making any of the above licensed financial activity(s) through City Exchange.
Customers will be registered subsequent to City Exchange validating the KYC Documents (Emirates ID/Passport with Valid UAE Visa/GCC ID for GCC Nationals) as per Central Bank of the UAE guidelines, submitted at the City Exchange branches.