Key Fact Statement

First Gulf Exchange Center (hereinafter FGEC), established in 1980, provides comprehensive foreign exchange and money transfer services through its branches across the UAE and lastly FGEC offers wage protection system. FGEC operates under the regulatory framework of the UAE Central Bank. Customer agrees and acknowledges the product/service features, pricing, benefits, risks, fees and Consumer’s rights and obligations as detailed in the Key Fact Statement and Terms & Conditions. Also, the provision of any services shall be at the FGEC’s discretion and subject to all applicable terms and conditions, which may be revised from time to time.

Terms and Conditions

1. Our service is offered to adults who are 18 years old and older. The Service must not be used for illegal activities, including for gambling purposes, terrorist financing, fraud or money laundering, or fiduciary deposits.
2. Regulatory Compliance: Buy and sell of currencies are subject to the rules and regulations of the UAE Central Bank.
3. Receipt and Money Counting: Customers must count their money before leaving the counter and obtain a receipt. FGEC and its employees are not liable for any claims or shortages thereafter. First Gulf Exchange has the right to recover any amount paid in excess to the customer due to errors and oversights.
4. Valid ID Requirement: Customer registration is mandatory with valid identification specified by the Central Bank of the UAE for transaction amounts set by the Central Bank of the UAE. The validity of each customer’s registration shall expire upon expiration of the identification provided by the customer or one year from the date the customer was on-boarded. Original valid identification in accordance with the Central Bank of the UAE requirements must be provided while making a remittance.
5. Counterfeit Currency: If counterfeit currency is detected, FGEC will handle it per local regulations, including confiscating the notes and notifying law enforcement. Information about the person who transacted may also be shared with authorities.
6. Currency Exchange: Currency once bought or sold can be returned only with a new transaction at the prevailing market rate.
7. Right to Accept or Refuse: FGEC reserves the right to accept or refuse any part of the currencies tendered without providing a reason.
8. Exchange Rate Information: Exchange rates are subject to change based on market conditions. Rates at the time of the transaction are final and may differ from previously quoted rates.
9. Security Measures: FGEC implements robust security measures to protect customers’ transactions and personal data. Customers should report any suspected fraud or unauthorized activity immediately.
10. Cooling-off period: The cooling-off period does not apply to FGEC products and services. Customers have the right to terminate contracts in accordance with FGEC specified terms and conditions at their own discretion at any time.

Money Transfer Services

1. Regulatory Compliance: Payment processing for any transfer is subject to the rules and regulations of the destination country.
2. Claim Period:Cash and bank remittances are considered paid unless a claim is received by the remitter within 3 months from the date of the remittance.
3. Authorization for Changes : No changes to a remittance will be approved unless signed by the manager and stamped by the company on the original receipt.
4. Accuracy of Information: FGEC will not be responsible for any delays or issues caused by incorrect information provided by the sender. Rectifications will be made upon request.
5. Liability for External Factors: FGEC will not be responsible for fines or differences in the delivery of financial transfers due to war, natural disasters, or any imposed new prices.
6. Final Differences: FGEC will not be responsible for any final differences in price for non-delivery of financial transfers.
7. Ownership upon Notification: The beneficiary becomes the owner of the remittance immediately upon being informed via phone or other means. No one can cancel or return the remittance without the consent of the beneficiary.
8. Cancellation by Remitter: If the remitter wishes to cancel the remittance, FGEC will refund the money at the prevailing rate, only after confirmation from the concerned correspondent that the remittance has not been received by the beneficiary.
9. Compliance with Monetary Laws: UAE and destination country monetary laws will apply to all transfers. Transfers may be delayed, seized, or frozen by authorities if found suspicious. The remitter is responsible for cooperating with FGEC and authorities by providing additional information and documentation. FGEC will not be liable for delays, seizures, freezes, or losses incurred. The transaction may be blocked by any party involved if found suspicious. The sender and beneficiary will be fully responsible for providing necessary evidence and clarification about any query, including the source of fund, to prove legitimacy and legality of the information and fund involved as well as any follow-ups required with the concerned authorities to effect the payment or claim a refund. In such cases, FGEC will not bear any responsibility.
10. Data Sharing Consent: By using FGEC services, the customer consents to share their information and personal data with third parties, including authorized authorities, intermediary banks, and approved licensed service providers.
11. Third-Party Services: If utilizing third-party services (like Western Union), their terms and conditions will also apply. FGEC is not liable for third-party service delays or errors.
    (Website: www.westernunion.com )
12. Service Charges: Details of charges for money transfer services are available on our Branches and may vary based on the product/service and the value of the transaction.
13. Customer Service and Feedback: Customers can provide feedback or file complaints regarding services through our customer support team within 14 days of the transaction. FGEC will coordinate with concerned parties to resolve issues but is not liable for third-party actions. +971527278020

Wage Protection System (WPS) Services

1. WPS Enrollment: Companies must provide all necessary documentation and authorization for enrolling employees in the WPS.
2. Employee Registration: Accurate employee details must be provided by the company for registration. FGEC is not responsible for any discrepancies or delays due to incorrect information.
3. Salary Disbursement: Salaries will be disbursed to employees as per the schedule agreed upon with the company. Any changes to the schedule must be communicated in advance.
4. Compliance: All WPS transactions are subject to UAE labor laws and Central Bank regulations. Companies must ensure compliance with all relevant laws and regulations.
5. Dispute Resolution: Any disputes regarding WPS transactions should be reported within 14 days. FGEC will coordinate with the concerned parties to resolve issues but is not liable for third-party actions.
6. Service Charges: Details of charges for WPS services are available on our website and may vary based on the agreement with the company.
7. Confidentiality: FGEC ensures the confidentiality of company and employee information related to WPS transactions. Information will only be disclosed as required by law.
8. Support and Queries For any inquiries or issues related to WPS, companies can contact our customer support team.

Additional Terms

1. Terms Updates: Terms and conditions are subject to change. Customers can stay updated through our website.
2. Fraud Prevention: FGEC has measures to prevent fraud and money laundering. Customers are responsible for ensuring legitimate transactions. We may disclose customer information if we are required to do so by law, by our financial partners for them to fulfill 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.
3. Notification of Changes: FGEC will notify customers of any changes to the terms and conditions via official channels.
4. Opt-In for Communications: By agreeing to these terms and conditions, customers opt-in to receive communications from FGEC, including transactional, promotional, and marketing material. Customers can opt out of promotional and marketing communication via SMS.
5. Unclaimed Funds: Bank transfers remaining unpaid for over 7 calendar days and cash payout transactions remaining unpaid for over 90 calendar days will be treated as unclaimed funds and refunded as per regulatory guidelines at the time of refund.
6. Cancellation and Refund Policy: Cancellations or Refunds can take up to 30 business days to be processed where accepted and this solely depends on the counterparties which are beyond our control.
7. Data Protection: FGEC protects consumer personal data and maintains confidentiality, disclosing data only to facilitate, administer, and process transactions or respond to law enforcement queries. Customers will be informed of any data breaches through official channels. Your personal information will be treated and processed securely and strictly in accordance with applicable data privacy and protection laws and regulations.

For any inquiries and details on these terms and conditions, products, and services, please visit our website (www.firstgulfexchange.com) or contact us at +9714 399 4422 or Customer.complaints@firstgulfexchange.com

Warnings

1. Additional fees may be levied by the correspondent bank/financial institution or entity providing financial services to the beneficiary of remittances.
2. Penalties and fees may apply if there is a customer error or omission in providing correct or complete information for remittances.
3. Any amendments or re-issuance of the remittance transaction requested by the customer for any reason will be subject to our regular charges and settlement of any rate differences, if applicable.