Earn Up to AED 800 on Money Transfers with UAE Exchange

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On April 7, 2019, I had written about various money transfer and remittance options from the UAE. I had discussed the size of remittances from UAE and the pros and cons of each option. Further, I had mentioned how exchange houses dominate the remittance market in UAE.

UAE Exchange – one of the exchange houses – is fast emerging as one of the leading providers of remittance services out of UAE. Transfers to currencies such as Indian Rupee, Pakistani Rupee and Phillipine pesos are done at minimum charges. And the exchange rates are one of the most competitive you will get.

Get Cashback on Remittance with UAE Exchange

In addition to the above, UAE Exchange frequently has cashback offers on remittance. Previously, it had multiple cashback offers and promotions during the World Cup Cricket.

The premise is simple. You need to remit above a threshold to get the cashback. This is usually in form of a voucher by Yougotagift.

Yougotagift vouchers can be redeemed across a variety of places (online and offline) and have long validity. Therefore, for me (and possibly for you) they are as good as cash.
These are some of the places you can use these vouchers – Noon, Vox Cinemas, Lulu, SharafDG, Mall of the Emirates, Cleartrip, Babyshop etc. The process is quite simple – you will get a coupon code which you can convert to gift card of your choice.

The present promotion is valid till November 20, 2019 and is called ‘Double Treats’

Send money online at best exchange rates with UAE Exchange

There are four incremental steps to get the cashback

  • If you are a new customer to UAE Exchange, you get AED 100 voucher on your first transfer (of over AED 1,000). You may use my referral link for this.
  • For the fourth transfer you make (all above AED 5,000), you receive voucher worth AED 100
  • For the eighth transfer you make (all above AED 5,000) you receive additional AED 100 voucher
  • Finally, if you transfer more than AED 50,000 within the offer period, you receive voucher worth AED 800

Remember to use the offer code ‘TREATS’ to be eligible to earn the vouchers.

My Thoughts

The present offer is not as good as the one launched earlier in the year. However, this is expected.

If you are a new customer, you can get vouchers of AED 800 for a transfer of AED 50,000. This means an effective cashback of 1.6%. This is impressive for remittance given UAE Exchange’s competitive exchange rates.

My Review of UAE Exchange

Exchange rates at UAE Exchange are always very competitive. This is particularly true for transfers to India, Pakistan, Philippines, Bangladesh etc. For example, at the time of this post, AED to INR transfer can be done at 19.353 which is only 0.3% below mid-market rate. Similarly, AED to PHP transfer can be done at 13.728 which is again 0.3% below mid-market.
My only wish from UAE Exchange is that the process could be faster. My bank does not support direct debit facility but wire transfer takes less than 10 minutes. Still, I have to wait a day for confirmation from UAE Exchange regarding receipt of funds. Then, it is another day for the transfer to be completed.

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