UAE Exchange responds to delays in funds transfers from customers

UAE Exchange, one of the largest companies dealing in remittances and foreign exchange in the region, on Thursday said its top traditional markets are performing well but it is facing operational challenges in remitting funds to certain countries because it takes longer time than usual.

The firm said majority of the delayed payments transactions have already been processed.

Owned by the UAE-based billionaire Dr BR Shetty and a subsidiary of London-listed Finablr, UAE Exchange's comments came in response to complaints made by its customers on different online platforms due to delays in funds transfers.

Irfan Shaikh, a customer, said he made two transactions but his funds were not transferred into his account.

"I have made a couple of transactions, one on 6th March and another on 9th March , but no money has transferred into his account and only excused receiving that there is technical issue, and now the customer care call is not getting connect [sic]," Shaikh said on trustpilot.com.

Another user, Monika Patel, who is a new resident in the UAE, said had she transferred funds on February 18 but is unhappy with the service.

"I have called so many times. Every time it's the same excuse, 'it's a technical issue'," she said on trustpilot.com as well.

Richard Evans writes that he transferred money on February 24 but the money has yet to arrive at his UK bank after 17 days. Evans said he had made numerous unsuccessful phone calls to trace his funds.

Industry sources said fund transfers towards traditional Asia and Indian Subcontinent countries are smooth but challenges are arising from transferring funds to G10 countries.

"We continue to see strong traction across our top corridors, including India, Pakistan, the Philippines and Egypt. We are aware that a small fraction of transactions, pertaining to select currencies, are taking longer than usual due to certain operational challenges. Our teams are making all efforts to resolve them at the earliest," a UAE Exchange spokesperson said in a statement.

"The majority of the delayed payments have already been processed and our customer service teams are in touch with impacted customers, keeping them informed of their payments status. We have also taken proactive measures to inform customers of possible delays in these currencies before transactions are initiated," said the statement.

Another user, Deep, said he had very good experience in the past with the firm and regardless of competitiveness of rates, he preferred to remit his funds through UAE Exchange due to trust developed over time.

"[I] sent money on 7th Mar 2020 through bank transfer and the money is yet to be credited in India. After multiple tries lasting 7 minutes or more I was able to raise complaint through their call center number 600 555 550 and got a complaint reference number in SMS. Went in person to branch today and they assured it will be credited on 12 Mar 2020. Seeing the reviews and automated responses - keeping my fingers crossed. If the amount is credited today as mentioned by the customer care adviser - I will consider writing a fresh review/rating [sic]," said Deep on the website.

UAE Exchange said it is working diligently to process all payments as quickly as possible.

- waheedabbas@khaleejtimes.com