Review: UAE Exchange Australia international money transfers
Get competitive exchange rates when you send money overseas or exchange foreign currency with UAE Exchange.
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- Sending to a wide range of destinations
- Bank transfers and cash pick-ups
- Competitive exchange rates
- Travel money
Not so great for
- Fee transparency
UAE Exchange has rebranded to Unimoni
In Australia, UAE Exchange was rebranded to Unimoni Australia in 2018. Money2Anywhere, the online money transfer facility available through the UAE Exchange website, has also moved under the Unimoni umbrella.
UAE Exchange rates and fees
When you send money overseas with UAE Exchange, there are two costs you'll need to consider: the exchange rate margin (the difference between the mid-market rate you see on Google and the rate quoted to you) and the transaction fee. However, fees vary depending on where you are sending the money and the type of transfer you select.
UAE Exchange allows you to send money to more than 190 countries around the world. The company also offers a foreign exchange service which customers can use to buy and sell foreign currency. Some of the currencies UAE Exchange supports include:
- GBP British pound sterling
- CAD Canadian dollar
- CNY Chinese yuan renminbi
- EUR Euro
- FJD Fijian dollar
- INR Indian rupee
- IDR Indonesian rupiah
- JPY Japanese yen
- NZD New Zealand dollar
- SGD Singapore dollar
- THB Thai Baht
- USD US dollar
What types of transfers can you make with UAE Exchange?
UAE Exchange offers multiple transfer options when you want to send money overseas:
- Online money transfers. UAE Exchange offers online money transfers through Unimoni. This service allows you to send international bank transfers as well as cash pick-up transfers.
- Telex transfers. UAE Exchange offers telex transfers so you can send money to bank accounts in countries all around the world.
- Instant bank transfers. UAE Exchange's FLASHremit service is designed to offer fast transfers to your recipient's bank account. This transfer option is only available for selected countries.
- Instant cash transfers. UAE Exchange is an authorised agent to provide the services of MoneyGram and Xpress Money, allowing you to send cash pick-up transfers to hundreds of thousands of collection locations around the world.
However, now that UAE Exchange has become Unimoni, Australian customers should check out our Unimoni review to find out about the transfer options available in Australia.
Find out more about buying foreign currency
How long does a transfer with UAE Exchange take?
Transfer times vary depending on the transfer method you select and where you are sending your money.
For example, while cash payout transfers can be available for your recipient within minutes, bank transfers can take two or three business days.
What payment methods does UAE Exchange accept?
Once again, the payment methods available from UAE Exchange are dependent on the type of transfer you want to send. However, please note that not all payment options will be available in all countries.
For example, if sending an online transfer via Unimoni, you can pay via Internet banking transfer, POLi Payments or BPAY.
Is UAE Exchange safe to use?
- Security and regulation: Australian arm of global brand regulated by ASIC and registered with AUSTRAC
- Established: 1980
- Number of customers: 15 million
- Reviews: Trustpilot gives UAE Exchange a score of 9.4 out of 10, based on over 6,700 reviews*
- Global presence: 31 countries
Unimoni Pty Ltd (formerly UAE Exchange Australia Pty Ltd) is regulated by the Australian Securities and Investments Commission (ASIC). It is also listed on the Australian Transaction Reports and Analysis Centre's (AUSTRAC) Remittance Sector Register, which businesses must be on if they want to offer remittance services in Australia. Unimoni is part of UAE Exchange Group (UX Holdings Limited), which operates under the laws of Dubai International Financial Centre.
As for the safety of your money when you send an overseas transfer with UAE Exchange, the security measures in place depend on the transfer method you choose. For example, the company claims that the Unimoni website uses the latest 128-bit SSL encryption technology and that personal and transactional data is kept safe and confidential.
How does UAE Exchange make money?
Like many other international money transfer services, UAE Exchange makes money in two ways:
- By charging transaction fees
- By adding a margin on top of the mid-market exchange rate
How to register an account
If you want to send an online money transfer with UAE Exchange, you'll need to register for an account with Unimoni.
How do I make an international money transfer with UAE Exchange?
In Australia, UAE Exchange's international transfer service is offered under the Unimoni brand name. Here's what you'll need to do to send a transfer:
- Navigate to the Unimoni website and log in to your account.
- Select the type of transaction you want to send: bank transfer or cash payout transfer.
- Enter your recipient's name, contact details and (if sending a bank transfer) bank account details.
- Enter the amount and currency you want to send.
- Select your payment method.
- Review the exchange rate and fee before clicking "Send".
What is UAE Exchange?
UAE Exchange is a global provider of remittances, foreign exchange and payment services. The UAE Exchange group was founded in 1980 and is headquartered in Abu Dhabi. It operates in more than 30 countries around the world and its services have been used by 15 million customers.
While this review focuses largely on UAE Exchange's international transfers, the company also operates a well-known foreign exchange service for travellers who need overseas currency. UAE Exchange has more than 800 branches around the world where customers can buy and sell all major currencies.
In Australia, UAE Exchange and its online transfer service, Money2Anywhere, rebranded to become Unimoni in 2018.
In a nutshell
- Established brand. UAE Exchange was established in 1980 and has a presence in more than 30 countries around the world.
- Choice of pick-up methods. You have the convenience of sending either a bank transfer or a cash pick-up transfer.
- Competitive exchange rates. UAE Exchange typically offers better exchange rates than the major banks.
- Foreign exchange service. UAE Exchange is also a well-known provider of foreign exchange services for international travellers looking to buy and sell major currencies.
- Limited fee information. If you want to find out what transaction fee will apply to your transfer, you'll need to sign up for a Unimoni account first.
How does UAE Exchange compare to other providers?
Want to see how UAE Exchange stacks up against the competition? Check out the table below to compare exchange rates, fees and transfer times across a range of leading money transfer services.
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