Company Profile
Introduction
Universal Exchange Centre is a foreign currency EXCHANGE & REMITTANCES business entity, commenced its operations on 8th April 2006. The company registered in Dubai – U.A.E., regulated by Central Bank of the UAE and licensed in premium category “C” permitted to carry the following activities:
- Foreign currency exchange.
- Remittance operations.
- Import and Export of Bank Notes
- Payment of Wages (WPS).
The company has been established – TO SERVE CUSTOMERS NEEDS EFFICIENTLY and gained the status of a reputable and trusted institution within the relatively short time span with monthly business volume of USD 250(M). Since inception, the organization has attained a fledgling name in the UAE exchange market with positive objectives and foreign currency trading expertise coupled with diversified business & remittance products under its professional network.
Universal Team
In order to run the operations efficiently, the management has embodies a team of professionals possessing vast experience in their respective fields, e.g.; Financial control, Treasury, Money exchange, Remittance, WPS and customer services etc.
Vision
The management has medium to long term plans to transform the company into a leading non-banking financial institution. The vision is clear; with the aim to build the institution as one of the leading Remittance service providers and Bank Notes solutions. Following would be the focal points to achieve this:
- To earn the right to be our customers’ first choice by providing them the highest quality of service.
- To develop a sound team with the highest credentials.
- To earn reasonable commercial profitability.
- To gain and maintain a reputable name in the industry.
Operational Attributes
Besides the Remittances and WPS business we are one of the leading importers and exporters of bulk Bank Notes globally.
The operations are equipped with advanced IT set up that serves the customers at the representative desks along with the supporting various departments. The advanced system also facilitates our clientele throughonline speed remittances services. With the latest EDP/MIS system, the company spares no effort to ensure that the customer’s funds are in safe hands. Reputation for reliability, quality, accuracy, fast service, trained personnel’s and local/international network, through swift mode of operations and competitive rates are more than any customer can expect – all under the same roof.
We are member of SWIFT and our BIC code is: UECEAEADXXX, however, transactions are transmitted as per convenience of the respective correspondent associates’ IT systems/modules.
Global Correspondent Banking Relationships
Besides global correspondent arrangements with 40 Banks/FIs e.g. India, Pakistan, Bangladesh, Philippines, Nepal and Sri Lanka etc. for speed remittances/IMTS we have tie-ups with Western Union and U Remit International Corp. Canada.
Local Banking Arrangements
In addition to the Account with Central Bank of the UAE for local payments through UAEFTS system we have accounts with other banks in the UAE.
AML/CFT Compliance
Although one of our major objectives is to improve the economic activities of the company by providing excellent services to its retail, corporate and institutional clientele. We would not compromise on the delicate issues of compliance, due diligence and KYC/CDD in order to achieve the commercial objectives.
It is our policy across the board to deal with reputed customers. The institutional customers are expected to be the main stream of our operation, and the aspect of KYC/CDD is easily applicable in this sector. All such customers would be properly covered through the maintenance of leading customers’ profile. Records for the retails customers will also be taken care as per guidelines of regulatory authority.Our business continues to evolve, both in terms of the global electronic connection with the intermediary banks as well as the increasing sophistication of remittance methods,which will likely to facilitate number of matters, amongst which is money laundering operation via the international electronic network. We consider it extremely important to ensure that monies earned by illegal activities are not run through our operational system which may benefit the criminals, irrespective of where the crime was committed. One of our major focuses is to always be properly equipped with the system for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT). We have taken enough measures for AML/CFT implementation as per Central Bank of the UAE directives.
Hence, for all the inward and outward transactions, we have an In-House customized software integrated with Dow Jones to monitor sanction and embargo lists from around the world, including lists such as OFAC, UN, UK HMT, EU, OSFI, FATF and the Australian DFAT on REAL TIME basis. In addition to the sanction and embargo lists, Dow Jones also monitors regulatory and enforcement lists along with lists of debarred and banned parties.
Mission Statement
The management has successfully transformed the company into one of the leading non-banking financial institutions. The mission is quite clear; to propel to the caliber of one of the leading Exchange Houses in the country. The core objective is to serve the Expatriate Communities and to contribute into the fast growing FINANCIAL SYSTEM of the country. Following are the primary goals:
- To further equip with the latest technology.
- To develop a sound team members with the highest credentials.
- To serve the community with the aim to provide an excellent service base.
- To groom staff in the sensitive areas such as AML/CFT, KYC/EDD and Customer Service.
- To earn and maintain a reputable name in the INDUSTRY.
- To earn reasonable commercial profitability.
Products
The company has incorporated product diversity for its retail and wholesale customers. As an exchange house, the company offers the following major services to its valued customers:
- Cash Currency transactions at Retail and Wholesale levels. All major currencies are being exchanged under this offering.
- Payment services to the customers through various conventional and advanced technological products. These cover DDs, TT’s, Fast Electronic modes and instant payment systems and various other new operations.
- Bank Notes Trading. (Import and Export of Bulk Foreign Currency shipments)
- Remittances through most reliable and reputed modes e.g. Western Union, RTGS/NEFT etc.
- WPS – Prompt payment of salaries under wages protection scheme.
The objective of the company is to enhance its network of correspondent arrangements with the leading banks and non-banking financial institutions. To represent the external institutions whose products are available at the counters for the company’s valued customers according to the formal BUSINESS AND SERVICE LEVEL AGREEMENTS.
Following are the key points:
- To develop remittance arrangements with the leading Institutions.
- To enter into local arrangements to make payments through their resources.
- Bank Notes Trading. (Import and Export of Bulk Foreign Currency shipments)
- Prompt payment of salaries under WPS system.
Market Penetration
We have entered into the market with long term objectives. The key result areas that have to focused are as follows:
- An experienced and efficient Business Development/Marketing team runs campaigns on a regular basis.
- The senior management conducts meetings with the clients regularly.
- Offering highly competitive pricing.
- Providing an excellent service to support the mission.
- An efficient IT based system.
Proper follow up of Sales/Marketing and operational issues.
Our Branch Locations
1) Main Branch: Shop: 7/8, Al Wasl Bldg. Opp: Khaleej Hotel, Baniyas Road, Deira, Dubai – U.A.E.
2) Sharjah Branch: Shop: 5/11, Rolla Building, Near Rolla Mall, Al Arooba Street, Sharjah – U.A.E.
3) Ajman Branch: Shop No.16, Khalfan Building, Industrial Area-2, Lucky Round About, Ajman, U.A.E.
4) Abu Dhabi Br: Shop No.41, M3/7-SH41, Near NBQ Bank, Musaffah Industrial Area, Abu Dhabi, U.A.E.
5) Al Quoz Branch: Shop No.6, Ground Floor, Hassan Ali Ali Bhai Muhammad Ali Bldg., Opp: Gift City, Al Quoz Industrial Area-3, Dubai-UAE.
6) Al Jurf Branch: Shop No.20, Dana Complex, Opp: Lucky Centre, Jurf Industrial Area-1, Ajman, UA.E.
7) Al Muhaisna Br: Shop No.2 & 3, Ground Floor, Abdul Aziz Ali Abdulla Building, Near Gift City, Al Muhaisna Industrial Area – 2, Dubai-UAE.
Contact Us
Universal Exchange Center,
(Management Office)
Office No 203 Al Wasl Building,
Baniyas Square 14-Street, Opp. Al Khaleej Hotel,
Deira, Dubai, United Arab Emirates
Tel: +971 4 2288810
Universal Exchange Center
(Deira Branch)
Shop No 7 & 8, Al Wasl Building, P.O.Box: 82471,
Baniyas Square 14-Street, Opp. Al Khaleej Hotel,
Deira, Dubai, United Arab Emirates
Tel: +971 4 2288810
Universal Exchange Center
(Sharjah Branch)
Shop No 5 & 11 Al Aruoba Street,
Next to Rolla Mall, Rolla,
Sharjah, United Arab Emirates
Tel: +971 6 5639573
Universal Exchange Center
(Ajman Branch)
Shop No.16, Khalfan Building,
Industrial Area-2, Lucky Round About,
Ajman, U.A.E.
Tel: +971 6 7455001
Universal Exchange Center
(Abu Dhabi Branch)
Shop No.41, M3/7-SH41, Near NBQ Bank,
Musaffah Industrial Area,
Abu Dhabi, U.A.E
Tel: +971 25555807
Universal Exchange Center
(Al Quoz Branch)
Shop No.6, Ground Floor,
Hassan Ali Ali Bhai Muhammad Ali Bldg,
Opp: Gift City, Al Quoz Industrial Area-3, Dubai-UAE
Tel: +971 43882337
Universal Exchange Center
(Al Jurf Branch)
Shop No.20, Dana Complex, Opp: Lucky Centre,
Jurf Industrial Area-1, Ajman, UA.E.
Tel: +971 68860720
Universal Exchange Center
(Al Muhaisna Branch)
Shop No.2 & 3, Ground Floor,
Abdul Aziz Ali Abdulla Building,
Near Gift City, Al Muhaisna Industrial Area – 2, Dubai-UAE.
Tel: +971 42201631
csd.hrc@universalexchange.net
complaints@universalexchange.net
wps_support@universalexchange.net