Terms and Conditions
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time, as and when we deem fit.
TERMS AND CONDITIONS
The following Terms & Conditions govern the Services offered by Omda Exchange, in the territory of United Arab Emirates for residents
of the country. The General Terms & Conditions for the in-branch services (Branch Services) (“General T&C’s”) with Omda Exchange
read and accepted at Branch outlet as part of registration process will continue to be applicable except only where such Other Terms &
Conditions are in conflict with these Terms & Conditions (“T&Cs”), in which case this T&C shall prevail. FOREIGN CURRENCY
PURCHASE & SALE : Important Notice: Currency once bought or sold can be returned only with a new transaction at the prevailing market
rate. Please count your money before leaving the counter and obtain a receipt for your transaction. Neither Omda Exchange nor its employees
will be held liable for any claims or shortages thereafter. Omda Exchange has the right to recover any amount paid in excess to the customer
due to errors and oversights.
TERMS & CONDITIONS FOR ALL TRANSFERS & SERVICES:
I/ We hereby confirm that the Source of Funds is not from any predicate offence and the purpose of transaction is not to finance
any kind of terrorism/ money laundering activity.
All information related to the parties involved, customers and their transactions are subject to regulatory reporting and are
committed to applicable due diligence measures advised by the Central Bank of the UAE. In the event of any regulatory
requirements/Investigation/audits customer undertakes to provide Omda Exchange relevant supporting details/documents on
demand without any delay.
Omda Exchange reserves the right to hold, investigate or cancel the transactions if it's deemed not in-line with the profile
provided by the customer or if the customer fails to furnish K.Y.C details. Omda Exchange cannot be held responsible for any
losses or liability for any such delays.
Omda Exchange or its owners/management/employees cannot be held responsible for circumstances beyond the control of the company
(Including but not limited to the acts of Force Majeure and/ or technical computer breakdowns, and/or Computer Virus within our
company and/or any correspondent) delays the transfer. Omda Exchange will not be responsible for any losses or liabilities that
arise to the customer due to such events.
To avoid any delays / cancellation of the transaction due to compliance reasons, custom- ers are advised to provide all relevant
details of the transactions and of the parties involved (including the owner details in case of corporate remittances) while
executing the transaction.
In case of any enquiries or investigations from Omda Exchange or by its correspondents, or by regulatory and non-regulatory bodies
locally or internationally the customers are obliged to provide any and all information with all legitimate supporting documents of
the business transaction. The queries are not limited to the transaction with Omda exchange but also to any other business transaction
of the remitter. Such request may occur post transac- tion dates. Customer/institutions should agree to co-operate and provide such
supporting documents within 12 hours after the demand is raised.
The customer also agrees to provide Omda Exchange the details of the clients with whom they deal with, in case of any investigations
by the concerned regulatory authorities either locally or internationally.
I thus unconditionally authorize the sharing of my personal and transactional data by Omda Exchange with its correspondent
agents, banks, and other third parties.
Customers should provide original identification document such as Passport with valid visa, Emirates ID or GCC ID for processing the
transaction. A copy of the identification document will be kept in our records as per KYC policies. In case of any enquiries about
the transaction or of the customer from regulatory authorities, Omda Exchange reserves the rights to share the copy of identification
document with the investigative agency without approval from the customer.
For all high value transactions, customers must provide relevant supporting documents at the time of making the transactions, failure to
provide the relevant documents may lead to rejection of transaction and of the rates booked for executing the transaction.
Omda Exchange reserves the rights to process the remittance transactions through its own agents or correspondent networks and banks
directly or indirectly.
In case of any refunds, Omda Exchange has the rights to avail the necessary charges incurred for the transactions including that of
the correspondent networks. Refunds for Foreign Currency exchange or Remittance transactions will be made only at the buying rate of
the day or the original rate at which the transaction was made, whichever is lesser. The reclaim shall only be for the principle
amount (excluding charges) and will not exceed the original amount paid by the customer at any circumstances. The amount would be
refunded only after confirmation from the correspondent involved and the process might take up to 7 business days.
Cancellation of a transaction can only be processed once the customer produces the original receipt and identification
document at the counter. Transactions will not be refunded to a third party under any circumstances even with an authorization
letter by the actual sender. Procedures follows Cancellation of transaction by Customer request:
(a) We have our established procedure to handle these Cancellation process;
(b) Once we get the cancellation request or complaint from customer, it will register in complaint register;
(c) FLA were escalate it to the Branch Manager and follows to the Processing Department;
(d) The Processing Department varies the request with correspondents' banks and our accounts department;
(e) Fund returned mail will send to the branches and FLAs were initiate the stop payment request and the request
should approve by the Processing department;
(f) After the Stop payment, the FLA will refund the Transaction and Cash will return to customer at same time;
(g) Omda Exchange will not deduct the charges, if the cancellation done due to our Internal or Technical Issues;
(h) Omda Exchange will deduct the charges, if the cancellation done due to customer request.
Customers have to ensure the correctness of the transaction and are advised to verify the details on the receipt
before leaving the counter. Upon signing the receipt, the customer confirms and acknowledges the correctness,
authenticity and legality of the details and will be held responsible for the same.
The remitter thereafter will be fully liable for any ins and outs which are not limited to
(d) Errors or Negligence;
(e) Fraudulent cases.
Customers are advised to count the cash before leaving the counter and ensure to obtain a receipt for the transaction
conducted. Neither Omda Exchange nor its employees will be held responsible for any claims or shortage thereafter.
Omda Exchange reserves the right to recover any amount paid in excess to the customer due to errors or oversights.
Omda Exchange reserves the rights to change its service Terms & Conditions or products or business decisions without
any prior notice to the customer.
Customers are advised to proceed with the transaction only after obtaining full and thorough Information on the products,
services, rates or any changes on the system or process of Omda Exchange. The staff or management of Omda Exchange cannot
be held responsible for delays in payouts or any other issues thereafter.
For remittance made by non-personal clients, Omda Exchange reserves the right to decline the transaction in case the representative
authorized to sign the document do not tum up in person.
For Remittance, Customers are Advised to Confirm, if there is any Backend Charge may Deduct by Beneficiary Bank while
Transferring the Money and Agree the Same. Find the below current Backend Charges;
BACK-END CHARGES (PHILIPPINES)
|1 - 50,000
|50,001 - 75,000
|75,001 - 100,000
|100,001 - 125,000
|125,001 - 150,000
|150,001 - 175,000
|175,001 - 225,000
|225,001 - 275,000
|275,001 & Above
|100 PHP - ALL BANKS
LAND BANK - PHILIPPINES
LAND BANK DIRECT
LAND BANK TO OTHER BANK
LAND BANK - CASH PICK UP
UP TO 50,000/- PESO
Funds involved in any money transfer transaction shall be treated as unclaimed funds under the following conditions and those unclaimed
funds shall be refunded by Omda Exchange.
In the event of any of the above scenarios, Omda Exchange shall ensure that unclaimed funds are assessed, documented, monitored
and disclosed on a monthly basis.Further, Omda Exchange shall constantly try and communicate with its customers with regard to the
refund of the Unclaimed Funds via the contact information provided by the respective customers during the time of transaction.
The funds involved in an outward money transfer to a bank account, whether local or foreign, will be considered as unclaimed funds
if Omda Exchange fails to pay it back to the respective customer within seven (7) calendar days upon cancellation of that transaction
by the remitter or upon being returned by the beneficiary bank as it could not credit the beneficiary’s account for various reasons.
The funds involved in an outward remittance via an instant money transfer service provider or any other financial institutions to
be paid to the beneficiary in cash will be treated as unclaimed funds if the beneficiary fails to collect the funds within ninety
(90) calendar days from the date of transaction.
Inward remittance transaction for which Omda Exchange has received the settlement funds from a foreign correspondent will be treated
as unclaimed funds if it is not paid to the beneficiary within thirty (30) calendar days from the date of receiving the payment
instruction unless it is refunded to such foreign correspondent.
WPS Funds held by Omda Exchange against the WPS SIF File rejected (due to errors in the SIF File) by the Central Bank must be
classified as unclaimed funds if the client (i.e. the employer) fails to provide the correct file to Omda Exchange within five
(5) business days from the date of rejection.
“Cooling off Period-The customer understands that this transaction requires immediate implementation and hence the customer
agrees to waive the cooling off option for the transaction to occur.”
We will acknowledge Customer complaints within 2 business days via SMS or email and strive to respond to customer
complaints within an estimated average of 7 to 10 business days.
WPS Charges applicable are as below.
(a) Registration Fee: 50/- AED
(b) File Processing charge : 15/- AED
(c) Per Employee Charge: Minimum 5/- AED to Maximum 8/- AED
(d) Annual Charge: 100/- AED
(e) ATM CARD Charges: 3/- AED
I/We also acknowledge that I/We have an understanding of the product/service, pricing, risk, fees and consumer
rights and obligations as detailed in the Key fact statement.
For - Inquiry, Suggestions and Complaints:
/ Phone: 026222777
/ Mob: 0547023471