What is LMPAY?
LMPAY is the remittance app by LM Exchange LLC – an exchange house helping UAE residents since 1970 with their forex and remittance needs.
We offer you competitive exchange rates, low transfer fee, quick processing, enhanced security and a friendly customer service team through the online money transfer service. You can also search for our mobile app – LMPAY on the Google Play and Apple Appstore.
Why should I choose LMPAY?
• Great exchange rates, easy usability, convenience & security
• Part of the LM Exchange LLC which has been providing trust worthy and reliable money transfers solution to its customers and has more than 50 years of money transfer experience
• Licensed and regulated by the Central Bank of UAE to ensure your security.
• Wide-reaching network to support your global remittances to over 70+ countries.
• The app is designed with simplicity in mind to provide you with an effortless experience.
• No hidden costs; know exactly what you’re paying for.
OUR NEW LOOK
Why does the app look different? Is this a new look and feel?
As a company and as a community, we are always adapting and innovating to build brighter futures. This change is part of that journey. As we evolve our service and enter a new phase in our digital journey, we want to provide you the best and most convenient money transfer experience through our app – LMPAY. Rest assured, it comes with the same trust and security that LM Exchange has been serving you with from over 50 years.
Can I trust this app?
Your safety is our top priority. We comply fully with all relevant regulations and ensure your funds are safe in line with requirements. We are authorized and regulated by the Central Bank of UAE, and are required to hold sufficient capital to protect our business and further safeguard our customers. If you have any concerns and want to check that it’s really LM Exchange you’re communicating with, feel free to connect with our support team @ +971 800 56 [800(LM)] or email us at customer.care@lm-exchange.com.
OUR SERVICES
What are the ways in which my beneficiary can receive the money?
Bank Transfer/Account credit: Money can be sent directly to the beneficiary’s bank account.
Cash payout: For those who prefer tangible funds, they can collect cash from our partner locations. The Beneficiary can collect the money on presenting a valid (original) photo ID and the 14 digit Transaction Reference number from the payout location.
Mobile wallets: Deposit funds into popular mobile wallets in multiple countries.
What are the ways in which I can pay for the transfer?
Net banking: Simply select your bank, login to your account and pay us using Central Bank’s Payment Gateway Services.
Debit Cards: Pay using your Visa or Mastercard debit cards issued in the UAE.
Where can I send money to?
LM Exchange online offers money transfers to more than 70 countries. You can choose a destination country while adding the Beneficiary. The available receiving options (e.g. bank deposit or cash pickup) vary depending on the country you are sending to.
How much money can I send online?
We have set some limits on the amount of money you can send from your account to ensure your safety. Please note the same mentioned below –
a. Per transaction limit – AED 50,000
b. Transaction Limit to new beneficiary for first 24 hours – AED 3,500
c. Maximum number of transactions allowed to the same beneficiary in a day – 2
d. Maximum number of transactions allowed in a day – 2
e. Maximum number of transactions allowed in a month – 6
f. Maximum monthly transaction limit – AED 150,000
g. Maximum transaction limit using Visa debit card – AED 15,000
h. Maximum transaction limit using Mastercard debit card – AED 3,500
What are charges for sending money online using LMPAY?
LM Exchange charges a nominal transaction fee depending on the receive country and payout service. We believe in transparency and you will be able to see a full schedule of fees for your transaction before you initiate the payment.
What if I have a problem?
Feel free to write to us on customer.care@lm-exchange.com or call us on +971 800 56
REGISTRATION
Who is eligible to use LMPAY?
Any individual above the age of 21, a resident of UAE and holding a valid Emirates ID.
How do I register?
All users need to register on our mobile app – LMPAY.
a. Click on the Sign-Up button on the homepage.
b. Fill in the required details and confirm your mobile number with OTP verification.
c. Scan or upload your valid Emirates ID.
d. Verify your identity with a smile by scanning your face with Emirates Facial Recognition
e. Fill in additional details and verify that the information is correct.
f. Go through and accept the Terms and Conditions.
g. Set a secure 6-digit PIN to login to the app next time.
h. That’s it! Your account will be enabled for transactions soon.
How does this service work?
Money transfers on LMPAY works in four simple steps
• Register on the app., by going through and accepting our Terms and Conditions. You can complete eKYC at your convenience with a simple facial scan.
• Add new beneficiary. Beneficiaries are activated immediately but remittances to new beneficiaries are limited to AED 2,500 for the first 24 hours.
• Select your preferred payment method from the 3 options available.
• Review fees and charges and accept the payment Terms and conditions.
• Complete your transfer by making the payment.
What type of document do you accept in order to verify my identity?
Only a valid Emirates ID can be used to verify your identity.
What does activation of account mean?
To ensure security of your account, we need to know who you are and we activate your account only once your KYC (Know Your Customer) and AML (Anti Money Laundering) requirement checks are met.
After our systems verify your details, your account will be automatically activated for online transactions.
BENEFICIARY
Who is a Beneficiary? How can I add one?
A beneficiary is the recipient of the amount sent by you. A beneficiary can be your spouse, relative, friend, etc. You can also be a self-recipient when you send money to your own bank account.
Please note – A beneficiary cannot be a corporate organization or charitable fund.
To add a Beneficiary
• Login to your account
• Click on the Add New or ‘+’ button in the beneficiaries section
• Fill in the details based to the receive method – bank account or cash pickup
How Can I view or disable a Beneficiary?
To view or disable a Beneficiary
• Login to your account
• Head to your Profile by clicking on the image in the top-left corner of homepage
• Click on ‘My Beneficiaries’
• Swipe right on the Beneficiary to view details
• Click ‘Disable’ at the bottom to disable a beneficiary
I do not have all details of Beneficiary’s bank details?
Some details are mandatory to process the transactions. Missing details can lead to transaction rejection. Please fill in all details carefully to avoid any inconvenience or try cash pickup instead if your recipient has a valid local ID in the receiving country.
PAYMENTS
What are the payment options available?
LMPAY provides 3 payment options –
• Net Banking
• Mastercard Debit card
• Visa Debit card
How does Net banking work?
Make instant payments through your bank account online.
• Login to LMPAY Mobile app and initiate the transfer to your Beneficiary
• Choose the payment option as Net Banking
• Select your bank from the list and click Continue.
• You will be redirected to the Central Bank Payment Gateway page, from where you will be taken to your bank’s login page. Enter your online banking credentials and approve the transactions to transfer the money.
• On a successful transfer, you will be redirected back to the LMPAY app where you will be shown a transaction confirmation page with the transaction number. You will also receive the same details on your email address.
My bank was not available in net banking bank list. Why is that?
If you don’t find your local payment bank, then your bank does not participate in UAE Central Bank’s Payment Gateway system.
How does Debit Card payment work?
Make instant payments through using your Mastercard or Visa debit cards issued by a UAE registered banking institution.
• Login to LMPAY Mobile app and initiate the transfer to your Beneficiary
• Choose the payment option as Mastercard or Visa, depending on the debit card you hold.
• Enter your card details. Please ensure they are correctly entered as inconsistent details will lead to a failure.
• Please note, that credit cards will not be accepted.
• You will be redirected to the payment verification service by Visa or Mastercard. Complete the verification to transfer the money.
• On a successful transfer, you will be redirected back to the LMPAY app where you will be shown a transaction confirmation page with the transaction number. You will also receive the same details on your email address.
My account was debited but my transaction status shows failed. What do I do?
In most cases, the transaction would be unsuccessful. Your bank will refund the amount back to your account. In case of any delays in the refund, please check with your banks customer service or cash management team.
Note: Please check with your bank or LMPAY customer service before you initiate an immediate second transaction. We will warn you with an app popup for all duplicate transactions.
TRANSACTION
Where can I locate the transaction reference number?
The reference number is mentioned in transaction initiated confirmation sent to your registered email address. It is a 14 digit unique transaction reference number.
You can also locate the same by heading to the ‘Transactions’ section available in the bottom navigation bar.
Can I track the status of my transaction?
Yes. You can select the transaction you wish to track to check the status of the transaction. You can also search for the transaction using the search bar located in the ‘Transactions’ section of the app.
Transaction statuses –
• Transaction Initiated – The transaction is in process to the selected beneficiary and we are verifying your payment with the selected payment method.
• Received at LMPAY – We have successfully received your funds and we will now be verifying the details for further processing
• Verifying Details – The transaction is undergoing our standard Compliance and AML checks and will automatically be processed further if everything is in order
• Sent to Partner Bank – We have transferred your funds to the local partner bank for crediting to your beneficiary or making it available for cash pickup
• Received by Beneficiary – The amount has been credited successfully to the beneficiary bank account or has been picked up as cash by the beneficiary
• Transfer Failed – The transfer has failed due to any of the following reasons – payment failure, incorrect beneficiary details, compliance check failure, or due to technical reasons at our end. Please contact our customer care team for further support in such cases.
How long does it take to receive money?
At LMPAY your transfers are our commitment. We disperse the money as soon as possible with every intension of an early credit. Most transfers are credited within the same day and can take a maximum of 72 hours to be credited to your beneficiary. It depends mostly on the country selected, delivery option and mode of payment selected.
Important: A few things that may affect the process such as-
• Delay in recognizing payment from your end
• Beneficiary bank holidays/national holidays/difference in time zone/delivery hours
• Additional information request to meet requirements of regulatory body or your financial institution or your recipient bank for your security
• Payment networks processing hours
• Erroneous beneficiary details
Will I get a confirmation from LMPAY when my transfer is successful?
You will receive an e-mail confirmation when the amount is successfully credited to the Beneficiary. Please head to the transaction details page to check the real-time status of your transaction.
Can I cancel a transaction?
Transactions can only be cancelled before we send the funds to our partner banks for further processing. To cancel a transaction, send an email to customer service from your registered email address.
Cancellation policy will operate owing to requests made and the sole discretion of transaction cancellation rests with LM Exchange. Cancellation charges might apply for any cancellations.
GENERAL
How can I download the mobile app?
The links to download our mobile are available through our company website
You can download the mobile app through the below links as well –
ANDROID – https://play.google.com/store/apps/details?id=com.user.lm_pay&hl=en
iOS – https://apps.apple.com/us/app/lmpay-money-transfers-app/id6444159732
What do I do if I lose/forget my Secure PIN?
• Click on “Forgot PIN” on the homepage (You can locate it right below the PIN entry field)
• Enter your Registered mobile number/registered email ID
• OTP will be issued to your registered mobile number
• Enter the OTP and Click on submit.
• You may now enter and save a new 6-digit PIN of your choice. Please do not share and keep the PIN secure to ensure the safety of your account.
How can I reset my PIN?
• Login to your account
• Go to Your profile
• Click on ‘Settings’
• Click on ‘Reset PIN’
• Enter old PIN and new PIN
• Click on Update
How do I let you know of changes to my personal details e.g. new address Mobile No.?
If your details have changed please contact our Customer Care team with valid ID our team will do the necessary changes in your profile.
What are your security measures?
LMPAY uses the latest 128- bit Secured Socket Layer (SSL) encryption technology, the protocol used by all responsible mobile applications on the internet and prevents any unauthorized person from accessing your account details. LMPAY, at regular intervals, conducts VAPT tests to ensure that the we continue to serve you with a highly secure and tamper-proof application. We also keep your information safe and confidential as mentioned in the privacy policy.
How can I locate the nearest branch?
Check out our branch locator available under the ‘Locate Branch’ functionality in the Support section of the app.
