1. Preamble:

These terms and conditions apply to and control your access to and usage of the LM Exchange Online website or Mobile application and the services it offers. It’s crucial for you to read and comprehend these terms and conditions before accepting them. They include restrictions on what we are obligated to do for you and exemptions from our liability in case you experience a loss while using our services. LM Exchange is regulated by the Central Bank of the United Arab Emirates (UAE). These terms and conditions are subject to UAE laws. If any dispute arises concerning these terms and conditions, the courts of Dubai will have exclusive jurisdiction.

2. General Provisions:
The terms and conditions set forth herein govern all the transactions between LM Exchange, based in the United Arab Emirates (“LM Exchange” or “We” or “LME” or “LMEX”), which expression shall include its successors and assigns, and the person transacting with LM Exchange.

The following Terms and Conditions govern your access to and use of our website (referred to as “the Website”) and mobile phone application (referred to as “the Application”), which enable you to perform money transfers (referred to as “the Service”).

You acknowledge and agree that the English language version of these Terms and Conditions is the legally applicable version for all languages. Any other versions we provide in different languages are for reference only. Any dispute or claim arising from or related to these Terms and Conditions or their content (including non-contractual disputes or claims) will be interpreted based on the English version exclusively.

It’s crucial to understand that your access and use of the Service are contingent upon your acceptance of these Terms and Conditions. You can request a copy of these Terms and Conditions via email at any time. To do so, please send an email or download it from

Please be aware that these Terms and Conditions are subject to occasional changes at the sole discretion of LME.

3. The Terms and definitions used in our Terms and Conditions:

Know Your Customer (KYC): The process of understanding or verifying the details, including but not limited to the identity of the customer or beneficiary, the transaction, etc.

Source of Funds (SOF): The source of the money that is being used to fund the transaction.

Forex: Trading of currencies against each other; for instance, the US dollar against the AED.

Force Majeure: Explains those unmanageable events (such as war, an act of God, or extreme weather) that are not the fault of any party and that make it challenging or impossible to carry out regular business.

Freezing or Frozen: Temporary attachment over the moving, conversion, transfer, replacement, or disposition of funds in any form, by an order issued by a competent authority.

Confiscation: The permanent expropriation of private funds, proceeds, or instrumentalities by an injunction issued by a competent court.

Partners: This includes legal entities including but not limited to correspondent banks, pay-out agents, money transfer organizations, etc., with whom LME has agreed upon the successful completion of a money transfer service.

Intermediaries: Entities involved in completing a remittance transaction.

Bank Card: means a Visa or MasterCard debit card issued by a licensed bank in the United Arab Emirates.

Card Issuer: refers to the bank that issued the debit card.

Sender: the person initiating a money transfer using the LME Online Service.

Transaction: means every money transfer that you initiate using the Service and / or every other use that you make of the Service.

Month: 30 days prior to the date of the present transaction.

You / Your: refers to anyone using the LME Online Site or Service, whether as a Sender or Receiver.

4. Your obligations and Understanding:

• You must be at least 21 years old to use the Service.

• When making a transaction, you must pay the total amount and charges in AED (United Arab Emirates Dirhams) as indicated.

• You need to follow these Terms and Conditions and obey all relevant laws and regulations. When registering and using the Service Provider accurate and current identification and any necessary information.

• Give us the information and documents required for processing your transfer and complying with all legal requirements.

• Keep your information up-to-date and truthful.

• Do not use the Service for any illegal purposes or try to compromise the security or functionality of the Website and / or the Application. Also, do not introduce harmful code.

• You are allowed to have only one registered account with us.

• Use the Service to send money to people you personally know.

• Transactions originating from your mobile or web browser, using your User ID and password / PIN, will be considered your responsibility, regardless of whether you initiated them or not.

• You are accountable for any losses resulting from unauthorized transactions if your credentials are compromised. LME cannot be held liable for any such losses.

• Engaging in illegal or improper use of digital channels, whether by you or another party, which may lead to the suspension of your account by LME.

• You should be aware that the internet and email are not entirely secure or error-free means of communication. There are inherent risks associated with transmitting information via email and the Internet.

• It’s important to acknowledge that no technology is entirely foolproof or tamper-proof, and it’s impossible to stay updated with all the latest technological developments at any given point in time.

Upon submitting the transaction execution request the customer confirms / acknowledges the following:

• The correctness, authenticity, and legality of data / information provided to conduct the transaction.

• Read, understood, and accepted the terms and conditions applicable to the respective transaction.

• The identity and address of the parties in the transaction including their legal entity are confirmed and the funds involved in the transaction are not generated out of or used for any money laundering purposes or funding any terrorist activities or any of their illegal purposes.

• The total amount of the transaction will be rounded to the nearest multiple of 25 fils (AED 0.25)

• Provide additional documents / information relating to the transaction as and when requested by LME.

• Acknowledged that the customer is fully aware of the Conflict of Interest and agrees to proceed with the transaction.

• When we convert currencies as part of the Service, we use our exchange rate, which we’ll indicate on the website / online during the transaction. We can change our exchange rate without any prior notice.

• Some countries have rules on the minimum and maximum amounts that can be sent through our Service.

• If you commit fraud or break the Terms and Conditions, you’re responsible for any losses we face.

• If you think a transaction didn’t go as planned or the recipient didn’t get the full amount, contact us right away at 800LM (80056) or or walk into our nearest branch.

• Agree to LME sending out communication related to products, promotions, exchange rates, and offers through SMS / Email / Call. If you are not in agreement with this, please call 80056 (800LM) to opt out.

• LME is free to use the services of any partner of its choice to complete a transaction.

• A transaction constitutes the right to LME to disclose data / information regarding the respective transaction with its partners and authorized agents to complete the transaction and to abide by their internal policies and regulations.

• LME will be responding to queries received from regulators, government bodies, and partners with or without reference to the customer.

• LME only collects customer / transaction data for a lawful purpose that is directly / indirectly related to the licensed activity of LME. Failure to provide required data or information by the customer may result in refusal of the stated service or the customer may be subject to legal consequences, if any.

• To maintain the safety / privacy / security of the transaction(s), the customer should not disclose the information about the transaction including but not limited to the reference number or value of the transfer to any other party other than the intended beneficiary.

• LME is not liable for any delay / hold to a transaction imposed by the competent authority / service provider / correspondent bank based on their internal policies or regulatory guidelines.

• LME is obliged to retain information about the customers and the transactions up to 5 years from the date of the transaction or after the termination of the customer’s relationship with LME or as required by the applicable law and regulations.

• Withdrawal of any expressed consent by the customer shall be communicated in writing, and such a request may take 30 calendar days to complete by LME.

• LME shall not be liable to the customer for any loss, damage, or delay attributable in whole or part to action by any government, partner, agency, or other force majeure without limitation, strikes, industrial action, technical failures, or interruption of power supplies, etc;

• LME has the right to deactivate the customer profile due to insufficient or inaccurate information provided by the customer and matters related to AML compliance policies and procedures. Customers may or may not be intimated about such deactivation. LME will not be liable for any consequences arising out of such deactivation. Customers can request profile activation by visiting the LM Exchange branch and completing the reactivation procedures.

• The products and services offered by LME are subjected to adherence to the regulations and policies laid down by the LME, its partners, and third-party agents involved in completing the transaction and by their regulators.

5. Remittance Product Specific:

• Remittance transactions are considered executed and delivered unless a claim is received within 90 days from the date of the transaction.

• For remittance transactions, the beneficiary account will be credited by the bank based on the account number and / or IBAN only as per the policy or regulatory guidelines wherever this condition is applicable.

• Transaction data, including the remitters and beneficiary’s details in full / partial, is shared with partners who are involved in completing the transaction. LME shall ensure the confidentiality of the transaction data, including when it is held, accessed, or used by authorized users and agents.

• Amendment / Cancellation / Re-issuance of a remittance transaction is subject to a Service fee as applicable.

• The remittance transaction is subject to applicable laws & and regulations of the UAE and the countries involved in transmitting the fund. If a transaction is blocked, held, or rejected by LME or intermediaries involved based on the applicable laws and regulations, the sender / beneficiary is responsible for providing the necessary documentation or clarification as required.

• Applicable policies and procedures, fees / charges of the partner, regulator, and third-party agents apply.

• Where the transaction needs to be cancelled and refunded to the customer (due to the request made by the customer), the refund amount will be computed based on the forex rate applied in the original transaction or the prevailing forex rate, whichever is lower. The commission amount won’t be refunded to the customer in this case.

• All refunds would be made in AED only.

6. Notifications:

LME is authorized to transmit specific and timely notifications through various channels, including email, pop-up screens on your mobile device or web browser, and SMS. It is understood and agreed that these notifications may experience delays or be obstructed by factors that affect the service provider and other relevant entities. We cannot assure the precise delivery, timing, or accuracy of these notifications.

7. Online Payment:

7.1 Payment with online banking
• Online banking is facilitated through integration with payment gateways, such as UAEPGS by the Central Bank of UAE. This gateway ensures a secure connection to the bank’s portal, where customers can log in and finalize their payments.

• It’s important to note that transactions made via online banking are not instantaneous, however, they will be promptly processed once we receive confirmation of funds from the payment gateway.

• When using online banking for transactions, customers need not take any further action. They will receive notifications via SMS and email, confirming that the transaction is in the process of being completed.

• LME shall not assume responsibility for any charges imposed by the payment gateway for conducting the transaction.

7.2 Payment via Debit Card
• We exclusively accept online payments through Visa and MasterCard debit cards issued in the UAE, with transactions being conducted in AED currency.

• It is imperative to use your own card for payment, as transactions carried out with third-party cards may be subject to rejection.

• For added security, all card payments are processed through our trusted payment provider using a hosted payment page. We do not retain any card information. The application redirects the cardholder from the merchant’s website to a separate and secure webpage, where customers can enter their confidential and sensitive payment details.

8. Transaction Limit:

8.1 Bank Transfer Limits:
• A maximum transaction limit of AED 50,000 applies for each bank transfer.

• Monthly transactions are capped at AED 150,000.

8.2 Beneficiary Restrictions:

• Up to 2 successful transactions to the same beneficiary can be made in a single day.

• A maximum of 2 successful transactions can be executed per day.

• A maximum of 6 successful transactions can be carried out in a month.

8.3 Debit Card Transaction Limits:

• When using a MasterCard, the transaction limit is set at AED 3,600.

• For VISA card transactions, the limit is AED 15,000.

8.4 New Beneficiary Limit:

• For the first 24 hours after adding a new beneficiary, the transaction limit is AED 2,500. The limit will be then be increased after 24 hours.

9. Transaction History:

Within the scope of our digital channel services, a transaction history is accessible for viewing. However, it’s important to clarify that this information is furnished solely for reference and should not be regarded as legally binding evidence of transactions. The listed transactions may not offer a comprehensive or entirely accurate account, owing to variances in the customer’s profile information over the course of their association with LME. For a formal statement of transactions conducted at LME, a request should be made directly to an LM Exchange branch.

10. Transaction Status:

10.1 Initiated
The transaction has not yet been processed by LME. For fund transfers via the bank, we are awaiting the receipt of funds in our account to process the transaction. The “Initiated” status is temporary and may eventually become “Completed”, “Rejected” or “Expired”.

10.2 Payment received:

Payment received through the remittance mobile app is money received electronically via payment channels for secure cross-border transactions. This is subject to the LME’s terms and conditions.

10.3 Transmitted:

Transactions have been processed by LME but do not guarantee credit or receipt by the beneficiary. To check the credit status, please inquire through the “Contact Us” page by providing the transaction reference number.

10.4 Failed Transaction:

These statuses indicate that the transaction has not been processed and will not be processed due to non-receipt of payment. or money transfer attempt initiated by a user through the mobile application that, due to various reasons, does not successfully result in the intended fund transfer to the designated recipient. This may occur due to issues such as insufficient funds, technical errors, incorrect recipient information, or other unforeseen circumstances.

10.5 Credited

Credited Transaction through the remittance mobile app’ signifies the successful receipt of funds or payment into the beneficiary’s account or wallet for secure and efficient cross-border transactions. This process involves the receipt of funds, typically originating from a sender in a different location or country.

11. Login Credentials and OTP:

LME’s digital channels require a login using credentials you establish. OTP (One-Time Password) is utilized in critical areas to ensure control over access and activity.

You are responsible for safeguarding the confidentiality of your login credentials and OTP. Do not share them with third parties or authorize their use for any purpose. You agree to take reasonable precautions to prevent misuse of your login credentials by third parties, including periodically changing your login credentials.

If you suspect a compromise of your login credentials’ confidentiality or any unauthorized use of your digital profile (e.g., unauthorized transactions or account access), or if your login credentials are disabled after multiple incorrect attempts, promptly inform LM Exchange.

Visit the LM Exchange branch when you update your mobile number to avoid OTPs being sent to the new user of the mobile number.

12. Profile deactivation:

LME reserves the right to deactivate a customer’s digital channel profile without any prior notice due to delayed responses, provision of inadequate or inaccurate information, and any issues related to LME’s AML Compliance Policies and Procedures. LME will not be held responsible for any consequences arising from such deactivation.

Deactivation of an online profile does not necessarily prohibit the customer from using traditional branches for future transactions. Any transactions in progress at the time of profile deactivation will be processed in accordance with the associated terms and conditions.

Customers can initiate the process of deactivating their profile by visiting any LM Exchange branch and submitting a formal request.

13. Security and Usage Guidelines:

You are responsible for maintaining and keeping your software, hardware, and equipment up to date to access and use LME services via digital channels.

It is your duty to ensure that the computers or mobile devices you use for accessing LME digital channels are free from malware, viruses, trojans, or any other computer or internet contaminants.

LME may update, change, or upgrade its software, hardware, and operating systems. There is no obligation on our part to support your software, hardware, or operating systems. Any issues related to compatibility between our service software and your devices are solely your responsibility. LME will not be liable for any losses resulting from such compatibility issues.

Our digital platforms are provided “as is” without any warranties. We disclaim all warranties to the fullest extent permissible under applicable laws, including warranties of merchantability, fitness for a particular purpose, non-infringement, accuracy, freedom from errors, suitability of content, or availability.

14. Prohibited Activities:

You agree not to engage in the following activities:

• Copying, distributing, or disclosing any part of the platform, including automated or non-automated scraping.

• Using automated systems (e.g., robots, spiders, offline readers) to access the digital platform in a manner that generates more requests to the servers than a human could reasonably produce.

• Sending spam, chain letters, or unsolicited emails.

• Attempting to interfere with system integrity or security, or deciphering server transmissions.

• Taking actions that unreasonably burden our infrastructure at our sole discretion.

• Uploading invalid data, viruses, worms, or other software agents.

• Collecting personally identifiable information from the platform.

• Using the platform for commercial solicitation.

• Impersonating another person, conducting fraud, or hiding your identity.

• Disrupting the proper functioning of the platform.

• Accessing content on the site through unauthorized means.

• Bypassing any measures, we implement to prevent or restrict access to the platform, including features that prevent copying or enforce usage limitations.

15. Record Maintenance:

LME will maintain transaction records, KYC information, and customer feedback or complaints as required by law and regulations. The retention period for these records will be determined by LME, in accordance with statutory regulations or our internal policies. You agree not to contest or dispute the admissibility, reliability, accuracy, or authenticity of these records solely because they are in electronic form or generated by a computer system. You hereby waive any rights to object.

16. Data Privacy and Confidentiality:

LME highly values client privacy and data protection, considering it a crucial aspect of the services provided.

You acknowledge that any information or instructions shared by you will be subject to the LME Privacy Policy.

You hereby grant consent for LME to collect, use, disclose, and process information in line with the LME Privacy Policy and these Terms and Conditions.

• LME processes your personal data for each transaction and payment as necessary throughout the business relationship and in compliance with mandatory record retention requirements as mandated by law.

• It’s important to note that debit card details and personally identifiable information will not be stored, sold, shared, rented, or leased to any third parties.

• As part of our KYC (Know Your Customer) process, you are required to provide all necessary personal details for record-keeping and to maintain the business relationship. Additionally, we may collect any data mandated by law or required by our correspondent banking agents. Failure to provide this information will hinder membership registration and transaction execution.

By accepting the terms and conditions of LME, you confirm your consent to LME for recording and processing your personal data for the following purposes:

• Recording personal details for KYC and due diligence.

• Processing transactions with basic personal details through data processors and correspondent / intermediary banking agents.

• Providing additional details to correspondent / intermediary banking agents upon request.

• Sharing your KYC information with Law Enforcement Agencies / Financial Regulators when requested.

• Storing transaction details and KYC information for record retention purposes at secure locations.

17. Intellectual Property Rights:

The design of LME Services, which includes all text, scripts, graphics, interactive features, and similar elements provided in connection with the Services as well as the trademarks, service marks, and logos found in the LME Services, are either owned by LME or licensed to LME, and are subject to copyright and other intellectual property rights laws. Any software used by LME to deliver the Services is the exclusive property of LME, and the limited license granted to you for using the Marks and LME Content does not extend to the software employed by LME. You are prohibited from attempting to circumvent or bypass technological protection measures, disassembling, decompiling, decrypting, hacking, emulating, exploiting, or reverse engineering any software or any other component of the LME application, LME Site, or LME Content accessible through the Services. Your use of the Services in any unauthorized manner that could disrupt another person’s use of them is also not allowed. Subject to these Terms, you are provided with a personal, non-exclusive, non-transferable, revocable, limited license to install and use, exclusively in connection with the Services, the Marks, and LME Content for personal purposes while using the Services. The Services, including LME Content, are provided “as is” for your informational and personal use. LME retains all rights not explicitly granted in connection with the Service and LME Content.

Furthermore, you acknowledge and consent to the fact that any content submitted, received, displayed, or advertised within the Services may contain the intellectual property rights of others. You expressly agree not to, directly or indirectly, take any action that could harm the intellectual property rights of others. You also commit to not using the LME Content in a manner that would infringe or violate the rights of any third party, and you recognize that LME is not in any way responsible for such use on your part.

You acknowledge that LME, its affiliates, and its providers are the rightful owners of LME’s intellectual property rights. Without our prior written consent, no portion of LM Exchange’s digital channels may be reproduced, distributed, republished, displayed, broadcast, hyperlinked, transmitted, adapted, modified to create derivative works, or commercially exploited in any manner or by any means. Furthermore, it should not be stored in an information retrieval system.

18. Variation in Terms and Conditions:

LME reserves the right to modify these Terms and Conditions, and such changes will be communicated through digital channels or other designated notification methods, which may include email. These variations will become effective on the date specified by us. If you continue to use LME’s digital channels, including any new services, after the effective date, you are considered to have accepted these variations, and the revised Terms and Conditions will be binding on you. If you do not agree with the changes, you must cease using LME’s digital channels. LME can modify these Terms and Conditions as stated without the consent of any party not directly involved in these Terms and Conditions.

19. Illegitimacy:

If any provision of these Terms and Conditions becomes illegal, invalid, or unenforceable, the legality, validity, and enforceability of the remaining provisions will not be affected, and they will continue in force as if the problematic provision has been removed. Waiver of any covenant or breach by you will not be deemed as a waiver of subsequent breaches or any other covenants. Our rights and remedies are cumulative and not exclusive, as provided by law.

20. Communications from LM Exchange:

You grant LME permission to send promotional messages via SMS, email, or phone notifications from time to time. LME may also contact you via email, SMS, or through the LME App regarding your app access and usage or updates on related services. Additional information and documents may be requested by LME as per their internal policies for continued system access or to process specific transactions.

21. Communications through Electronic Means:

Electronic delivery can take the form of email, an email attachment, or a downloadable document from digital channels. LME will be considered to have fulfilled its obligation to deliver documents if they are sent electronically. If there are issues opening a document delivered electronically, you must notify us within Forty-eight (48) hours after delivery. Failure to do so will be considered an acceptance of the document. Alerts sent via SMS will be directed to the registered mobile number only.

All communications from LME will be in English and will be sent via email to the address on record, electronic services, mobile, or other electronic media. In certain cases, LME may also use press releases, radio, television, internet, or other media at its discretion. Any communication from LME to you will be considered received and complete:

• If sent by email: at the time of sending to your registered email address.

• If sent through electronic services: at the time it was sent.

• If made through the press, radio, television, or internet: at the time it was made.

• If made via the Mobile App or Online Portal: at the time of its publishing.

22. User’s Indemnification Obligations:

The user will be responsible for all transactions done under his/her user id.

The User agrees to indemnify and hold harmless LMEX and / or its officers, directors, employees, including their legal representatives’ agents, and affiliates from any claims, liabilities, damages, losses, costs, and expenses (including reasonable attorney’s fees) arising out of or in connection with the User’s use of the mobile app service.

LMEX shall not be liable for any unauthorized transactions conducted through the mobile app service, provided that LMEX has implemented reasonable security measures.

The User agrees to indemnify LMEX for any losses incurred due to unauthorized access to the User’s account or breach of security.

The User acknowledges that LMEX relies on the accuracy of the information provided by the User for remittance transactions.

The User agrees to indemnify LMEX for any losses or liabilities arising from inaccuracies in the information provided by the User.

LMEX shall not be liable for any failure or delay in the performance of its obligations under this agreement due to events beyond its reasonable control.

23. Warranty Disclaimer:

Your use of the Services is entirely at your own risk, and the Services are provided “as available”. To the fullest extent permitted by law, LME, its affiliates, subsidiaries, officers, directors, employees, representatives, and agents disclaim all warranties, whether express or implied, in connection with the Services and your use of them. LME does not make any warranties or representations regarding the accuracy or completeness of the Services’ content and assumes no liability for:

• Errors, mistakes, or inaccuracies in the content.

• Personal injury or property damage resulting from your access to and use of the Services.

• Unauthorized access to or use of our servers and any personal or financial information stored therein.

• Interruption or cessation of transmission to or from the Services.

• Bugs, viruses, trojan horses, or similar issues transmitted through the Services by third parties.

• Errors or omissions in any content or any loss or damage resulting from the use of content posted, emailed, transmitted, or made available through the Services.

• Breaches of any intellectual property rights.

• LME does not warrant, endorse, guarantee, or assume responsibility for any product or service advertised or offered by a third party through the Services or any linked website or feature in the Services, including User Status Submissions or other advertising or news. LME will not be involved in or responsible for monitoring any transaction between you and third-party providers of products or services. As with any purchase of a product or service through any medium, you should exercise caution, diligence, and common sense as appropriate.

24. Cancellation and Termination:

You have the option to discontinue using the Services at any time. You can cancel them at your discretion, with or without cause. The cancellation will take effect at the end of the subscription period.