Terms and Condition

General Terms and Conditions

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”), which expression shall include its successors and assigns, and the person or persons transacting with LM Exchange. The signature by the customer on the transaction receipt shall constitute acceptance of the terms and conditions, which are subject to periodic changes at the sole discretion of LM Exchange. This general term and condition apply to all customers transacting with LME. Any special terms and conditions agreed between the customer and LME shall override these general terms and conditions

A. Definitions:

  • 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 organisations etc., with whom LME has agreed upon the successful completion of a money transfer service

  • Intermediaries – Entities involved in completing a remittance transaction

B. General: 

  1. Customers must attain the age of 18 years or older to avail of our services

  2. Transaction amount is computed in AED only

  3. LME shall provide an official receipt for the transaction made at the LM Exchange branch or via the digital platform. For future queries on the transaction, the official transaction receipt may be requested to produce

  4. The customer is responsible for checking the value, quality and validity of the banknote that is paid to or received from LME before leaving the branch counter. Neither LM Exchange nor its employees will be held liable for any discrepancies or claims thereafter raised by the customer. LM Exchange has the right to recover any amount paid in excess to the customer due to errors or oversight

  5. Upon signing the transaction receipt, the customer confirms/acknowledges the following;

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

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

5.3.  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 other illegal purposes

5.4.  The forex rate and service charges/fees are agreed upon between the customer and the LME official

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

5.6.  Provide additional documents/information relating to the transaction as and when requested

5.7.  The customer and/or any other applicant indemnify and keep indemnified LME and all LME ’s Staff/Officials/Managers/Partners/Legal heirs/Successors/Directors from any financial loss, damages, claims, demands, legal costs and expenses of any nature for carrying out a service based on customer request. Such request may be received by LME via the existing mode or an agreed mode of communication

6. LM Exchange sends out communication related to products, promotions, exchange rates, and offers through SMS/Email/Call. If you are not favourable to this, please call 80056 (800LM) to opt-out

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

8. 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

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

10. 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 stated service or the customer may be subject to legal consequences if any;

11.  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.

12.  LM Exchange 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

13.  LM Exchange 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

14.  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

15.  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;

16.  Transaction for which the customer has paid by cheque/online fund transfer shall be processed only after receipt of the respective fund in LME’s bank account. If the cheque or online fund is not received within 24 hours from the time of the transaction, LME has the right to cancel the transaction without notice to the customer

17.  If the cheque is dishonoured or rejected by the bank for whatsoever reason, the customer agrees to settle the full transaction amount in cash/cheque/online fund transfer along with an amount equal to any loss incurred by LME due to changes in forex rate and other charges. Where the customer fails to settle the due amount in an agreed time, LME reserves the right to cancel the transaction without prior notice and to take necessary legal action to protect its interests

18.  LM Exchange 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. LM Exchange 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

19.  Customer authorizes LME to act on and execute facsimile orders/Email orders and instructions of all transactions made through such means.  The customer acknowledges that such means could be subject without limitation to system failure, illicit acts, fraud hacking etc. Therefore, LME cannot be held responsible for verifying the authenticity, genuineness, accuracy and completeness of any correspondence made through electronic means. Any facsimile order or Email bearing the customer’s name or company name shall be deemed to be issued by the customer and considered official instructions to LME.

20.  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.

21.  If the customer suspects that a transaction is carried out using his/her details and the same is not being authorized by him/her shall be reported immediately to LME by calling us at 80056 (800LM) or emailing us at customer.care@lm-exchange.com

22.  These terms and conditions create legally binding obligations for the customer that do not contravene other contractual or legal obligations of the customer

23.  Changes to any of the terms and conditions listed here that affect the transactions or an existing agreement with the customer shall be communicated with the respective customer not less than 60 calendar days in advance

24.  LME holds the right to refuse any transaction or limit the amount to be transacted if we suspect the transaction;

24.1.Conflicts with the law, regulation, policy or other duty and responsibility that applies to us

24.2.Expose us to action from any government or regulators or linked with fraudulent or illegal activity

24.3.Details provided by the customer is incomplete, incorrect, unauthorized or forged

24.4.Any other reasons beyond the control of LME

25.  These terms and conditions are governed and interpreted under the laws of the Emirate in which the LM Exchange branch/Head office is located, as well as the applicable federal laws of the United Arab Emirates. Any lawsuit or dispute, emerging from the relationship between LME and its customer or otherwise, shall be subject to the jurisdiction of the civil courts of the Emirate in which the branch is situated, but without prejudice to LM Exchange’s general right to take proceedings in any court whatsoever

C. Product Specific

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

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

  3. Amendment/Cancellation/Re-issuance of a remittance transaction is subject to 

3.1.  Service fee as applicable

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

3.3.  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

3.4.  All refunds are made in AED only

  1. The remittance transaction is subject to applicable laws & 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

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

  3. Foreign currency sale/buy transactions cannot be cancelled or refunded once the transaction is completed

  4. LME don’t sell or buy foreign currency coins or traveller’s cheques

  5. Sales and purchase of foreign currency are subject to any restrictions imposed by the regulatory bodies of the currency-issuing country

  6. LME is not responsible and will not compensate the customer for any loss incurred as a result of forex rate fluctuations or instabilities

10.  LME or its partner shall not be held liable for any form of bank charges, fee deductions, falsification, or dishonour of cheque or other instrument or for the failure to credit or any delay in crediting the account or non-payment and return of cheques or other instruments, fund confiscated, late presentation, omission, and granting time, by the beneficiary bank, its government or agents

11.  For corporate customers, terms and conditions as agreed through the corporate onboarding document shall also be applicable which are additional to the terms and conditions mentioned hereby;