UAE Exchange begins transaction refunds to customers

UAE based currency exchange and transfer firm UAE Exchange has begun issuing refunds to few customers whose transactions had been delayed for more than two months because of the crisis the company is going through linked to its parent company Finablr.

But there are still many who are yet to get any confirmation from the company on the status of their transaction, and if and when they are likely to get their refunds.

Early this March, Finablr had confirmed that UAE Central Bank had placed the currency exchange and transfer firm under its supervision and was going through the books to “verify its compliance with applicable laws and regulations”. Concurrently, UAE Exchange – the biggest player in the local remittances category had stopped taking all transactions.