Key Fact Statement (KFS)
Joyalukkas Exchange
(Licensed by ‘The Central Bank of UAE’)
Key Fact Statement
REMITTANCE
Joyalukkas Exchange offers financial services that entail money transfers, frequently across the globe, between individuals or entities. It provides a means for users to transfer money both domestically and globally to friends, family, or enterprises located in different regions.
To make remittance transfers easier for its consumers, Joyalukkas Exchange has tied up with several correspondents. Joyalukkas Exchange retains the right to choose the correspondent for remittance execution upon receiving a Remittance Order from a customer. It is important to note that all correspondents engaged by Joyalukkas Exchange have received approval from the ‘Central Bank of the United Arab Emirates’.
Our arrangement allows you to send remittances as:
- Outbound: Transfer to UAE Bank Account
- Outbound: Transfer to International Bank Accounts
- Outbound: Cash Pick-up
- Outbound: Transfer to Mobile Wallets
- Inbound: Cash payouts from counters
- Value Added Products
TRANSFER TO UAE BANK ACCOUNTS | |||||
| Country | United Arab Emirates | ||||
| Payout Currency | AED | ||||
| Mode | UAE Funds Transfer System (UAEFTS) | ||||
| Service Charge | Min: AED 5.00 - Max AED 25 (Excluding VAT) Depends on the transaction mode and type. | ||||
| Delivery | UAEFTS: Customers can sight the credit within 24 working hours | ||||
TRANSFER TO INTERNATIONAL BANK ACCOUNTS | |||||
| Countries | All countries excluding OFAC list | ||||
| Major Countries | AUSTRALIA | ETHIOPIA | JAPAN | NIGERIA | SPAIN |
| BAHRAIN | FRANCE | KENYA | PAKISTAN | SRI LANKA | |
| BANGLADESH | GEORGIA | LITHUANIA | PHILIPPINES | SWEDEN | |
| BELGIUM | GERMANY | LUXEMBOURG | POLAND | SWITZERLAND | |
| CANADA | GHANA | MALAYSIA | PORTUGAL | TANZANIA | |
| CHINA | HUNGARY | MALDIVES | SAUDI ARABIA | THAILAND | |
| CYPRUS | INDIA | MOROCCO | SINGAPORE | TURKEY | |
| CZECH REPUBLIC | INDONESIA | NEPAL | SLOVENIA | UGANDA | |
| EGYPT | IRELAND | NETHERLANDS | SOUTH AFRICA | UNITED ARAB EMIRATES | |
| ESTONIA | ITALY | NEW ZEALAND | SOUTH KOREA | UNITED KINGDOM | |
| UNITED STATES | |||||
| VIETNAM | |||||
| Mode | Payments will be processed through our Correspondents depending on the receiving country and currency | ||||
| Beneficiary Charges | Depending on receiving country, the transaction can be subject to additional charges by the Intermediary and/or Beneficiary Bank | ||||
| Service Charge | Remittance charges are subject to change in line with the remitting countries, and the charges may vary in line with the amount being transferred. Min: AED 0.00 - Max AED 1250 (Excluding VAT) | ||||
| Turnaround Time | Instant and Value date based depending on the services | ||||
CASH PICK UP | |||||||
| Country | All countries excluding OFAC list | ||||||
| Major Countries | AFGHANISTAN | CONGO BRAZZAVILLE | INDIA | MALAYSIA | PORTUGAL | THAILAND | |
| ARGENTINA | CONGO THE DEMOCRATIC REPUBLIC | INDONESIA | MALDIVES | QATAR | TOGO | ||
| AUSTRALIA | DOMINICAN REPUBLIC | IRAQ | MOROCCO | RWANDA | TUNISIA | ||
| AZERBAIJAN | ECUADOR | ITALY | MOZAMBIQUE | SAUDI ARABIA | TURKEY | ||
| BAHRAIN | EGYPT | IVORY COAST | NAMIBIA | SENEGAL | UGANDA | ||
| BANGLADESH | ETHIOPIA | JAPAN | NEPAL | SIERRA LEONE | UKRAINE | ||
| BHUTAN | FRANCE | JORDAN | NEW ZEALAND | SINGAPORE | UNITED ARAB EMIRATES | ||
| BRAZIL | GAMBIA | KENYA | NIGER | SOUTH AFRICA | UNITED KINGDOM | ||
| BULGARIA | GEORGIA | KUWAIT | OMAN | SPAIN | UNITED STATES | ||
| CAMEROON | GERMANY | KYRGYZSTAN | PAKISTAN | SRI LANKA | UZBEKISTAN | ||
| CANADA | GHANA | LEBANON | PALESTINE | SWEDEN | YEMEN | ||
| CHINA | GREECE | LIBERIA | PERU | SWITZERLAND | ZAMBIA | ||
| COLOMBIA | GUINEA | MADAGASCAR | PHILIPPINES | TAIWAN | ZIMBABWE | ||
| COMOROS | HONG KONG | MALAWI | POLAND | TANZANIA | |||
| Mode | Payments will be processed through our correspondents depending on the receiving country and currency | ||||||
| Beneficiary Charges | Depending on receiving country, the transaction can be subject to additional charges on the beneficiary | ||||||
| Service Charge | Min: AED 0.00 - Max AED 1250.00 (Excluding VAT) | ||||||
| Depends on the transaction amount, destination country and currency | |||||||
| Turnaround Time | Within 24 Hrs. (working day) | ||||||
| Mode | API | ||||||
| Beneficiary Charges | Depending on receiving country, the transaction can be subject to additional charges on the beneficiary | ||||||
WAGE PROTECTION SYSTEM(WPS)
In order to accomplish the objectives, set forth by the Ministry of Human Resources and Emiratization (MOHRE), the Wages Protection System (WPS) was introduced at the Central Bank of the UAE (CBUAE). The purpose of WPS is to give employers a reliable, safe, efficient, and effective way to pay their workers’ salary on time. In the methodology that CBUAE has chosen, information is transferred from the employer to the contractual agents in order to pay the employees' salary. Before sending the salaries data to the agents, CBUAE secures the funds from the employers.
WPS Participants
Workers: Each and every individual who works in the private, public or domestic sector in return for agreed-upon wages and who has a work permit
Employers: An individual or whoever owns a company or institution registered with the Ministry and hires one or more workers in return for agreed-upon wages.
Agent: Any banks or financial institution approved and authorized by the Central Bank of the UAE to offer wages payment services via WPS. The Central Bank of the UAE will issue a regularly updated list showing names of approved and authorized agents.
Standard Charges (Excluding VAT) | ||
| SIF Charge | Monthly | Max. AED 25.00 |
| Yearly | Max. AED 300.00 | |
| Disbursal Charge per employee | Max. AED 10.00 | |
| Salary Statement | Max. AED 25.00 | |
Bundle Offer (Excluding VAT) | ||||
| No. of Employees | 1 - 5 | 6 - 10 | 11 - 15 | 16 - 20 |
| Total Charges | AED 250.00 | AED 500.00 | AED 750.00 | AED 1000.00 |
All charges are subject to approval by the management and existing charges can be revised at any time after notifying the employer.
PAYROLL SOLUTION
The company offers payroll solutions for salary processing and disbursals in accordance with the Wages Protection System (WPS).
Product powered by: EDENRED(C3)
Features: Joyalukkas Exchange Co-branded payroll cards allow employer to deposit salary to their employees. Payroll can be used at all locations wherever MasterCard is accepted.
EDENRED CARDHOLDER CHARGES | |||
| Types of charges | Minimum | Maximum | Frequency |
| Balance enquiry & salary withdrawal C3 ATM | AED 0.00 | AED 2.00 | Per Transaction |
| Salary withdrawal RAK ATMs | AED 0.00 | AED 2.00 | Per Transaction |
| Salary withdrawal other ATMS | AED 2.00 | AED 2.50 | Per Transaction |
| Balance enquiry in Domestic ATMs | AED 2.00 | AED 2.00 | Per Transaction |
| Balance enquiry in International ATMs | AED 5.00 | AED 5.00 | Per Transaction |
| International withdrawals at ATMs/POS | AED 20.00 | AED 20.00 | Per Transaction |
| Decline charges | AED 2.00 | AED 2.00 | Per Transaction |
| New Card Issuance | AED 3.00 | AED 10.00 | Per Card |
| Card Reissue | AED 35.00 | AED 35.00 | Per Card |
| Card Renewal (Every 7 years) | AED 5.00 | AED 10.00 | Per Card |
EDENRED CARDHOLDER CHARGES VIA OUR MOBILE APP | |
| Unlimited Balance Enquiry | AED 2 Per Month Per Card |
| Account Debit from Card | AED 2 Per Transaction |
FOREIGN CURRENCY EXCHANGE
Joyalukkas Exchange offers the following services to exchange various foreign currencies to the customers across UAE.
- Foreign Currency Buy
- Foreign Currency Sell
Pricing: For Buy & Sell
Foreign currency bought and sold as per the prevailing exchange rate at the time of purchase or sell by the customers.
Charges: Maximum AED 5.00 (Excluding VAT)
Currency Availability
The Joyalukkas Exchange Management makes the decision regarding the kind of currency kept at each branch based on market demand and the local population.
Cancellations and Refunds
Once purchased or sold, the cancellation or refund can be done by virtue of new transaction with the prevailing rates. Customer should count the cash before leaving the counter as any claims or shortages that may arise later will not be the responsibility of the Exchange or its workers.
Inbound: Cash payouts
Joyalukkas Exchange also offers a hassle-free inbound remittance service, which allows our valued customers to withdraw the amount sent by their remitter from around the world. This service is supported by major global remittance partners.
- Joyalukkas Exchange performs the proper due diligence to ensure the receiver identify
- Joyalukkas Exchange doesn’t apply any charge on the disbursal amount
VALUE ADDED PRODUCTS
Joyalukkas Exchange Offers below mentioned value added products and services to the customers.
- SEWA PAYMENTS
- ETISALAT PAYMENTS
- CREDIT CARD PAYMENT
- LOCAL BANK DEPOSITS
- VAT PAYMENT
- PAN CARD
- SSS/PAGIBIG/PHILHEALTH
- MOBILE WALLET
- AIR ARABIA PAYMENTS
- MOBILE TOP UP
Service Charges: Min - AED.00 Max – AED 150(Excluding VAT)
General Terms & Conditions
WARNING: Additional fees may be levied by the correspondent bank/ partner or intermediary bank providing services to the beneficiary of remittances
WARNING: Charges and fees are subject to inaccurate information provided for remittances
WARNING: The actual time for credit of funds to the beneficiary account may differ from estimates due to increased scrutiny of transactions by correspondent bank/ partner or intermediary bank providing services to the beneficiary of remittances.
WARNING: Refunds against cancellation or rejection of remittance transactions returned unpaid for whatsoever reasons will be made only at our prevailing buying rate or at the rate at which we issued the transaction, whichever is lower. In case of a customer mistake, the refund will not include the costs of transmission, deductions from the beneficiary bank, charges associated with cancellation, or additional costs incurred.
WARNING: Reissuance or reprocessing of remittance transactions for any reason is subject to our charges and rate differences, wherever applicable.
WARNING: Transactions initiated against the non-cash transactions will be processed only after realization of funds in Joyalukkas account.
WARNING: Joyalukkas Exchange may refuse to execute any requests, instructions or services requested by the Customer if the Customer fails to comply with the necessary procedures, or if the information or data are incorrect or are in violation of the applicable laws and regulations.
WARNING: Before you leave the counter, please count your money and get a receipt for the transaction. Joyalukkas Exchange and its staff shall not be responsible for any subsequent claims or shortages. Joyalukkas Exchange retains the right to recover any extra money paid to the customer as a result of mistakes and oversights.
WARNING: Joyalukkas Exchange reserves the right to decline any customer request at its sole discretion.