10 key services offered at money exchange houses in UAE
From bills to bookings, learn how exchange houses simplify financial tasks for residents and expatriates
DUBAI: Money exchange houses in the United Arab Emirates (UAE) are primarily known for facilitating fast and affordable remittances. Over the years, however, these establishments have expanded their offerings, providing a range of services that cater to the daily needs of both locals and expatriates.
For many without bank accounts, exchange houses have become a go-to hub for a variety of essential financial tasks.
Here’s a look at 10 services you can access at money exchange houses in the UAE:
Utility Bills
Exchange houses make it easy to settle utility bills for services like electricity, water, gas, and sewage. Some major providers include:
- Sharjah Electricity and Water Authority (SEWA)
- Abu Dhabi Distribution Company (ADDC)
- Al Ain Distribution Company (AADC)
- Etihad Water and Electricity (Etihad WE)
- Ajman Sewerage
Additionally, payments for district cooling services like Empower and gas providers such as Lootah BCGas can also be processed here. Some branches accept payments for fines related to utilities or government services.
Flight Tickets
Exchange houses have partnered with airlines like Air Arabia, flydubai, and international carriers like Cebu Pacific to facilitate cash payments for flight bookings. Passengers can opt for a 'Pay Later' option when booking online, giving them up to 24 hours to visit an exchange house and complete payment for ticket confirmation.
ILOE Subscription
For workers, exchange houses offer a unique service: registering for the Involuntary Loss of Employment (ILOE) insurance scheme. This benefit provides workers with 60% of their basic salary for three months if they lose their job involuntarily, giving workers a safety net even if they don’t have access to a traditional bank account.
Domestic Worker Salaries
Exchange houses also handle salary payments for domestic workers through the Wage Protection System (WPS). This ensures timely payments and offers both employers and workers proof of payment, which can be helpful in resolving disputes.
Internet and Mobile Bills
Paying home internet and mobile phone bills is easy at exchange houses, especially for customers of e& and du. They also offer prepaid top-ups for mobile accounts, and some branches allow payments for subscriptions to TV services like OSN and Netflix.
Credit Card Payments
Through the UAE Funds Transfer System (UAEFTS), exchange houses allow for credit card payments in cash. Be sure to confirm with your bank whether it partners with a specific exchange house before making the payment.
Traffic Fines
A practical service provided by many exchange houses is the ability to pay traffic fines. This is typically available for fines issued by authorities like Dubai Police or Abu Dhabi Police.
Insurance Premium Payments
Many exchange houses also facilitate payments for insurance premiums, including health, car, and home insurance. This is particularly useful for individuals who prefer handling financial transactions in cash rather than through a bank account.
School Fee Payments
Expatriate families can pay tuition fees for local schools directly at exchange houses, offering a convenient alternative to bank transfers or cheques.
Real Estate Payments
Some exchange houses also help with real estate payments, including rent, deposits, and other related transactions. This is a useful service for expatriates who may not have a local bank account but still need to manage rent and housing-related payments.
These expanded services reflect how exchange houses have grown to meet the financial needs of a diverse population in the UAE. However, it's important to note that not all exchange houses provide every service listed. Availability can vary by location, so it’s best to check with your nearest exchange house for up-to-date offerings.