lulu exchange travel card

LuLu Exchange

Lulu Exchange: Currency Exchange for a Global Market

Step into the realm of Lulu Exchange, a one-stop destination for effortless and hassle-free currency exchange. Take a moment to explore the countless benefits and unique qualities that set Lulu Exchange apart, as it reshapes the landscape of global currency transactions. Gain insight into why this reputable entity has garnered the trust of countless individuals and businesses.

Regardless of whether you find yourself jetting off on frequent adventures, residing in a foreign land, or managing international financial affairs, Lulu Exchange is ready to streamline your currency conversion needs. Immerse yourself in the transformative realm of Lulu Exchange as it redefines the way you approach your financial endeavors.

Lulu Exchange:A Trusted Global Financial Services Provider

With our customer-centric approach, we are a trusted and secure choice for all your currency exchange and money transfer needs. Covering 93 branches throughout the UAE, we stand as one of the foremost companies in this field. Our dedication is focused on safely and promptly delivering your hard-earned money to its intended destination.

Customer Satisfaction as the Top Priority at Lulu Exchange

Reliability, speed, and transparency are key factors to consider. Money transfer services prioritize reliability, speed, and transparency. To entice budget-conscious customers looking for affordable remittance options, we offer competitive exchange rates and keep fees to a minimum. Through versatile and adaptable transfer options, we guarantee a customer experience that is both seamless and convenient.

Lulu Exchange Services and Features

A wide variety of services and features are available on the Lulu Exchange. Check out these key features:

1. Currency Exchange for Individuals

With Lulu Exchange, you can exchange currencies hassle-free. It doesn’t matter whether you’re planning a vacation, sending money to friends and family, or just need to convert currencies for personal reasons, Lulu Exchange’s got you covered. You can exchange currencies with ease and confidence with competitive rates and a seamless online platform.

2. International Money Transfers

International money transfers can be complicated and expensive. With Lulu Exchange, you can send money internationally in a secure and cost-effective way. No matter if you’re sending money overseas or paying for goods and services, Lulu Exchange makes sure your money gets there safely.

3. Corporate Services

Lulu Exchange provides a range of corporate services tailored to international businesses. Through foreign exchange risk management and customized payment solutions, Lulu Exchange helps businesses streamline their financial operations and maximize efficiency.

4. Prepaid Travel Cards

Are you traveling abroad? Travel with Lulu Exchange’s prepaid travel cards. Load your foreign currency on the card before you go and avoid the hassle of carrying large amounts of cash. With competitive exchange rates and worldwide acceptance, Lulu Exchange’s prepaid travel cards offer a secure and convenient way to manage your travel expenses.

Global transactions make it essential to have an efficient currency exchange service. By offering convenient, secure, and competitive currency exchange solutions for individuals and businesses, Lulu Exchange has established itself as an industry leader. Lulu Exchange simplifies currency exchange with its user-friendly online platform, competitive rates, and comprehensive range of services. Take your financial transactions to the next level with Lulu Exchange’s convenience and reliability.

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LuLu Exchange Review: Exchange Rates, Transfer Fees & Alternatives

LuLu Exchange is an ISO 9001:2015 certified global foreign exchange and cheap money transfer services provider. It is part of the LuLu Group International and operates in 13 countries globally serving over 15 million customers including banking institutions, local and international corporations, business houses as well as individuals who regularly transfer funds to their recipients overseas .This review will take you through everything you need to know about using LuLu Exchange to transfer your money abroad as quickly as possible .

For the past 12 years, the provider has been recording fast-paced growth year on year starting from its humble beginnings with the launch of its first branch at Al Wahda Mall, Abu Dhabi, UAE in September 2009. Currently, the provider boasts of more than 250 branches, 89 of which are located in the UAE.

To access LuLu Exchange services, you need to visit a branch near you or transact online through the LuLu Money app. Unlike other money transfer providers, LuLu Exchange online services are not available on its website making the app the only avenue for international money transfers online.

LuLu Exchange transacts over $6.73 billion every year to more than 83 countries and territories, with a particularly large presence in India . As of 2017, half of its then 3.5 million customers were Pravasi Malayalees from Kerala, India. The company has a workforce as diverse as the countries it serves, with over 1500 employees drawn from more than 20 nationalities - making every customer feel at home while being served at any of its branches.

Across just the UAE, LuLu Exchange accounted for more than $1.5 billion of the total personal remittances sent in 2015 - making the company one of the key regional players.

LuLu Exchange Rates and Fees

Just like with most money transfer companies , when you send money using LuLu Exchange, you'll be charged an exchange rate margin for converting your host currency to your destination currency, and transaction fees to get your transfer to your recipient overseas. Here's what to expect when making your transfer.

Exchange Rates

It can be hard to discover exactly what margins are charged by LuLu Exchange, so we’ve done some research. To know the exchange rates and fees charged on the LuLu Exchange online platform, you have to sign up for an account on the LuLu Money app, which is available in 10 out of the 12 countries the provider operates in as listed below:

United Arab Emirates

Philippines

Customers in Bangladesh and Malaysia can only transact through physical branches. That being said, you can also get the current exchange rates at any of the LuLu Exchange branches near you. They have a foreign exchange live board that displays the buy and sell rates for different global currencies. The exchange rates are the same whether you transact through the app or at the branch. Based on the rates updated by the provider on the app as of 17th March 2020, here are margins it charges.

Sending funds from UAE to India: The exchange rate on the app was 1.00 AED =20.1450 INR while the mid-market rate was 1 AED = 20.1770 INR. This translates to a margin of 0.16%

Sending funds from UAE to Egypt: The rate on the app was 1.00 AED =4.24176 EGP while the mid-market rate was 1 AED = 4.28805 EGP. Here, the margin is 1.08%

Sending funds from UAE to the Philippines: The LuLu Mobile app had a rate of 1.00 AED =13.95007 PHP while the interbank rate was 1 AED = 14.0870 PHP. This translates to a rate of 0.97%.

From the analysis above, the provider varies the margins charged depending on the transfer route. However, regardless of the route, LuLu Exchange offers competitive rates that usually fall between 0.1% and 1.2%.

When transferring money using LuLu Exchange, you’ll have to pay transaction fees and a Value added tax (VAT) of 5% charged on the fee amount. For instance, if the fee is 10.95AED, you’ll pay an additional 0.55 AED as tax. In total, you’ll be billed 11.50 AED.

The fees are the same whether you send from the branch or using the app, but do vary depending on the amount you are sending. When transferring funds up to AED 1,000, you will pay a transaction fee of AED 17 inclusive of tax. The transaction fee for sending any amount above AED 1,000 is AED 23. Irrespective of the transfer route, the fees remain the same.

Additional Costs

Depending on how you pay for your transfer, you may incur some charges from your bank. For instance, some banks may charge you a nominal fee for using wire transfer or the Payment Gateway. The recipient may also be charged landing fees if the transfer is paid out through the bank. LuLu Exchange doesn’t have control over these external fees, so it’s important to check with your bank.

LuLu Exchange Pros and Cons

LuLu Exchange supports overseas money transfers through a robust infrastructure available online and at physical branches. This makes it simple and cheap for customers to send and receive money. Here is a look at their pros and cons to help you decide if they are the right choice for you.

• A wide physical branch network – LuLu Exchange has over 200 global branches. This makes it easier to send and receive money.
• Mobile application – With the LuLu Money app, you can send money anywhere, any time and at your convenience.
• Serves both corporations and individuals – Whether you are a business looking for a customised payroll administration solution or a private client sending money to your family and friends at home, LuLu Exchange will help you out.
• Affordable transfers – The total cost of sending transfers using the provider is much lower compared to high street banks. Most banks charge exchange rate margins of between 3.5-4.0% and transactions fees of up to $40 per transfer.
• Good customer support – The provider has a live chat, email and 24/7 telephone support. The telephone support is charged at international rates.
• Limited origination countries – LuLu Exchange allows customers to send money from only 12 countries. This limits customers in other markets from accessing and using their services.
• Doesn’t support website transfers – The website doesn't have a money transfer functionality which means all online transactions must be initiated through the app.
• Doesn't accept debit and credit cards – The transfer payment methods are mainly bank transfers and cash. In this era of plastic money, lack of support for card payments could inconvenience some customers.

What Kind of Payments Can I Make With LuLu Exchange?

When you are transferring money via the LuLu Exchange platform you can either pay in-app or at a branch. The beneficiary also has several options on how to receive the money sent. Here is a look at the options available in terms of payment and withdrawal options on LuLu Exchange.

Payment Methods Available

There are three ways you can pay for your transfer with LuLu Exchange:

Payment Gateway : This is an online payment platform linked to your bank. Once you enter the transfer details, simply choose Payment Gateway on the app and you'll be prompted to select your bank. When there, log in and pay for your transfer.

Wire Transfer : When you initiate a transfer through the app and intend to pay using wire transfer , you should select the LuLu Exchange bank account you want to wire the money to. The system will then generate a reference code for you. When making the transfer, ensure you include the reference code in your payment description.

Cash Payment : You can pay for your transfer at the branch using cash. It is important to note that you can begin your transfer on the app and complete it in-store. The app will generate a reference code which you will use when paying at the branch.

Withdrawal Options Available

Beneficiaries can receive money from LuLu Exchange in one of the following ways.

Direct to Account: The provider deposits money directly to the recipient's bank using the details provided by the client.

Cash Pickup: Recipients can collect the funds transferred in cash from any of the provider's cash pickup locations near them.

LuLu Now: This is the latest offering by the provider and allows instant credit transfers to banks in India, Bangladesh, Nepal, Philippines, Egypt, and Indonesia.

Door to Door Cash Delivery : LuLu Money, the Hong Kong subsidiary of LuLu International Exchange L.L.C, supports door to door delivery to the Philippines. Funds take only 48 hours to be delivered.

Additional Payment Services Offered by LuLu Exchange

LuLu Exchange is more than a money transfer company; in addition to its money transfer and currency exchange services, the company offers a variety of other mainstream financial services including:

Import and Export of Banknotes: The provider has established a banknotes department that imports and exports foreign currencies to cater to the needs of both high-volume foreign exchange traders and small and medium traders.

Wage and Salary Administration- LuLu Exchange’s salary and wages administration service, complies with the Wages Protection System (WPS). The provider’s business clients are issued with ‘My Pay My Card,’ a Mastercard branded debit card which they can use to pay their workers. In turn, the workers can access the funds using their Ratibi Prepaid Cards issued by the First Abu Dhabi Bank. The advantage with this service is that employees do not need to open a bank account; As long as they earn AED 5,000 and below per month, employers can use MyCard to deposit salaries directly into the employee cards.

Mobile, Bill, and Ticket-paying Services: In addition to this, LuLu Exchange offers a range of payment services offering extra value. These include mobile top-ups, utility bill payments, credit card payments, and ticket payments for Air Arabia and Cebu Pacific airlines.

How to Send and Receive Money With LuLu Exchange

LuLu Exchange has a simple and straightforward way to send and receive money. The steps are easy to follow starting from the moment you sign up for an account to the time you make a transfer.

How to Send Money With Lulu Exchange

Transferring funds using LuLu Exchange is a simple process: sign up for an account, initiate the transfer, and pay for it. Here are the steps involved.

Account Sign Up

Open the LuLu Money app and click ‘Next’ until you get to the phone verification screen. Then follow the below steps to sign up.

Step 1: Select Your Country : There is a dropdown list with all the 10 countries you can sign up from. Select your country of residence to proceed.

Step 2: Enter Your Phone Number : The system will send you a 5-digit one time pin (OTP) through the mobile number you’ve entered. Key it in and click ‘ Confirm PIN’. Read through the terms and conditions and click ‘AGREE’.

Step 3: Enable Biometric Login : For added security, you can enable fingerprint or face ID login. You can also do it later in the side drawer.

Step 4: Identity Verification: Tap on ‘Send Money’ to enter your ID number and confirm your details. If you live in the UAE, you’ll need your Emirates ID, for Bahrain use the Central Population Registry (CPR) number, for Kuwait enter your Civil ID or your Resident Card if signing up from Qatar.

Step 5: App Activation : Visit the nearest LuLu Exchange branch to complete your registration and activate your app. You can also call customer care and have the app activated. Once that is done, you can access the app features and transfer money.

Making a transfer

Open the LuLu Money app on your smartphone and enter your 4-digit PIN to unlock it and access the transfer features. Then proceed as follows.

Step 1: Select the Recipient: Tap on ‘Send Money’ to open the recipients' screen and select your beneficiary.

Step 2: Enter the Amount to Send: The source and destination currencies will be displayed on the screen. When you enter the amount you want to send or what you want the recipient to get, it will be automatically converted at the rate displayed on the screen.

Step 3: Select a Source of Income: You are to choose either business or salary

Step 4: Select the Purpose of Your Transfer: Depending on your sending reason you can choose savings or family maintenance and savings then click ‘Proceed’.

Paying for Your Transfer

There are three ways you can pay for your transfer on the LuLu Money app. You can choose Payment Gateway, Pay@Branch, or wire transfer. Here is a summary of the options:

Payment Gateway: Once you click on ‘Payment Gateway’, you’ll be prompted to enter your 4-digit PIN and then you’ll be directed to the Payment Gateway portal. Here, you select your bank, card number, and expiration date then enter your PIN and click ‘SUBMIT’. You’ll get an OTP on your registered mobile number which you are to key in and click ‘Confirm PIN’. Your payment will be processed and the transfer number and delivery time will be displayed on the screen.

Pay@Branch: Tap on ‘Pay@Branch’ on your payment options and enter your 4-digit PIN. You will receive a 5- digit OTP on your registered mobile number which you are to key in and click ‘Confirm PIN’. This will log your transfer and a 16-digit token number will be displayed on the screen alongside the validity period for the token- usually 4 hours. To complete the payment, you are required to visit the nearest branch, show the code to the cashier and make the payment.

Wire Transfer: Select wire transfer from your payment option and key in your 4-digit PIN. You will get an OTP on your registered number, enter it on the app and click ‘Confirm PIN’. Then, select your preferred LuLu International Exchange L.L.C bank from the options displayed. In the UAE, you can choose either RAKBANK or Abu Dhabi Commercial Bank (ADCB). Verify the bank details, tick the checkbox at the bottom to agree to the terms and conditions and click ‘Proceed’ to initiate your request. Note down the 16-digit transfer number displayed on the screen and log in to your bank account online portal and transfer the funds to the designated Lulu Exchange bank account to complete the transaction. Ensure you include the 16-digit transaction number as your payment reference.

How to Receive Money With LuLu Exchange

If you choose 'Direct to Account' or 'LuLu Now' as the payout methods, the funds will be deposited directly into the recipient's bank account.

For cash pickup, the beneficiary will receive a notification when the transfer is complete. To claim the money, they must visit their nearest pickup location with their ID and the transaction code for verification purposes.

For door to door deliveries, the LuLu Money representative takes the cash to the recipient’s doorstep. All that the beneficiary needs to do is to produce their identity document and transfer notification or code for verification and receipt of the funds.

Does LuLu Exchange Have a Mobile App?

Yes, LuLu Exchange has an app available on both Play Store and App Store as a free download. Since you cannot make an online transfer on the website, the app is the only platform you can use. On the app, you can do the following:

Make transfers to supported countries and currencies

Check real-time exchange rates to help you plan your transfers

Add new or update your existing recipients.

Track the status of your transfer

Set rate alerts to get notified when your target rate becomes available

Locate LuLu Exchange branches near you

View transfer history up to the last 20 transactions

The provider aims to move 30% of all its remittance transactions onto the online platform by 2020. This will ensure more convenience for its millions of customers.

How Fast Are LuLu Exchange's Transfer Speeds?

Most transfers are delivered the next business day. However, some may take up to 3 working days to be completed. This depends on the intermediary banks involved and your specific transfer route. For instance, transfers from Hong Kong to the Philippines take only 48 hours for door to door deliveries.

Are There Maximum and Minimum Transfer Amounts?

There are no transfer limits. You can send as little as 1 AED with no maximum.

Can I Trust LuLu Exchange?

LuLu Exchange is a reputed ISO 9001:2015 certified international money transfer and foreign exchange brand. It serves both businesses and private clients looking to move funds across borders. The transfer platforms both branch-based and online are flexible, reliable and secure. Below is a summary of the trust factors that make the provider a reliable brand in the industry.

LuLu Exchange was established in 2008 by Yusuff Ali Musaliam Veettil Abdul Kader (Mr Yusuff Ali M.A), an Indian billionaire businessman based in the UAE. In 2009, it opened its first branch in the UAE and quickly extended its operations across the GCC countries such as Qatar, Kuwait, Oman, and Bahrain. To organise and consolidate its expansion, LuLu Exchange Holdings Limited was incorporated in 2018 and registered at the Abu Dhabi Global Market.

Today, LuLu Exchange boasts an annual turnover of more than $10.353 billion and vibrant operations in 12 countries under the following names:

LuLu Exchange LLC: This provider was incorporated as a private limited company in the United Arab Emirates in 2008. To date, it has 73 branches across the UAE

Asia Express Exchange Company LLC: This is a foreign company incorporated in Oman on January 30, 2013, under company number F04506. In April 2019, the provider was re-branded to LuLu Exchange in all its 34 branches across the Sultanate.

LuLu Exchange Co. WLL: This company was incorporated in Kuwait and currently has a total of 24 branches.

LuLu Exchange WLL: Registered in Qatar in 2013, LuLu Exchange WLL has now grown to 4 branches.

LuLu Exchange B.S.C (C): This company was registered in the Kingdom of Bahrain and has to date grown to 13 branches.

LuLu-Phils International Exchange, Inc: This is a wholly-owned subsidiary of LuLu Exchange established in the Philippines. Previously, the Philippines was only a liaison office but now the provider has a fully-fledged subsidiary with a total of 6 branches.

LuLu Exchange Limited: This company was set up in Seychelles in July 2019 and operates a single branch in Victoria, the capital and largest city in Seychelles.

LuLu Forex Private Limited: Incorporated in India on October 08, 2010, under company number 26850 and company identification number (CIN) U74900KL2010PTC026850, this subsidiary has 28 branches.

NS Cashpoint Sdn Bhd: In Malaysia, LuLu Money entered into a partnership with NS Cashpoint Sdn Bhd, a reputed money services business incorporated in August 1993, to offer remittance, currency exchange, and other value-added services. Currently, there are 24 branches in the country.

LuLu Money Ireland: This is the only subsidiary of LuLu Exchange in Europe and runs 5 branches in the country.

LuLu Money Hong Kong: This is a key subsidiary of LuLu Exchange in the Far East region. LuLu Exchange acquired a local financial services provider in the country in April 2018, rebranded all its 5 branches to LuLu Money and commenced operations beginning May 2018. The company has its head office at Hankow Centre in Kowloon

Lulu International Exchange Bangladesh: This is the only liaison office left after India and the Philippines became full subsidiaries. Its address is Akram Tower, Level-10, Suite-05 15, 5 Shahid Syed Nazrul Islam Sharani, Dhaka 1000.

As part of its future expansion plans, the provider is considering building more of a presence in markets in Europe, Australia and Indonesia. The first two are mainly sending markets, but Indonesia is a net recipient of remittances having recorded $11.2 billion in 2018.

Regulatory Compliance

In the UAE, the provider is licensed by the Central Bank of the United Arab Emirates (CBUAE) to offer foreign currency exchange, payment of wages, and remittance operations.

Its Philippines subsidiary is licensed by Bangko Sentral Ng Pilipinas (BSP) as an Electronic Money Institution (EMI) and TYPE A Remittance Transfer Company. This gives it the authority to operate as a foreign exchange, money changer, and remittance business.

The provider also fully complies with the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legal standards.

Encryption and Customer Data

Customer data in the custody of the provider is protected by a solid cloud-based security system. Some of the technologies the company has deployed include SSL by Default, Comodo SSL, Sectigo SSL, and Sectigo Domain SSL.

In addition, LuLu Exchange has a data privacy policy that explains the measures it has taken to protect customer information against unauthorised access and misuse.

Investors and Awards

LuLu Exchange is privately owned by M A Yusuff Ali and falls under the LuLu Financial Group. In the 12 years in operation, the provider has won several awards recognising its exemplary work in currency exchange and remittance. Here are some of the notable ones:

Global Financial Market Review (GFM) Awards 2013: LuLu Exchange won the Best Remittance Operation Middle East in recognition of its exceptional customer service.

2019 World Branding Awards: The provider won the Brand of the Year Award for being a trusted name in the non-banking financial sector.

Key Industry Partnerships

The provider has partnered with the following money transfer companies to expand its global reach. Whenever you visit any LuLu Exchange branch, you’ll see their logos displayed. This means you can receive money sent through them right at the branches:

Western Union

Xpress Money

Customer Satisfaction

LuLu Exchange has no reviews yet on Trustpilot, but there are a few on sites such as Sitejabber, App Store and Play Store. Overall, the reviews bring out mixed experiences. Here is a summary of what customers had to say.

• Reliable service – Transfers through the app were processed fast with most of them completed by the following business day
• Comparatively good rates – When compared to banks, LuLu Exchange’s rates came out as a better deal for users
• User-friendly App – Navigating through the app is simple and every feature is well laid out
• The mobile application is slow – In some devices, the app runs slowly or doesn't open at all thereby inconveniencing clients

Can I Cancel My Transfer?

Transfers can only be cancelled by visiting a branch. However, on both the app and the website, there is a live chat with a dedicated stream known as 'Transaction Error/Complaints' where you can raise an issue about any of your transactions for quick assistance.

Top Destinations for Using LuLu Exchange

According to SimilarWeb, a traffic analytics and intelligence firm, most visits to the LuLu Exchange website come from the United Arab Emirates (13%) and Qatar (5%). The following countries are among the top destinations for the provider:

Customer Support

If you want to make a general enquiry, transaction enquiry, report a transaction error or complaint, or any other issue, you can reach customer support through any of the below channels:

Live Chat : There is a built-in 24/7 live chat function in the mobile app and on the website. You can chat and wait for a few minutes to get a response.

Email : You can either send your message through the embedded web form on the website or email the support team via [email protected] .

Phone: There is phone support available 24/7 on a toll line (+971561772755). In addition, each of the countries where LuLu Exchange operates, there are local support lines as follows:

UAE: +971 44 504 900

Bahrain: +973 17 641 290

Bangladesh: +880 29 341 435

Hong Kong: +852 27 793 900

India: +91 484 418 7786

Kuwait: +965 22 022 185

Oman: +968 24 709 777

Philippines: +63 25 111 835

Qatar: +974 44 217 862

Seychelles: +248 461 0812

LuLu Exchange has made a name for itself in the 12 years it has been in the industry. Its focus on the GCC region and markets in Asia has seen it grow its operations very fast. Currently, it has over 200 branches including 73 in the UAE. The provider serves both private and corporate clients with the latter benefiting from salary and wage administration services. However, online transfers can only be done from the LuLu Money app since the website doesn't have a money transfer functionality.

When paying for your transfer you can choose Payment Gateway, wire transfer, or pay@branch. Once you make the payment, LuLu Exchange will process your transfer and deposit it directly into your recipient's bank account, send it for cash pick up or use the ‘LuLu Now’ service for instant credit into the recipient's bank account.

The provider has a strong history and is part of a family of brands under the LuLu Financial group. However, it is yet to get reviews on Trustpilot. If you want to find more about user experiences, head to the app reviews on Play Store or App Store.

Alternatively, you can use our money transfer comparison tool to quickly find out where it stands in our recommended list of providers. This will help you decide whether it is the right provider for you or not and get the best deal for your transfer.

Other Money Transfer Providers

Contributors.

April Summers

Delivering Results. On a Global Scale.

We are a leading name in the world of non-banking finance, dealing primarily in foreign exchange and global money transfer. We are headquartered in Abu Dhabi , and operate over 180 branches.

To be the first choice in financial services and be the most sought after organization by setting high standards in customer satisfaction and compliance.

Our Mision To create a learning organization driven by a high performance team, enrolled and accountable through transparent operations, process excellence and exceeding customer expectations.

Built on values that matter.

What binds our team across continents is our core values. We ensure that every member follows the work culture and adheres to the values of the company. This circle of trust and common values keep us engaged and help us ideate in a direction to ensure consistent success.

Every aspect of our business will be conducted with the utmost honesty and will comply to the laws of the land we belong to.

Service Excellence

For every customer, stakeholder and individuals, irrespective of any differences.

That encourages open communication and honesty that reflects in our services.

Every individual, be it customer, stakeholder or staff will be treated with respect and valued beyond any differences.

Our work is our sole responsibility and this ownership will be inculcated at an individual level, going beyond just their scope of work.

Growth Oriented

Dynamic business practices that help us achieve targets and provide growth opportunities for every individual involved in our business.

Work that takes every member of the LuLu International Exchange family, both employees and customers, forward in every way.

Celebration

Engaging the team with a productive work environment and esnuring we celebrate victories along the way, big or small.

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LuLu Gold Card

Benefits for you and your beneficiaries. Enjoy a host of benefits at LuLu Exchange bureaus, and discounts at various other shopping and hospitality partners with this premium card.

Our Partners

Attractive discounts

15% discount on total bill

10% * discount

15% discount onselcted outlets *

10% discount on purchase above AED 75

40% * discount

10% discount at all Quasis - Dubai Outlets *

Exclusive discounts

Dubai Mall * 20% discount on purchase above AED 20

Buy one get one free *

20% discount on purchase above AED 20

15% discount on purchase above AED 20

Now, you can download LuLu Money App from both Google Playstore & App Store iOS

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Exchange Rate

lulu exchange

Lulu Exchange is a prominent player in the global remittance and currency exchange industry. As a currency trader, it is essential to understand the basics of how Lulu Exchange operates, the services it offers, and its impact on the global economy. In this article, we will delve into the history, mechanics, role, technological innovations, and customer experience of Lulu Exchange, providing valuable insights for retail customers seeking reliable currency conversion services.

Understanding the Basics of Lulu Exchange

The history and evolution of lulu exchange.

With humble beginnings, Lulu Exchange has grown to become a trusted name in the remittance sector. Established in [year], it started as a small exchange house in the Middle East. The founders, driven by a vision to provide efficient and reliable financial services, embarked on a journey that would transform the remittance industry.

Over time, Lulu Exchange expanded its operations globally, catering to the diverse needs of customers worldwide. The company’s commitment to excellence and customer satisfaction propelled its growth, allowing it to establish a strong presence in various countries.

Backed by a strong financial foundation, Lulu Exchange has garnered a reputation for its expertise, reliability, and competitive rates. The company’s dedication to transparency and ethical practices has earned the trust of millions of customers, making it a preferred choice for currency exchange and remittance services.

Services Offered by Lulu Exchange

Lulu Exchange offers a comprehensive range of services to meet the varying needs of its customers. Whether you need to send money to your loved ones in another country or exchange currency for your travel purposes, Lulu Exchange has you covered.

One of the key services provided by Lulu Exchange is international money transfers. With a wide network of partners and advanced technology, the company ensures secure and swift transfer of funds across borders. Customers can rely on Lulu Exchange to handle their remittance needs efficiently and with utmost care.

In addition to money transfers, Lulu Exchange also specializes in currency exchange. Whether you are a traveler looking to exchange your currency for the local one or a business owner involved in international trade, Lulu Exchange offers competitive rates and convenient solutions to meet your currency exchange requirements.

For frequent travelers, Lulu Exchange provides travel currency cards that offer convenience and security. These prepaid cards can be loaded with multiple currencies and used at various merchants and ATMs worldwide. With features like low fees and competitive exchange rates, Lulu Exchange’s travel currency cards are a popular choice among globetrotters.

Recognizing the growing importance of digital transactions, Lulu Exchange also offers online remittance services. Customers can conveniently send money to their loved ones from the comfort of their homes, using Lulu Exchange’s user-friendly online platform. The company ensures the safety and security of these transactions, providing peace of mind to its customers.

By providing these services, Lulu Exchange aims to simplify the process of sending and receiving money, making cross-border transactions efficient and hassle-free for its customers. The company’s commitment to innovation and customer satisfaction drives its continuous efforts to improve and expand its service offerings.

The Mechanics of Money Transfer in Lulu Exchange

The process of sending money.

When it comes to sending money through Lulu Exchange, customers can expect a straightforward and secure process. The first step is to visit the nearest Lulu Exchange branch or use the user-friendly online platform. You are required to provide the necessary identification and details of the recipient.

At the Lulu Exchange branch, you will be greeted by friendly and knowledgeable staff who will guide you through the process. They will ensure that all your identification documents are in order and assist you in filling out the necessary forms. The staff members are trained to handle transactions efficiently and securely, giving you peace of mind.

If you prefer to use the online platform, you will find a seamless and intuitive interface that allows you to enter all the required information. The platform is designed to be user-friendly, even for those who are not tech-savvy. Lulu Exchange understands the importance of convenience and simplicity when it comes to online transactions.

Once the verification process is complete, you can proceed with entering the amount and the destination country. Lulu Exchange offers competitive exchange rates and low transfer fees, ensuring that your money reaches the intended recipient promptly in their local currency.

When it comes to security, Lulu Exchange employs state-of-the-art encryption technology to protect your personal and financial information. They have stringent security measures in place to safeguard against any unauthorized access or fraudulent activities. Your money is in safe hands with Lulu Exchange.

Receiving Money through Lulu Exchange

Receiving money through Lulu Exchange is equally convenient. Whether you choose to collect the funds in cash from one of their branches or prefer the funds to be deposited directly into your bank account, Lulu Exchange caters to your preferences.

If you opt to collect the funds in cash, you can visit any Lulu Exchange branch at your convenience. The branches are strategically located for easy access, ensuring that you can receive your money without any hassle. The friendly staff will assist you in verifying your identity and provide you with the cash in the local currency.

For those who prefer the funds to be deposited directly into their bank account, Lulu Exchange offers a seamless process. You can provide your bank account details, and Lulu Exchange will initiate the transfer promptly. They have established partnerships with various banks and financial institutions worldwide, ensuring that your money reaches your account securely and efficiently.

Customers can also benefit from Lulu Exchange’s extensive network of partner banks and financial institutions, enabling quick and secure transfers to any location worldwide. This network allows Lulu Exchange to offer competitive exchange rates and low transfer fees, making it an attractive option for individuals and businesses alike.

Additionally, Lulu Exchange understands the importance of speed when it comes to money transfers. They strive to ensure that your funds reach the recipient as quickly as possible, minimizing any delays or inconveniences. Their efficient processes and reliable network make Lulu Exchange a trusted choice for international money transfers.

The Role of Lulu Exchange in Global Remittance

Impact on international workers.

International workers play a vital role in the global economy, and Lulu Exchange acknowledges this significance. By offering efficient remittance services, Lulu Exchange assists these workers in sending money to their families back home. This strengthening of financial connections helps support economic stability in both the host and recipient countries.

Contribution to Global Economy

From a macroeconomic perspective, Lulu Exchange’s operations contribute to the global economy. By facilitating seamless cross-border transactions and currency exchange services, Lulu Exchange enables businesses and individuals to pursue international opportunities more effectively.

Furthermore, the competitive exchange rates offered by Lulu Exchange provide value to customers, helping them maximize the purchasing power of their money when traveling or conducting international business transactions.

The Technological Innovations of Lulu Exchange

Mobile applications and online services.

Lulu Exchange recognizes the importance of technology in enhancing customer experience. To meet this demand, it offers user-friendly mobile applications and online platforms. These digital solutions allow customers to conveniently access Lulu Exchange’s services anytime, anywhere, and provide real-time updates and notifications.

With these innovations, customers can effortlessly track their transactions, check exchange rates, and receive personalized assistance, contributing to a seamless and efficient currency conversion experience.

Security Measures and Fraud Prevention

Lulu Exchange prioritizes the security of its customers’ funds and personal information. It employs robust security measures and anti-fraud mechanisms to safeguard against potential threats. Compliance with international regulatory frameworks ensures transparency and builds trust among customers.

By integrating advanced technologies and stringent security protocols, Lulu Exchange aims to provide customers with peace of mind, knowing that their transactions are protected from unauthorized access and fraudulent activities.

Customer Experience with Lulu Exchange

Customer support and assistance.

Lulu Exchange prides itself on delivering excellent customer support. Whether you have inquiries regarding a specific transaction or need assistance with using their services, their dedicated customer support team is readily available to provide prompt and personalized assistance.

Customers can reach out to Lulu Exchange through various channels, including phone, email, or by visiting one of their conveniently located branches. This commitment to serving customers ensures a positive and satisfactory experience.

Reviews and Feedback from Users

Positive reviews and feedback from satisfied customers further attest to Lulu Exchange’s commitment to excellence. By listening to their customers’ suggestions and continuously improving their services, Lulu Exchange strives to exceed expectations and build long-lasting relationships with its clientele.

Customers value Lulu Exchange for its competitive rates, fast and secure transactions, and dedicated customer support, making it a trusted partner for their currency conversion needs.

As a currency trader, it is essential to have a comprehensive understanding of influential players like Lulu Exchange. The services they offer, their impact on the global economy, and their commitment to customer satisfaction make Lulu Exchange a preferred choice for individuals requiring reliable and efficient currency conversion services. Embracing technological innovations, Lulu Exchange ensures seamless transactions while prioritizing the security and well-being of customers.

So, whether you are planning a trip abroad, need to send money to your loved ones, or engage in global business transactions, consider Lulu Exchange as your trusted partner for all your currency conversion needs.

Understanding the nuances of currency exchange is crucial for making informed decisions, whether you’re traveling or trading. Stay ahead of the game with Exchange Rate UAE’s free email service. Receive live updates on UAE exchange rates at your preferred time and day, directly to your inbox. Our partnership with a leading currency data provider ensures you get timely and relevant market information without any cost or obligation. Subscribe for free today and make currency trading work to your advantage.

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• Mastercard partners with Lulu Exchange to enable speedy and secure online remittances

• Lulu Exchange will be the first exchange house in the UAE to enable debit cards on its payments app LuLu Money
• Service will use multi-rail processing gateway MPGS (Mastercard Payment Gateway Services) to enable power, speed, and security of transactions

Mastercard has entered a strategic partnership with Lulu Exchange to enable UAE consumers to carry out simple, speedy, and secure remittances through the Lulu Money mobile app.

Transactions made using Mastercard debit cards will bear no additional ‘merchant transaction fees’, making Lulu Exchange the first exchange house in the UAE to enable such a facility for digital payments. Through this partnership, Mastercard and Lulu Exchange are set out to deploy digital payment solutions and technologies to enable inclusive and sustainable economic growth through the digital economy.

Powered by Mastercard’s Cross-Border Services, Lulu Exchange can seamlessly process digital payments leveraging its global network through a single connection. Furthermore, these cross-border payments can reach almost anywhere in the world with certainty and predictability, and without backend charges. Mastercard’s remittance platform plays a key role in improving worldwide connectivity, by providing new and enhanced innovation across the global digital ecosystem.

“As a multi-rail company, we are delighted to apply our expertise, technology and innovative solutions to transform the way people connect. Partnerships with major financial service providers like Lulu Exchange are an important way for Mastercard to provide consumers with an enhanced payment experience and ensure that the digital economy works for everyone. This collaboration will serve to simplify the lives of consumers, ensuring their transactions are safe while delivering to them the speed and convenience that digital payments offer,” said  Gaurang Shah, Senior Vice President, Head of Products, Middle East and Africa, Mastercard .

“Lulu Exchange remains committed to bridging the gap between our consumers and technology to make the cross-border payments experience hassle-free. Through our partnership with Mastercard, we are making available a familiar payment option on our payment’s app, LuLu Money, that will fit the needs of a wide spectrum of consumers. We are confident that this partnership will be an impetus for our existing and new consumers to transition to digital payments, and more importantly, choose LuLu Money as a viable and secure option,” said  Narayan Pradhan, Vice President, GCC and India, Lulu Financial Group .

As markets around the world continue their recovery since the onset of the pandemic, remittances are playing a key role in supporting the economic rebound. According to a recent study from Oxford Business Group, the World Bank upgraded its forecast for remittances for 2021, with a predicted increase of 2.6% for the Middle East and North Africa region. [1]  In 2020, the UAE ranked the second largest sources for remittances globally.

Mastercard’s multi-rail strategy allows it to reach every customer,  [2] merchant, and government player, seamlessly connecting stakeholders across the digital payments ecosystem and delivering choice to banks, businesses, and consumers. All Lulu Exchange remittance transaction processed through MPGS will be remitted via Transfast (a company acquired by Mastercard).

[1]   Oxford Business Group , July 2021

[2]   Arab News, May 2021

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LuLu Exchange partners with Mercury to launch UAE’s first digital native payroll card for WPS customers

Business corporate news.

• Travel & Tourism

The LuLu Money Salary Card will enable an app-first payroll process

LuLu Exchange – UAE’s leading cross-border payments provider, has rolled out the country’s first digital native WPS payroll solution in partnership with Mercury - UAE’s domestic payment network.

The Lulu Money Salary Card offers an app-first payroll process and works like a digital WPS account. The card is embedded with NFC technology for multiple layers of security and allows users to tap and pay at thousands of retail outlets, restaurants, pharmacies, and convenience stores, using it as a debit card.

Customers will have more control over their spending, thanks to the card’s integration with their salary account on LuLu Money. This will enable customers to send money through LuLu Money, as well as check the account balance, download statements and transaction history, set the card usage limit, reset PIN, and block & replace the card.

Talking about the partnership, Adeeb Ahamed, MD of LuLu Financial Group, says, “The LuLu Money Salary Card is a result of our ambition to roll out a proprietary WPS card that enables seamless money transfer and digital account management. We are happy to partner with Mercury to bring this innovative card to our customers, in line with the UAE’s regulations. We believe this will go a long way towards achieving greater financial inclusion and helping meet the diverse payment needs of under-banked customers.”

Muzaffer Hamid, CEO, Mercury Payments, says, “Our newly formed alliance with Lulu Exchange forms an important part of our digital first strategy, and comes with great excitement to offer multiple innovative products to support UAE government’s vision of a cashless economy. Mercury’s aim is to help Lulu exchange boost socio-economic well-being by serving the underserved to enable them with access to financial products & services across UAE and the world. Mercury products are accepted in millions of locations across 200+ countries in the world.”

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• Lulu Exchange

Locate the nearest branch

• State * All Abu Dhabi Dubai Sharjah
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Lulu Exchange branches

• LuLu Exchange
• Shop No 41, UG/F, Western Region Madinat Zayed Abu Dhabi
• Inside Al Dhafra Mall
• +97125468133
• Open until 11:00 PM
• Call Map Website Map
• Shop No 15, Ground Floor, Lulu Hypermarket Al Barsha Dubai
• +97143248906
• Open until 11:45 PM
• Shop 19 & 20, Family Supermarket Bldg, 27B Street Karama Dubai
• +97143576621
• Open until 10:30 PM
• Shop 16, 1st Floor, Crystal Mall, Hilal Al Madina Jebel Ali 3 Dubai
• +97143207836
• SN M/3, Mezzanine Floor, Shoppers Mall, Community 599, Street 16 Jabel Ali 2 Dubai
• Near Madina Supermarket
• +97144504975
• Shop No 7 to 9, ZAK Holdings Ltd Bldg Al Quoz 3 Dubai
• +97142238117

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We buy & sell all major currencies of the world, at competitive rates. Being a major player in the wholesale currency market, we always have a ready stock of all major currencies. Our network of branches provides you a secure and speedy currency exchange service.

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Where Americans Are Traveling in 2024: By the Numbers

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Americans are traveling abroad in droves.

The number of U.S. citizens flying to international destinations reached nearly 6.5 million passengers in March, according to the International Trade Administration. That’s the highest March total in over five years and shows that the post-pandemic “revenge travel” trend is the new normal.

It wasn’t just March, which usually sees a spike in international departures for spring break. In every month of 2024 so far, more Americans left the country than last year and 2019. These trends point to a blockbuster summer for overseas travel.

Nearly half of Americans (45%) plan to travel by air and/or stay in a hotel this summer and expect to spend $3,594 on average, on these expenses, according to a survey of 2,000 U.S. adults, conducted online by The Harris Poll and commissioned by NerdWallet.

That's despite rising travel prices that have caused some hesitancy among would-be travelers. About 22% of those choosing not to travel this summer cite inflation making travel too expensive as a reason for staying home, according to the poll.

So where are traveling Americans going? And what does it mean for those looking to avoid crowds of tourists and higher travel prices?

New travel patterns

Nearly every region in the world saw an increase in U.S. visitors in March 2024 compared with March 2023, according to International Trade Administration data. Only the Middle East saw a decline of 9%. Yet not every region saw the same year-over-year bump. U.S. visitors to Asia saw a 33% jump, while Oceania and Central America each saw a 30% increase.

Comparing 2024 with 2023 only tells part of the story, however. The new patterns really emerge when comparing international travel trends to 2019. For example, Central America received 50% more U.S. visitors in March 2024 compared with March 2019. Nearly 1.5 million Americans visited Mexico, up 39% compared with before the pandemic. That’s almost as many visitors as the entire continent of Europe, which has seen a more modest 10% increase since 2019.

Only Canada and Oceania saw fewer visitors in March 2024 than in 2019, suggesting that interest in these locations has not rebounded. Indeed, the trends indicate a kind of tourism inertia from COVID-19 pandemic-era lockdowns: Those destinations that were more open to U.S. visitors during the pandemic, such as Mexico, have remained popular, while those that were closed, such as Australia, have fallen off travelers’ radars.

Price pressures

How these trends play out throughout the rest of the year will depend on a host of factors. Yet, none will likely prove more important than affordability. After months of steadiness, the cost of travel, including airfare, hotels and rental cars, has begun to sneak up again.

About 45% of U.S. travelers say cost is their main consideration when planning their summer vacation, according to a survey of 2,000 Americans by the travel booking platform Skyscanner.

That’s likely to weigh further on U.S. travelers’ appetite for visiting expensive destinations such as Europe, while encouraging travel to budget-friendly countries. It could also depress overall international travel as well, yet so far, Americans seem to be traveling more.

For those looking to avoid crowds while maintaining a budget, Skyscanner travel trends expert Laura Lindsay offered a recommendation many of us might need help finding on a map.

“Albania has been on the radar of travelers looking for something different,” Lindsay said. "Most people have yet to discover it, but flights and tourism infrastructure are in place, and there are fewer crowds in comparison to trending European destinations like Italy, Greece, or Portugal.”

On the flip side, American travelers looking to avoid crowds of compatriots would do well to avoid Japan, which has seen a staggering 50% increase in U.S. tourists between March 2019 and 2024.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

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