Foreign Exchange & Remittance Group (FERG)

The Companies engaged in the business of money exchange and remittances have joined hands to form the Foreign Exchange & Remittance Group (FERG). The move was initiated by the Central Bank of the UAE to bring the exchange companies, from large sized ones - some of which, with over 100 branches to single branch outlets, to come on a common platform and work together to create a strong and united body to voice their views and suggestions and facilitate a conducive environment for growth and development as also, highlight their contributions to the UAE economy. FERG has been successful in facilitating changes in the policies and procedures for the benefit of its members. One of the important objectives of FERG is to help the members build a strong AML framework by holding regular AML trainings and meetings with the support of the Central Bank of the UAE. FERG also promotes ethical business standards amongst its members.

FERG is registered with Dubai Chamber of Commerce & Industry (DCCI) since 2008. FERG currently has 50 members who together handle over 90% of the exchange and remittance business in the UAE.

FERG’s Vision

To foster the development of a dynamic, innovative and stable foreign exchange and remittance industry that contributes to the economic and social wellbeing of our customers and to position UAE as the market leader in exchange and remittance business.

About Exchange Industry in the UAE

• UAE has 114 licensed exchange companies with over 700 outlets spread across the Emirates.
• Around $ 30 billion is transferred annually by expatriates in the UAE to home countries.
• The foreign exchange needs of over 7 million tourists visiting UAE annually is taken care of by the Exchange Companies.
• Exchange companies handle various ancillary services like Credit Card Payments, National Bonds, Utility bill payments, Traveler’s cheques, Salik Payments, etc.
• Exchange companies also disburse salaries under the Wage Protection System implemented by the Ministry of Labour, UAE in coordination with Central Bank of the UAE.

For more details, please visit our website: www.ferguae.org
or contact Tel. # +971 50 2362025 / + 971 4 3772896