Moneychangers

Money exchange is a thriving business in the UAE owing to a demographic structure which contains large numbers of expatriates regularly transferring remittances to their families and relatives in their home countries. The Central Bank issued Resolution No. 123/7/1992, dated 29.11.1992 promulgating the new regulation for moneychangers. One of the most important provisions of the resolution confines licensing for carrying on moneychanging business to institutions and companies established per provisions of the commercial companies' law. The resolution also requires that the person be a UAE national of not less than 21 years of age. In the case of companies, the national shareholding should not be less that 60% of the total paid-up capital. The regulation set the minimum capital at One Million Dirhams or Two Million Dirhams, depending on the scope of activities the applicant wishes to undertake.

Distribution of Money Changers by Emirate

List of Money Changers in UAE