Mamo charges FX fees when you collect payments or spend on your corporate card in currencies other than AED.
FX fees on Mamo payment processing
When collecting payments from your customers, you can do so in AED or non-AED currencies. However, we always settle you in AED.
Collecting money in AED
When you collect money in AED, you get settled in AED. Therefore, there are absolutely no additional foreign exchange (FX) fees on top of the standard transaction fees we charge, which are outlined on our pricing page.
Collecting money in non-AED
When you collect money in non-AED currencies (for example, USD), we will still settle you in AED. Therefore, there is a currency conversion involved and we will need to convert the payments from the foreign currency (USD) to AED.
The FX rates we use in this conversion are pulled directly from an FX rate provider called openexchangerates.org and include a small buffer to protect against short-term currency fluctuations between the date of the actual transaction and the date of the money arriving to your bank account.
FX fees on Mamo corporate cards
When spending through your Mamo Card, you can do so in AED or non-AED currencies.
Spending in AED
When you spend in AED, there are no additional FX fees applied to the transaction. The transaction is completely free for you as a business and cardholder.
Spending in non-AED
When you spend in currencies other than AED (for example, USD) we use the market rate at the time of the transaction to calculate the FX fees.