Payments
When collecting payments from your customers, you can do so in AED or non-AED currencies and we settle you in AED.
When you collect money in AED, you get settled in AED. Therefore, there are absolutely no additional FX fees on top of the standard transaction fees we charge, which are outlined on our pricing page.
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.
Cards
When spending through your Mamo Card, you can do so in AED or non-AED currencies.
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.
When you spend in non-AED currencies (for example, USD) we use the market rate at the time of the transaction. Mamo does not add any other fees, buffers or margins on top of this rate.
FX fees are one of the main revenue streams for most corporate card providers in the market today.
Seemingly lucrative cashback programs are typically funded from the fees you pay in other areas (such as FX rates). When you receive a 1-2% cashback that is made possible by the 3-4% FX fees that the card provider has applied to your transactions.