FAQs for payroll processing with Lulu Exchange
1. What is the maximum number of employees I can register with Lulu International Exchange?
There is no limitation to the number of employees that can be registered with Lulu International Exchange.
2. Can employees without labor card details be registered?
Yes, Lulu International Exchange can currently register employees without labor card details.
3. Can I pay for multiple trade licenses in a single transaction? If yes, how?
Yes, you can pay for multiple trade licenses in a single transaction.
The companies have to be registered as a group of companies during initial company registration.
4. What are the fund transfer options available for Lulu Exchange and cut-off times to process salaries?
Cash Deposit - Salaries will be released the same day if the funds are deposited into one of the branches of Lulu International Exchange before 12:00 PM.
Check Deposit at Lulu exchange partner banks - Salaries will be released the same day if funds appear in the Lulu bank account before 12:00 pm.
Banks usually take 1-2 working days to settle a cheque deposit transfer.
This means that if a cheque is deposited in the Lulu ENBD account on a Monday morning, the funds may not appear in the Lulu account until the end of Tuesday depending on the bank from which your cheque was drawn.
We do not recommend handing over a check at the Lulu branch as turnaround time can be extended by up to 4 days.
Wire transfer - Salaries will be released the same day if funds appear in the Lulu bank account before 12:00 p.m.
It is recommended that if employees are to be paid on a specific date say, 30th July 2020, then please ensure Lulu can verify the successful transfer of money into their accounts by the end of the day on 29th July.
Hence, employees are likely to be paid the same day if the money transfer is verified by Lulu before 12:00 p.m. on the 30th of July at the latest.
Please note: This is subject to any delays from the Central Bank of the UAE.
5. How much will it cost to process payroll through Lulu International Exchange via Bayzat?
For the 12 months, processing your payroll will be done at no cost if you are a new Lulu Exchange customer. If you are already processing your payroll through Lulu Exchange, then you will be charged your current amount.
After 12 months, your payroll processing fee will be at the standard market rate subject to a cap of AED 5 per employee.
6. What are the salary payment options available for Lulu Exchange?
Lulu Exchange has three types of payment options. The client will have to choose this payment option before Lulu Exchange proceeds.
Cash payout - salaries processed as cash payout require the employees to visit any of Lulu Exchange branches and present their original Emirates ID for collection.
Direct bank account - Salary transferred to the bank account of the registered employees.
MyPay card (issued by First Abu Dhabi Bank) - Salary transfer to MyPay card of registered employees.
7. Can I pay for multiple trade licenses in one single transaction? If yes, how?
Yes, if the companies are registered as a group of companies during initial company registration.
8. What are the workweeks/timing and office timings for the call center?
Saturday to Sunday 9:00 AM to 6:00 PM.
The call center is closed on Fridays and public holidays.
9. How many branches and ATMs does Lulu Exchange have?
Over 73 branches across the UAE and withdrawals can be made for free in all FAB ATM machines.