Turmusaya Company for Money Exchange

Turmusaya Company for Money Exchange initiated its activities in providing money exchange services since 1979, after it was established by Mr. Ribhi Abdulrahman Abu Awad. The first branch for the company was opened in the city of Ramallah and AlBireh. Mr. Ribhi started by offering money exchange services for clients at that time, which included buying and selling different currencies and encashing local and foreign cheques. The distinguished experience that Mr. Ribhi had at the time, which expanded over 20 years of experience in money exchange and business activities, helped in building a wide client base for the Company.

In 1987, which is known as the year of the First Intifada in Palestine, Mr. Ribhi Abu Alhmoum started providing money exchange services to a wider segment of clients, especially clients who were unable to reach the Company’s headquarter due to the political situation at the time, and the imposed curfews. Money exchange services were provided to the elderly and a wide range of clients through at-home financial transactions.

In 1990, Mr. Ribhi Abu Alhmoum started expanding his commercial activity. He had extensive experience and a sharp wit, which he used to establish a jewelry store and integrate it with the money exchange store. The two businesses were managed under one name; Turmusaya Store for Money Exchange and Jewelry. He continued with this business up to the coming of the Palestinian National Authority, which started legislating laws and legislations that regulate businesses.

In compliance with the laws and legislations in Palestine, Mr. Rabhi established the Turmusaya Company for Money Exchange on 07/07/1997 by officially registering it at the Ministry of National Economy “Companies Controller” as a private shareholding company under registration number (563119411), with a capital of one million US Dollars, according to the Companies’ Law number (12) of 1964 and its amendments. The main purpose of the company is to provide money exchange and money transfer services. Moreover, the Company was also licensed by the competent control authority in Palestine, the Palestinian Monitory Authority, in compliance with the Presidential Decree number (13) of 2008, which was later replaced by Decision number (41) of 2016 on the licensing and control of money exchange profession.

Since then, the Company started to draw its path toward excellence by providing the best money exchange and money transfer services, and by expanding inside Palestine. In 2000, the Company’s second branch was opened in Turmusaya village, which us around 25 km away from Ramallah and AlBireh cities. The purpose of opening a second branch in Turmusaya was to be able to provide money exchange services to the Company’s clients upon the start of the Second Intifada, and the resulting curfews and closures.

The name of Turmusaya Company for Money Exchange become associated with trust, integrity, and quality, as a result of its experience developed over more than forty one years, during with our beloved Palestine witnessed many difficulties. The wise management of Mr. Ribhi helped the Company overcome these difficulties, and his goal to expand the company and provide more services to the largest number of clients lead to the opening of the company’s third branch in 2016, and in the years 2018 and 2019 the Company opened its fourth and fifth branches. 

Turmusaya Company for Money Exchange provides a bundle of financial services, including buying and selling different currencies, providing money transfer services “regular and fast transfer services”, and purchasing due local cheques in return for currencies of equivalent value.

Since its establishment, Turmusaya Company for Money Exchange has committed to implementing policies and work procedures that are consistent with the laws and instructions issued by the supervisory authorities in Palestine.