Q. What is Currency Exchange?
The exchange of one currency into the other at prevailing rate through authorized dealers/exchange companies is called currency exchange.
Q. Why I cannot find the same rate of any currency throughout the day?
The exchange rate between currencies throughout the world is volatile in nature and depends upon the market forces of demand and supply. These are the basic forces which determine the exchange rates of the currencies. Besides, exchange rates are also affected by various other factors such as political and economic stability. Hence, the exchange rates keep changing throughout the day.
Q. What is outward remittance?
When a person remits money from one country to another country, in the country of origin it is called outward remittance.
Q. What are the modes of doing an outward remittance?
There are two common modes for the outward remittance.
Demand Draft (DD)
Telegraphic Transfer (TT)
Q. What is the procedure of outward remittance?
Customer >> SKY EXCHANGE >> Bank (Pak) >> Intermediary Bank (abroad) >> Beneficiaries Bank Account.
Q. What are the requirements for outward remittance?
• Sender’s full name and address;
• Sender’s contact number;
• Sender’s CNIC or passport copy;
• Sender’s occupation/business
• Beneficiary’s full name and address;
• Beneficiary’s passport number
• Beneficiary’s date of birth;
• Beneficiary’s contact number;
• Beneficiary’s bank details i.e. Account no., Bank Address, transit no/Swift code etc ;
• Purpose of remittance; and
• Signature of the sender.
Q. What is Telegraphic Transfer?
Telegraphic Transfer service is the fastest mean for transferring money from one country to another. With the help of this service a customer can transfer money to the bank
account of a beneficiary in most foreign countries of the world.
Q. How fast is the procedure of telegraphic transfer?
The money remitted is credited to the beneficiary’s account within 2-3 working days depending on the currency, destination and the corresponding bank.
Q. what are the charges of telegraphic transfer services?
“Call or visit our nearest branch”
Q. What is a Demand Draft?
It is an instrument of money transfer through which banks and exchange companies ensure to pay on demand a certain amount to the beneficiary’s bank on deposit of the same.
Q. what are the charges of Sky Exchange for DD services?
“Call or visit our nearest branch”
Q. In which currencies can you obtain a demand draft from Sky Exchange?
We issue draft in the following currencies:
Q. What is Home Remittance?
When an expatriate sends money to its home country, it is called home remittance.
Q. How long does it take a payment to reach to the beneficiary?
Depending upon the arrangements with various international correspondents, beneficiaries can usually receive payments in home remittance within 24 working hours. No delay is made on behalf of SKY EXCHANGE and remittance upon arrival is immediately available for collection.
Q. What is the overall procedure of home remittance service?
Customer >> Foreign Correspondent >> Sky Exchange >> Beneficiary
Q. What special services are being offered by SKY EXCHANGE for the convenience of beneficiaries?
The beneficiaries can receive their payments in the form of cash or cheque.
Q. Does the beneficiary receive full payment or some deduction is made?
The beneficiary receives full payment and no deduction is made by Sky Exchange.
Q. In how many cities of Pakistan can a beneficiary receive payments through sky exchange?