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| Currency Exchange |
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| 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. |
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| Q: Why I cannot find the same rate of any currency throughout the day? |
| The exchange rate between currencies through out 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. |
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| Outward Remittance |
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| 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. |
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| Q: What are the modes of doing an outward remittance? |
There are three common modes for the outward remittance.
- Demand Draft (DD)
- Telegraphic Transfer (TT)
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| Q: What is the procedure of outward remittance? |
| Customer >> DOLLAR EAST >> Bank (Pak) >> Intermediary Bank (abroad) >> Beneficiaries Bank Account. |
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| Q: What are the requirements for outward remittance? |
Following information and documentation is required:
- Full Name
- Nationality
- Full physical and postal address, telephone & fax numbers and email address)
- Copy of National Identity Card or passport
- Occupation/Business
- Purpose of remittance
Beside this, the remitter also needs to provide the following information about the beneficiary:
- Name of the beneficiary
- Account number
- Name of the bank
- Full address
- Route number / Swift code/Transit number
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| Telegraphic Transfer |
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| 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. |
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| Q: How fast is the procedure of Telegraphic Transfer? |
| It will credit to the beneficiary within 24 to 72 working hours. |
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| Q: What are the charges of Telegraphic Transfer service? |
| The charges for telegraphic transfer are Rs.900 per transaction. |
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| Demand Draft |
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| 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. |
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| Q: What is the requirement for making a Demand Draft? |
- Copy of sender's ID Card
- Beneficiary's title of Account
- Name of destination
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| Q: What are the charges of Dollar East DD service? |
| The charges for demand draft is 1000. |
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| Q: In which currencies can you obtain a demand draft from Dollar East? |
We issue draft in the following currencies:
- US Dollar
- Pound
- Euro
- Saudi Riyal
- Canadian Dollar
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| Home Remittance |
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| Q: What is Home Remittance? |
| When an expatriate sends money to its home country, it is called home remittance. |
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| 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 DOLLAR EAST and remittance upon arrival is immediately available for collection. |
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| Q: What is the overall procedure of home remittance service? |
| Customer >> Foreign Correspondent >> Dollar East >> Beneficiary |
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| Q: What special services are being offered by DOLLAR EAST for the convenience of beneficiaries? |
| The beneficiaries can receive their payments in the form of cash or cheque. Home delivery service to the beneficiary is also being arranged. |
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| Q: Does DOLLAR EAST have international correspondents to execute home remittances? |
| Yes, DOLLAR EAST has a network of international correspondents to execute home remittances. |
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| Q: Does the beneficiary receive full payment or some deduction is made? |
| The beneficiary receives full payment and no deduction is made by Dollar East. |
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| Branch Network |
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| Q: In how many cities of Pakistan can a beneficiary receive payments through DOLLAR EAST? |
Dollar East has a network of 18 branches which are strategically located in 16 cities of Pakistan. The names of these cities with the number of branches are given below:
| City |
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Branch(es) |
| Karachi |
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1 |
| Lahore |
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3 |
| Gujranwala |
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1 |
| Faisalabad |
|
1 |
| Multan |
|
1 |
| Islamabad |
|
1 |
| Peshawar |
|
1 |
| Jhelum |
|
1 |
| Mirpur-AK |
|
1 |
| Kharian |
|
1 |
| Gujrat |
|
1 |
| Sialkot |
|
1 |
| Swat |
|
1 |
| Sahiwal (Payment Booth) |
|
1 |
| Mandi Bahauddin (Payment Booth) |
|
1 |
| Rawalpindi (Payment Booth) |
|
1 |
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