Question 1

How do I find the nearest branch of Ravi Exchange?

Accepted Answer

You can find the nearest branch of Ravi Exchange by visiting our website. Simply use the branch locator feature available at the header of the website to find a location close to you.

Question 2

What are the requirements to Exchange the Currency?

Accepted Answer

Requirements for Purchase of Foreign Currencies:

Original and valid CNIC/NICOP/POC along with its copy is required for identity and record. Passport with valid visa is required in case of foreigner/travelers for verification and record.

Requirements for Sale of Foreign Currencies:

- Sell foreign currency to individuals as per published rates.
- For all transactions, the Company will retain copy of identification document (in physical or digital form) i.e. Computerized National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP), Pakistan Origin Card (POC), Passport (having valid visa on it or any other proof of legal stay of a foreigner in Pakistan) as the case may be; after having seen the original document.
- Company shall carry out biometric verification of Pakistani Nationals for all transactions equivalent to USD 500 or above and maintain a record thereof.
- For all transactions equivalent to USD 1,000 or above, the Company will record the purpose of the transaction and obtain supporting documents. The company shall also record the source of funds.
- All sale transaction Rs. 200,000 and above Up to USD 1,999 per transaction, the customer will first deposit the cash of this transaction into the bank account of Ravi Exchange Company or through his/her bank account and provide us the deposit slip.
- All sale transaction of USD 2,000/- or above (or equivalent in other currencies) the customer will conduct the transaction through his/her bank account instead cash payment.

Question 3

Is there any limit to buy or sell the currency?

Accepted Answer

For Foreign Currency Buying:

Customers can buy currency for two purposes.

FCY Buying for Bank Deposit Purpose

- If any customer wants to buy currency to deposit in bank account, he/she can buy up to 10,000 USD or equivalent in other foreign currencies per day, which are permissible to deposit in his/her bank account.
- Maximum limit per person per calendar year for buying foreign currency is USD 100,000 or equivalent in other foreign currencies to deposit in his / her bank account.

FCY Buying for Travelling Purpose

As per SBP approved limits individual aged 18 years and above (adult) can take out the foreign currency (FCY) equivalent to USD 5,000 per visit, while those below the age of 18 years (minor) can carry out FCY equivalent to USD 2,500 per visit. Further, the annual ceiling to take out FCY for adults and minors is fixed @ USD 30,000/- and USD 15,000/- respectively.

For FCY Selling:

There is no limit for Selling of Foreign Currency, but source of fund is to be disclosed.

Question 4

For what purpose one can Exchange Currency?

Accepted Answer

Traveling Abroad: If you intend to travel to a foreign country like for Hajj, Umrah and also for Tour, you can exchange your currency (PKR) with the desired currency to satisfy your needs there.

Bank Deposit: If any customer wants to buy currency to deposit in bank account, he/she can buy, which are permissible to deposit in his/her bank account.

Question 5

How to send or receive money via Western Union, MoneyGram and RIA?

Accepted Answer

Visit any nearest Ravi Exchange branch to send or receive money via Western Union, MoneyGram, or Ria.

Requirements to send money abroad:

- Sender's original and valid government-issued (CNIC, NICOP, Passport)
- Sender's name as it appears on the ID and occupation.
- Biometric verification.
- Receiver's full name and address.
- Relationship with the receiver.
- Purpose of the transaction / sending money abroad.
- Additional information if any required by the Agent.

Requirements to receive money:

- For Western Union Money transfer control number (MTCN), MoneyGram Reference Number, for Ria PIN or Order number of the money transfer.
- A government-issued (CNIC, NICOP, Passport).
- Sender's full name and sending country.
- Answer for the test question (if any).

Question 6

Are there limits to how much or how often I can send money?

Accepted Answer

There are no strict limits set by the State Bank of Pakistan (SBP) for remittances, but the Money Transfer Companies (MTO) may have their own limits. These limits can vary based on the provider (e.g. Western Union, MoneyGram). The maximum amount you can send may vary on factors such as sending country, payment method, and receiver's location in Pakistan. The MTOs have their own transaction limit, which could be per transaction, daily, weekly, monthly or yearly. But transactions must comply with Anti-Money laundering (AML) and KYC regulations. For more detailed information on specific limits, please contact us or visit our nearest branch.

Question 7

How long does it take for a beneficiary to receive the money?

Accepted Answer

The beneficiary can receive money instantly through Western Union, MoneyGram and RIA, once the transaction is booked at sending end. While it takes 1-3 working days if opted for bank transfer.

Question 8

How secure is my transaction?

Accepted Answer

You can trust Ravi Exchange for your transaction, since we offer efficient and quality services, also guaranteed best rates. Our highly professional and skilled staff offer you best services to satisfy your demand.

Question 9

Can I send money to someone who does not have a bank account?

Accepted Answer

Yes, you can send money to anyone through Western Union and MoneyGram who does not have bank account.

Question 10

What are the charges of Telegraphic Transfer Service?

Accepted Answer

The charges for the Telegraphic Transfer Service can vary depending on factors such as the destination country, the amount being transferred etc. To get an accurate rate and book your transaction, please contact us or visit our nearest branch for further details.

Question 11

What information do I need to provide for Foreign Telegraphic Transfer?

Accepted Answer

Foreign Telegraphic Transfer (FTT) University & College Fee Requirements

- University & College Offer Letter with Student ID, Name, Amount, Validity Date, Course Start Date, Bank Details & Value Date.
- University/ College Name
- Passport & CNIC of the Student and photo copies thereof.

Foreign Telegraphic Transfer (FTT) in Personal Name Requirement

- Sender CNIC and its Copy + Cell No.
- In case if purpose is family maintenance, the beneficiary should be close relative e.g. Father, Mother, Brother, Uncle, Cousin and if Sister ID/Passport with Husband Name, or Uncle FRC Required.
- Source of Funds (Job Card or Salary slip or Business card).
- Cross cheque in favor of Ravi Exchange Company (Pvt.) Ltd. (if above USD 2,000).
- Cheque copy/Deposit /IBFT/RTGS Slip.
- Last 1 Month to FTT booking day Personal Account Statement with sign and Branch stamp.
- NADRA Biometric Verification and its Print.
- Undertaking in line with SBP requirement.
- Sender's place of birth and sender's father DOB / Place of birth

Question 12

Is there any limit on how much I can remit per day via Foreign Telegraphic Transfer?

Accepted Answer

Maximum limit per person per day for Foreign Telegraphic Transfer is USD 10,000 or equivalent in other foreign currencies with upper limit USD100, 000/- p.a.

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