Pramod Manghat, the Vice President, Global Operations, UAE Exchange added "Remittance has evolved quite a bit from the earlier days when the remitter
had to wait for days together to be convinced that the designated account has been credited, which involved many ISD calls too.
* To enable a system to send SMS to the remitter
and the beneficiary, after crediting the remittance amount in the beneficiary account or in the system for the cash payment at the counter.
"Banks want to eliminate the money remitters
, because they want to take over the industry," she insists.
Exchange Companies Association of Pakistan's General Secretary Zafar Paracha said the State Bank has agreed to consider their proposal for providing Re1 per each dollar to the remitter
. 'It will reduce the illegal transactions of money.
With a network of more than 27 branches and similar work ethos and technology platform, Modern Exchange Company in Oman is also fast catching up and is already a preferred remitter
by customer choice in that country.
from overseas who demand Pakistani rupees in exchange for a foreign currency to be paid in Pakistan through official or unofficial channels.
The cash to cash service includes special SMS features such as notification to the beneficiary once funds are available and SMS to the remitter
once the payment is made, both at no extra cost.
Sharemoney is the online money transfer service of Omnex Group, Inc., a licensed remitter
. With over 25 years in the money transfer industry, Omnex and its Sharemoney service offer flexible money transfer options to over 41,000 payout locations around the world.
Further dilating upon the incentive, Ambassador Khan said that the loan in national currency equivalent to 10% percent of the amount remitted by overseas Pakistanis in one year would be sanctioned through one window system for which the remitter
would be required to submit attested proof of amount remitted, copy of NICOP, passport and undertaking to the effect that loan would be returned in five years.
The company is offering services at all its branches, including , credit to SBI accounts through SBI Express within 4 to 24 hours with an SMS confirmation, credit to State Bank of Travancore accounts within hours with an SMS confirmation to the remitter
and credit to all banks in India within 4 to 24 hours through SBI NEFT .
I-Express, available through the ICICI Bank's select partners in GCC, offers the remitter
the option of visiting any partner outlet for instant credit into the beneficiary account maintained with ICICI Bank in India, at no extra cost.