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Dollar East exchange – Taking leading role in forex trade

Money which is a solution of all problems actually becomes the root of all problems for most people, especially for the traveling persons who despite having money in banks unable to make access as while travelling abroad, you are usually short of time and keeping limited amount in hands your main concerns is to get the foreign currency beforehand but number of services are available now in the name of exchange companies. These emerging exchange companies are both helpful and need for future and to take forward run in this business, Dollar East Exchange Company (Pvt) Limited is a leading exchange company in Pakistan. The company is one of the pioneers to start currency exchange business in the country.

Dollar East currently operates a number of networks of branches, which are strategically located in all high potential areas. The company has aggressive plans to expand its branch network to other areas of Pakistan. Dollar East provides exchange services for all major currencies. The Company makes the currency exchange process simple and hassle free. Customers get the currency exchanged at very competitive rates. The branch network is also linked with Reuters International so that the company can offer competitive rates according to latest trends and fluctuations in the international market.

It was amongst the first companies to receive the license of money changer from State Bank when this business was regularized in 1992. When State Bank established exchange companies in Pakistan in 2002, Dollar East was the second exchange company to be awarded permission. It received exchange company license on May 2, 2003 and commenced its operation on July 7, 2003. Under the exchange company license, Dollar East is authorized to deal in the business of currency exchange and inward/outward remittances in a regulated environment. The company is authorized to set up its own branches or grant franchise arrangements for full range of services. The Company is also allowed to establish its own or franchised payment booths for inward remittances all over Pakistan.

CUSTOMER-FOCUSED

Dollar East is a customer-focused company and has always offered and maintained products, services and policies aimed at best satisfying the customer needs. The infrastructure, systems and procedures are regularly reviewed and improved to ensure the customers are provided with speedy, convenient and secure delivery of service.

The Company is a good corporate citizen. It always operates within the provision of the national and international law.

It is working closely with the regulatory authorities to promote the awareness and implementation of all regulatory requirements. It is fully aware and responsive to its role and responsibilities in the international anti-money laundering drive.

The main products of the Company are as follows:

OUTWARD REMITTANCES

With rapid development in the means of telecommunication, the world has become a global village. Businesses and linkages are expanding beyond national boundaries. People frequently need to send and receive money from one country to another.

When a person remits money from one country to another country, in the country of origin it is called outward remittance.

Dollar East offers several fast, convenient and easy to use means of remitting money abroad. These are: Demand Draft (DD) and Telegraphic Transfer (TT).

HOME REMITTANCE

For millions of families in Pakistan, home remittance is a vital lifeline. Sometimes money is required at the eleventh hour to meet pressing needs such as house rent, university fee, marriage or any unexpected expenses. You only think about whom to rely on for a fast money transfer. One cannot come home all the time, but Dollar East ensures that money always does.

Home remittance is transfer of money by overseas Pakistanis (to Pakistan). The Pakistanis living abroad regularly send money to their loved ones in Pakistan to cater their living. Through Dollar East’s service, beneficiary can receive the remittance as quickly as possible.

Remittances sent home by overseas Pakistani workers hit all-time high i.e., over $19 billion (approx.) during the fiscal year 2014-2015, which shows a year-on-year increase of 16.5 percent. Dollar East Exchange takes every possible step to ensure that the funds sent are readily transferred to their family members.

Home Remittance is beneficial for:

• Meeting monthly expenses
• Paying for education fees
• Fulfill special needs, such as marriage, medical expenses, etc.
• Disbursement of Zakat to individuals

Three steps to collect your payment:

• Visit the nearest Dollar East branch along with original CNIC and its photocopy.
• Payment Reference Number given by sender.
• Verify your identity and collect your payment.

Terms & Conditions:

• Expired CNIC will not be accepted.
• Payment will be given only to authorized beneficiary.
• According to the State Bank of Pakistan, all KYC procedures will be followed for any transaction.

CURRENCY EXCHANGE

The need for foreign currency exchange can arise anytime. When travelling abroad, you are usually short of time, as there are many things on your mind.

As a traveler, one of your main concerns is to get the foreign currency beforehand. Experienced people know that it’s risky to travel without foreign currency. Don’t worry! Take the stress out of your next trip. Even when you’re in a rush and time is short to catch your flight, you can rely on Dollar East.

Dollar East provides exchange services for all major currencies. The Company makes the currency exchange process simple and hassle free. Customers get the currency exchanged at very competitive rates. The branch network is also linked with Reuters International so that the company can offer competitive rates according to latest trends and fluctuations in the international market.

Frequent users of Currency Exchange:

• International travelers (students, immigrants, Hajj & Umrah pilgrims)
• Overseas Pakistanis
• Foreign currency account holders

Requirement for transactions:

• CNIC will be required along with its photocopy for every transaction equal to or more than $2500.
• Approval of State Bank of Pakistan is required for every sale transaction equal to or more than $50,000.

Terms & Conditions:

• Expired CNIC will not be accepted.
• According to the State Bank of Pakistan, all KYC procedures will be followed for any transaction.

BRANCHLESS BANKING

Bill Payments: Customers can now enjoy the fast and reliable services of Dollar East for paying their electricity, water, gas, telephone, internet and Mobilink (postpaid) bills.

This service is available at all Dollar East branches across Pakistan. The customer will receive a stamped receipt and confirmatory SMS after every transaction.

Internet Companies:

PTCL EVO; Qubee; World Call; Nayatel; Wi-Tribe; Comsats and Wateen

Money Transfer: Need to send monthly expense to your family or a payment to business partner or to help a friend at the 11th hour, Don’t Worry, Dollar East is there to help you with your money transfer needs across Pakistan.

Sender and receiver need to bring their original valid CNIC (and its photocopy) at the time of transaction. Both should have active mobile numbers too.

MAKING DONATIONS POSSIBLE

Donate to your favorite well-known charity organizations from any Dollar East branch. You can transfer your charity directly into donor organization’s account safely and swiftly. This donation service is free of any charge.

Partner Organizations — Shuakat Khanum Memorial Cancer Hospital; SOS Children’s Village; Shifa Foundation; CARE Foundation; Sahara Trust

Loan Repayments: Pay your monthly loan installments to microfinance banks and other lending institutions through Dollar East’s secure, transparent and reliable services.

Khushhali Bank: Development Action for Mobilization & Emancipation (DAMEN)

MOJAZ:

– Rural Community Development Society (RCDS)
– Al Mehran Rural Development Organization (AMRDO)
– Orangi Pilot Project (OPP)

WASIL:

– National Rural Development Program (NRDP)

Soon more institutions will be added to the portfolio to enable borrowers to make payment with ease. The range of products offered by Dollar East is available at its following convenient locations. The network of these branches is being rapidly expanded to other areas.

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