24 July, 2014 / Ramazan 25, 1435

Foreign exchange conversion rate

Published Jul 09, 2012 01:08am

I AM a retired banker who is now engaged in providing consultancy services in consumer financial services. In this connection, I receive remittance for my professional services through a foreign private bank that does not have any standard for treating its customers, including their former staff.

The rate applied for the last two months on foreign remittance was much below the inter-bank prevailing rate but on my complaint after three to four days the bank reversed the original transaction and provided credit by applying the correct rate.

This month again they have applied a rate of Rs92.35 to $1 against the prevailing inter-bank rate of above Rs94 to a $1.

It appears that the bank is robbing the poor people who receive foreign exchange for their family’s support and other purposes by a minimum of Rs2 per dollar.

I have the proof of the reversals reflected in my savings account.

Will the State Bank and other authorities take a serious note of the issue and help the poor who are being deprived of thousands of rupees every month.

NISAR AHMED Karachi

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Comments (7) (Closed)


True Pakistani
Jul 09, 2012 12:53pm
- can you elaborate a little, sir. thanks for the suggestion.
PakFan
Jul 09, 2012 03:15pm
Well, I send money occasionally to Pakistan and for some reason none of the financial institutes I have used in my experience paid the current foreign exchange rate. This is despite paying the bank fees separately. I failed to understand this - can someone explain how these transactions works?
Razzaq
Jul 09, 2012 06:16pm
Is it possible to find any kind of honesty in Pakistan?
True Pakistani
Jul 09, 2012 03:50pm
- they not only do not pay the going rate of exchange they charge you 10 % fee. it is, unfortunately, gouging all around. they know they have got you . . .
True Pakistani
Jul 09, 2012 04:03am
- i am a pakistani national living and working in canada. i have saved some money over the years. i am planning to relocate to pakistan in the near future. but i am having problem with taking / transferring my savings with me to pakistan. can any of the readers of this column advise me how best can i accomplish this transfer of money without being penalized? thanks in advance.
amjad hussain
Jul 09, 2012 06:16am
Change your bank!
SHAHID KHAN
Jul 09, 2012 11:37pm
Only option available is to carry the cash in a briefcase just like Rahat Fateh Ali Khan.