Welcome to Royal International Exchange Company (PVT) Ltd.
Royal International Exchange Co, (Pvt) Ltd is the leading foreign exchange company in Pakistan. The company is one of the pioneers to start currency exchange business in the country. The company has aggressive plans to expand its branch network to other areas of Pakistan. Company operates with a network of 42 locations nationwide.
We are amongst the top 25 companies to receive Exchange Co License from State Bank of Pakistan having vast online network of Branches, Franchises and Payment Booth in the Country. RIEC obtained Exchange Co license Under License No. 25 in January 2005 and has since been conducting operations under the regulation of the State bank of Pakistan. In a short span of time, the company has achieved its expansion and revenue targets.
We deal in all type of foreign currencies in our branches across Pakistan. We provide best and competitive rates to our respective customers. Our exchange rates are updated on real time basis in live in the market movement. The company makes the process of currency exchange simple and hassle free.
We deal in all type of foreign currencies in our branches across Pakistan. We provide best and competitive rates our respective customers. Our exchange rates are updates on real time basis in live in the market movement. The company makesthe process of currency exchange simple and hassle free.
RIEC Offers Telegraphic Transfer services to its reputable customers...
RIEC Offers Demand Draft services to its reputable customers...
RIEC Home Remittance Division is facilating overseas Pakistanis around the globe and their loved ones in Pakistan by providing value added services to remitters and beneficiaries under the special Home Remittance arrangments. We have agency arrangements with MoneyGram and RIA and handle their remittance business across the Pakistan
People from all over Pakistan can tranfer money to their relative around the world through our branches via MoneyGram payment System. Money can be transferred in seconds to more than 200 countries worldwide with reasonable charges
We have super agency agreement with Mobilink Microfinance Bank and offer branchless banking service through JazzCash.
RIEC will change the way you think about a exchange company. Full service comfort, friendly staff, a relaxing atmosphere, and the best prices in town give you an experience that will leave you glowing both inside and out
The Company has been established and managed by the professionals associated with the Financial Services Industry for a long time. The major officials of the Company have experience of International and Local Banking and FX business. The Board of Director consists of professionals and neutrals personnel, therefore keeping the accountability process highly balanced. The management believes in complete institutionalization of business, and therefore it has strong mid tier management, which takes care of operations, regulatory aspects and marketing. The Company will continue to stress on the quality of board, senior management and middle management, to make it a formidable institution.
Our mission is to provide the best foreign exchange services to our respective customers with complete integrity and carrying out work at the highest standards, by complying the Rules and Regulations provided by State Bank of Pakistan.
To be the most reliable and largest foreign exchange company of Pakistan by delivering services promptly with the complete satisfaction of customers, regulators and the civil society.
Our mission is to provide the best foreign exchange services to our respective customers with complete integrity and carrying out work.
Branchless Banking
Some real facts about "RIEC"
The company has appointed qualified and trained staff to give respect, best customer service, comfort and security to all its customers
Specific customer information must be documented at different receive transaction amounts. At all transaction receive amounts, the customer receiving a money transfer must provide appropriate information and / or documentation to the Business’ satisfaction to demonstrate the right to receive the transaction. The receive customer’s information must be documented before the transaction is processed:
The following information must be taken and recorded prior to making any payment or providing any financial services to the customers.
If the transaction is larger then US$ 500, the following documentation is absolutely essential as per State Bank of Pakistan rules and regulations.
Money laundering is a wrong and criminal practice of processing undeclared and ill gotten gains, or dirty money through series of transactions to clean funds so that they are untraceable and appear to be proceeds from legal business activities.
It is the attempt to conceal or disguise the nature, location, source, ownership or control of illegally obtained money. If illegal money is successfully laundered, criminals maintain control over their illegally obtained funds and they can establish a separate cover for their illicit source of income.
The Anti Money Laundering laws apply to any funds derived from illegal activities, such as funds held by human smugglers, drug traffickers, terrorists, organized crime, tax evaders and other groups and individuals seeking to transfer, spend and / or invest money derived from any type of crime. The money laundering cycle begins when criminals place funds into the financial system by buying money orders or sending money transfers.
Once the funds have entered the system, the source of illegal funds is further disguised by transferring them through layers of financial institutions, such as bank or investment accounts. Finally, the funds are legitimized by purchasing items or investing in legitimate investments such as real estate, real property, or stocks and bonds. Money laundering is not limited to cash; money laundering can be done through any type of financial transaction, including, but not limited to, funds transfers, money orders, checks, debit cards, stored value and credit card transactions.
Any organization or person or any below mentioned act/s for the purpose of showing that the source of the property is lawful would have committed the offence of money laundering.
Any of the following acts will be deemed to be an act of participation in the offence of money laundering.
Any organization or person or any below mentioned act/s for the purpose of showing that the source of the property is lawful would have committed the offence of money laundering.
Any of the following acts will be deemed to be an act of participation in the offence of money laundering.
One of the most effective ways to protect a money transfer business from becoming the victim of financial crimes starts with verifying the identity of the customers and knowing with whom transactions are conducted. To avoid processing transactions that could put the exchange company at risk, the company will implement a ‘Know Your Customer” policy that includes, but is not limited to:
It is responsibility of the FDAs / counter staff directly dealing with the customer to ensure their customer’s identity and perform the required due diligence. This must be carried out for all customers irrespective of the amount of the transaction. As per State Bank of Pakistan regulations it is necessary to verify the identity of the customer for all transactions over US$ 500.
Prior to conducting any money transfer transaction, the payout location will verify that customer completes all appropriate and necessary sections and signs the “Receive Form”. If the payout location does not use “Receive Forms”, the FDA / payout location will ensure the customer signs the receive transaction receipt.
The FDA / employee processing the transaction will correctly input all information provided by the customer into the money transfer system. The payout location may require a customer to provide personally identifying information before completing any transaction depending on the type, amount or circumstances surrounding the transaction.
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