General Questions
Q: Who uses the Rashid Exchange Money Transfer service?
A: Anyone who needs to send or receive money quickly from people who are supporting friends or relatives living in a foreign country, travelers, or business people who need to make fast international remittances.
Q: How do I a make transaction through this website?
A: There are two ways one is for trade customers and the second is for public consumers. Trade customers have to become authorized agents whilst public consumers can send money any time during office hours (Call Now – 0121 766 7244) or online if he/she is pre-registered as an online customer.
Q: How do I register as an online customer?
A: Complete an online registration form (Click Here), for transactions above £700 we will also require a set of certified copies of your ID, upon receipt of the form and relevant documentations we will send you a unique user ID (Call us for any help and advice on 0121 766 7244). Otherwise visit our main office in Birmingham, fill out and provide the necessary documentation and we will issue you with a user ID (Trade customers see section below “Becoming an authorized trade customer”).
Q: Does it cost anything to register on Rashid Exchange’s Web site?
A: No, there is no cost involved in registering.
Q: Why should I register on Rashid Exchanges Web site?
A: Registration is required for most services. After you register, sending a money transfer, a payment or message can be accomplished in just minutes since your information is pre-filled in the page fields. This saves you the time and trouble of typing it in every time you want to send money, a payment or a message using Rashid Exchange’s website.
Q: Do I need any proof of ID?
A: Yes on all transactions equivalent to 1000 Euros or £700 and above (Variations in exchange rate may cause the sterling value to change).
Q: What forms of ID are required?
A: One photo ID (Passport / Driving License or other Government document). And a second ID for address verification (A recent utility bill or official document). For transactions greater than £10,000 additional documentation will be requested to prove the source of the funds. Rashid Exchange reserves the right to request further documentation for any transaction and at any point to reject or cancel a transaction.
Q: How quickly will my beneficiary receive the money?
A: We have 2 delivery options a same day service (Additional charges apply) and a next day service to all main cities in Pakistan.
Q: Where in Pakistan can I send money?
A: To all Major towns and cities, Please see the list of collection points for a complete guide.
Q: Can I do a transaction to any Bank?
A: Yes you can send money to any bank in Pakistan and it will reach there in three to five working days.
Q: Is there a fee I have to pay for making a transaction?
A: Charges are currently set at:
1. £3 on transactions between £1- £500
2. £4 on transactions £501 - £1000
3. £5 on transactions £1001 and above
Q: How can I make payment?
A: In person at Rashid Exchange’s head office, (Please call to confirm acceptable forms of payment), Cash payments at any Barclays bank, Bank transfers and Bankers Drafts. We currently do not accept payment via Credit or Debit Cards. Cheques are also accepted (Please be aware the transaction will only take place after the funds have cleared).
Q: How will the beneficiary receive the money and what documentation is required?
A: The beneficiary will have to represent a Pakistani National ID Card / the allotted Pin Number and request the correct amount from the designated collection point.
Q: How will I know the status of my transaction?
A: You can phone one us and ask for an update of your transaction.
Q: How much money can I send?
A: You can send as much money as you would, although certain security compliance requirements must be met depending on amount sent.
Q: How much can I send online?
A: The maximum amount of money you can send online within a revolving 30-day period is £600.00.
Q: Will my personal information be protected?
A: Rashid Exchange prides itself on taking the necessary steps to ensure your data is protected and kept confidential including employing various techniques including SSL technology.
Q: Is my money safe?
A: Rashid Exchange is regulated by both the FSA and HMRC in the UK and the state of Bank of Pakistan. So you can rest assured your money is in good hands.
Become an authorised trade customer (Agent)
Q: If I want to become an agent or trade customer, what kind of information is required?
A: If you want to work as a trade customer or as an agent with Rashid Exchange you will be required to present the following documents:
1. Copy of your MRL registration with HM Customs and Excise
2. Proof of your personal identification (Valid Passport or Full UK Driving License) and Proof of current
address (Recent utility bill)
3. Copy of your FSA registration or confirmation of transitioning payment institution (PI) (i.e. MLR registered
pre 2007)
Bank details
Q: Which bank do I need to deposit or transfer funds to?
A: Please deposit and transfer funds into the following bank:
Bank Name: BARCLAYS BANK
Account Name: Rashid Exchange Ltd
Account Number: 30824461
Bank Sort Code: 20-08-98
Further Information and help
Q: I Still have additional questions about the service, whom should I contact?
A: Please contact our head office by telephone or email.
Rashid Travels & Exchange Ltd.
364 Stratford Road
Birmingham
B11 4AB, UK
Tel: 0121 766 7244
Fax: 0121 766 8358
Email: RashidExchangeLtd@hotmail.com
