How to take a franchise: Go to Pakistan Post website and fill the form. Enter all your information then submit. There will be a review in a few days. Then Pakistan Post will visit your location where you want to open a franchise.
Full Answer
How can I get currency exchange license in Pakistan?
(i) Applications for grant of Authorised Dealer's Licence should be made by the Head Office of the bank/NBFI or the Principal Office in Pakistan in the case of a foreign bank, to the Director, Exchange Policy Department, stating the nature of transactions that are desired to be dealt with and it should be confirmed ...
How do I start a currency exchange company?
Obtain a Money Exchange License. ... Register With the Federal Government. ... Register With the Bank Secrecy Act Electronic Filing System. ... Create an Anti-Money Laundering Compliance Program. ... Report Currency Transactions. ... Report Suspicious Transactions.
How can I start a money changer business in Pakistan?
III) Authorized Money Changer's license shall be granted only to Pakistan nationals and resident Pakistani firms companies who are paying Income Tax. An applicant for more than one branches should be a tax payer of at least Rs 70,000/- p.a. and for single branch license Rs.
How much does it cost to start a money changer?
Stated capital of the company should be at least Rs. 10 Mn. Place of business should be conducive for money changing business and operations relating to money changing business should be carried out at a counter which is used exclusively for the said business, physically separated from all other businesses.
Do I need a license to exchange currency?
For the avoidance of doubt, all independent micro foreign exchange outposts engaged in Bureau De Change Service are required to apply for licence under the provisions of the BOFIA No. 25 of 1991 [as amended].
Is it profitable to exchange currency?
Buying and selling currency can be very profitable for active traders because of low trading costs, diverse markets, and the availability of high leverage. Exchanging currency is not a good way for passive investors to make money.
How much does money changer earn?
A FOAF told me that money changers make 2% commisssion on every exchange, whether they buy or sell. So deductive logic indicates they must have a “material cost” of under 2%, or they might as well shut down.
Which business is most profitable Pakistan?
The Most Profitable Business in PakistanIndustrial and Manufacturing. ... Trading (Import and Export) ... Retail Industry. ... Agriculture. ... Solar Energy Production Company. ... Local Tourism Companies. ... Real Estate Brokering. ... Mental Health Education Service.More items...
Can I launch my own currency?
You can make your own cryptocurrency. Usually creating a new coin or token requires some computer coding expertise, but you also can choose to hire a blockchain developer to create a digital currency for you.
Is money exchange illegal?
In the US and Hong Kong, it's legal for private people to exchange foreign currency with each other, but if you start exchanging money as a “business” then you may have to register as a money services business.
How does a money exchange business work?
Currency exchanges earn their money by charging customers a fee for their services, but also by taking advantage of the bid-ask spread in the currency. The bid price is what the dealer is willing to pay for a currency, while the ask price is the rate at which a dealer will sell the same currency.
How do currency exchange shops make money?
Each currency broker or bank will offer you their own exchange rates. The broker or bank will make their money on the difference between wholesale and retail rates, much like a supermarket adds a mark-up.
How much does it cost to start a forex business?
If you must start trading right away, you can begin with $100. For a little more flexibility, $500 can lead to slightly more income or returns. However, $5,000 might be best, because it can help you produce a reasonable amount of income that will compensate you for the time you're spending on trading.
How do you become a foreign currency dealer?
How to become a foreign currency dealerStep one: register with HMRC under the money laundering regulations. This costs £110. ... Step two: register as a "small payments institution" with the FSA. This costs £500. ... Step three: form a limited company, which costs around £150 for an off-the-shelf firm.
Can you legally create your own currency?
Under 18 U.S. § 486, it's a criminal offense to make or pass any metal coins "intended for use as current money, whether in the resemblance of coins of the United States or of foreign countries, or of original design." An offense is punishable with up to 5 years in prison, a fine, or both.
How do you become a certified currency trader?
A bachelor's degree is required for most entry-level forex trader positions. A degree in economics, business administration, mathematics, statistics, finance, or a finance-related major will be beneficial, but forex traders can come from a variety of different backgrounds.
Why You Choose Us?
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.
What is RIEC home remittance?
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
What does the payout location do before a transaction?
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.
How is money laundering done?
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.
What is money laundering?
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.
What is the mission of State Bank of Pakistan?
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.
What is Royal International Exchange?
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.
Pakistan Post Digital Franchise
Pakistan Post has announced the opening of 125,000 digital franchises across the country. You can also take a franchise and earn a good monthly income. These franchise will be opened in all over the pakistan. This can be obtained from any rigion of Pakistan. The purpose of these pakistan post digital franchise to strengthen the pakistan economy.
How to take a franchise
Go to Pakistan Post website and fill the form. Enter all your information then submit. There will be a review in a few days. Then Pakistan Post will visit your location where you want to open a franchise. After approval, the franchise fee has to be paid which is Rs. 150,000 which is a reasonable fee.
Benefits
Pakistan Post will provide all the goods including a computer with software printer scanner counter all the goods of Pakistan Post which are used in Post Office. You will get 20% percentage on total bookings and sales which can be from 30,000 to 50,000 per month. It is up to you how much the franchise earns.
