Pak Canadian Foreign Exchange

Pak Canadian Foreign Exchange claims to be an online money transfer service that provides a reliable way for customers to send remittances to family and friends in Pakistan. The company states that its secure and easy-to-use online remittance system allows users to transfer money over the internet and pay directly from their bank account. According to the website, Pak Canadian Foreign Exchange offers two main receive options: cash pickup at designated payout locations and direct bank deposit into the beneficiary's account in Pakistan. The company dedicates itself to serving the remittance needs of the Pakistani expatriate community in Canada, asserting that it offers the largest disbursement network in Pakistan.

The broker's website lists cash pickup and bank deposit as its core services. For cash pickup, the beneficiary can collect cash at numerous designated locations of partner banks across Pakistan, with instant availability after confirmation. For bank deposits, funds are credited within 2-3 business days, with same-day deposit possible if the transaction is initiated before 3:00 pm EST. Additionally, the site mentions services for sending money to Nigeria, Senegal, and Gambia, though less detail is provided for those corridors.

Pak Canadian Foreign Exchange claims to be a registered Money Service Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The company states that it complies with all government regulations, including reporting suspicious transactions, terrorist property, large cash transactions, and electronic funds transfers. It also asserts that it keeps all client, transaction, and corporate records for a minimum of five years, and that it collects and verifies identification for remittances of $1,000 or more.

According to the website, users can create an account by signing up on the homepage, after which they receive an encrypted link to activate their account. After activation, users can log in and initiate transfers using Interac Online or other electronic payment methods. The company notes that money transfers are normally paid to the receiver in cash or bank deposit, and that transfers are available for pickup after validation of sender information, which may take up to 24 hours.

The company’s refund policy states that refunds of the principal amount and cancellation of a money transfer will be made upon written request if payment has not yet been made to the receiver. Refunds are to be processed within 45 days of receipt of a valid written request. The privacy statement describes how Pak Canadian Foreign Exchange collects, uses, and discloses personal information, in compliance with Canadian privacy legislation. Effective as of July 1, 2015, the policy covers information collected from consumer and business customers in Canada.