FOREIGN REMITTANCES
Remittances to abroad through telegraphic transfer is remitted to the person to whom it is payable. Bank charges Rs.50/- as its commission. Funds can be transferee abroad either by drafts and telegraphic transfer in US dollar and pound Sterling. For transferring money, Client must give specific reason for sending money abroad. Without any specific reason and proper identification of person who is remitting amount, bank avoids to transfer money. Similarly Money gram is used for inward remittances:
- Foreign Bills for collection
- Government Bills for collection
Foreign Bill For Collection
Cheques and drafts in any other foreign currency deposited by account holders are sent for collection. If the cheques are drawn within the country i.e. Issuing Bank is in Pakistan then they are sent to respective branches. If these cheques are drawn on other countries then these are sent to respective countries. MCB credits the accounts of account holder when these bills are realized. Banks credit his account with the same rate of that day on which the Cheque was deposited with the bank. Bank charges Rs.100/- as its commission and plus telephone/fax charges if any.
GOVERNMENT CERTIFICATE
Foreign exchange department also deal with different certificates which are issued by SBP, GOVT. of Pakistan. These are as follows:
- Dollar Bearer Certificate (DBC)
- Foreign Currency Bearer Certificate (FCBC)
- Foreign Exchange Bearer Certificate (FEBC)
The can be bought by Pakistan and Foreigners without any limit on their purchases. Payment must be in convertible foreign currencies. These certificates are issued at par for a period of three years in denominations of Rs.500,Rs.1000, Rs.10,000. The FEBC are enchashable at any time. Upon enchasement after one year , the holder of Rs.1000/- certificate get a return of Rs.14.5 . After two Rs.310.
These certificates can be purchased by making payment through foreign currency accounts held in MCB Ltd. The FEBC can be purchased abroad by paying in any convertible foreign currency. The profit earned on these certificate, Zakat will be deducted. A after selling these certificates amount is transferred to STATE BANK of Pakistan .Bank not utilized the funds which is received from customer upon conversion of D BC, FCBC and FEBC. Bank charges Rs.50 upto Rs.10000 of value and 0.01% over Rs.10000 or equivalent.
