Latest news with #currencyexchange
Arab News
2 days ago
- Business
- Arab News
At least five arrested as Pakistan widens crackdown on illegal currency exchange, transfers
ISLAMABAD: Pakistan's Federal Investigation Agency (FIA) has arrested five suspects involved in illegal currency exchange and transfer of money, the agency said on Sunday, amid a widening crackdown on black market currency traders. The development comes days after the Inter-Services Intelligence (ISI), Pakistan's powerful military-run spy agency, held a meeting in Islamabad with senior officials from currency exchange companies, amid growing concern over the rupee's depreciation, which fell to a 22-month low of Rs284.97 against the US dollar earlier this week. Maj. Gen. Faisal Naseer, a deputy chief of the ISI, chaired the session, according to Malik Bostan, who attended the discussion and is the chairman of the Exchange Companies Association of Pakistan (ECAP), told Arab News. The FIA had begun raiding informal, unregulated money transfer, or 'hundi' and 'hawala,' operators and currency smuggling networks. In a statement on Sunday, the agency said it was tightening the noose around networks involved currency smuggling and had conducted major operations in the southwestern Balochistan province that border Iran and Afghanistan. 'Five suspects involved in hawala, hundi and illegal currency exchange have been arrested,' the FIA said in a statement. 'The suspects were arrested in raids in different areas of Quetta and Chaman.' Pakistan operates a multi-tiered currency market, with rates diverging between the official interbank channel, the open market, and an unregulated 'grey market' where many traders and informal hawala dealers operate. Burdened by over $58 billion in imports in the last fiscal year, Pakistan faces severe inflationary pressure whenever the dollar strengthens. The rupee has lost 2 percent of its value since January, despite Pakistan's current account recording a surplus of $2.1 billion, according to central bank data. During the raids in Balochistan, the FIA said, officials seized 684,000 Pakistani rupees, 230.5 million Iranian rials, more than 135,000 Afghanis, 700 US dollars, 200 Saudi riyals and 150 Australian dollars. 'Cheque books, hawala-hundi receipts and bank deposit slips were also recovered from the suspects,' it said. 'The accused were involved in currency exchange without a license. They could not give a satisfactory answer to the authorities regarding the recovered currency.' The agency said it was further investigating the arrested suspects.
The Sun
4 days ago
- Business
- The Sun
Supermarket giant offering all loyalty scheme members better rates on travel money this summer to save you cash
M&S has launched a click & collect for travel money as well as better rates for Sparks customers. Jet-setters can now pre-order cash from the country they are travelling to and pick it up in 560 of the chain's stores. 1 Over 50 currencies are available to choose from with some - such as euros and US dollars -available to order and collect on the same day. However, you may have to wait a week to get more exotic cash such as the Japanese Yen. Plus, the beloved British brand said Sparks loyalty customers can get better rates than those not signed up for the scheme. At the time of reporting, a non Sparks customer who converts £100 into euro, will get €112.43. But a Sparks customer will get €112.66 back. Meanwhile, if you convert £100 into dollars, you will get $132.07 back as a non loyalty member. But a Sparks customer will get $132.34. Katherine Carlson, director of financial services at M&S, said: 'We want to be able to reward our Sparks customers for their loyalty and what better way to do so than helping their money go further on holiday. "And with customers now able to pick up their travel money in more of our stores than ever before, it has never been easier to get ready for your holiday with M&S." She added: "Offering our customers the very best products, services and rewards are a key part of the transformation of our financial services offering and this is just the latest step in that journey.' If you are keen to exchange cash before your holiday, it is important to shop around at a few different places to ensure you are getting the best rate. For example, you can also exchange cash your local Post Office and other supermarkets like Asda and Morrisons offer the service too. M&S launches first-of-its-kind store It is free to sign up for a Sparks card and it also unlocks lots of other offers including a free Birthday treat. Last week, the home of the Percy Pig said the rewards scheme was fully back following its cruel cyber attack. The chain said it would issue a host of "thank you" treats to those who missed out on the birthday freebie. Eager customers will be able to choose between one of two of M&S' bestselling food products. These could include Percy Pigs or a Swiss Truffle Assortment Box, a Bouquet of Flowers or bottle of Prosecco, a punnet of Grapes or a packet of Outrageously Chocolatey Round Biscuits. Sparks birthday treats were among the casualties of the cyber attack for those who had a birthday over the spring and early summer. M&S cyber attack M&S is picking up the pieces from a vicious cyber attack which occurred in April and cost the firm £300million in lost profits. For weeks the beloved retailer was unable to process online orders and store shelves were left bare. Online shopping has since returned across England, Scotland and Wales. Earlier this month, three teenagers and a woman were arrested in the UK as part of an investigation into attacks, which also targeted Co-op and Harrods. They have since been released on bail. More M&S news This week, the chain opened its first ever air-side shop in London 's Heathrow airport. It means jet setters can now stock up on iconic M&S food after going through security. It is located at Gate A in Terminal 5 of the busy London airport. A second store also opened at Gate B, selling gifts such as its popular biscuit tins as well as prepackaged food. HISTORY OF M&S M&S was founded in 1884 by Michael Marks and Thomas Spencer in Leeds. The first official Marks and Spencer store opened in Manchester in 1901. Throughout the 1920s, M&SA gre rapidly, opening more and more stores across the country. The retailer made its reputation in the early 20th century by selling only British-made products. It began textile sales in 1926 and started selling food from 1931. The St Michael trademark was introduced in 1928 as a guarantee of quality and value. This was initially used only for a small range of textiles but was extended over the years to cover all goods sold by M&S. M&S introduced its first in-store cafe in 1935 in the Leeds store. It provided cheap, hygienic, and nutritious mass catering. By 1942, M&S opened 82 cafes across its estate. At the outbreak of the Second World War, M&S had 234 stores. By 1945, over 100 of these had been damaged by bombs, and 16 had been completely destroyed. BY 1960, M&S pioneered in the sale of fresh poultry following the invention of the cold-chain process. In the 1970s and 1980s, M&S pushed into international markets including the US, Canada and France. In 1979, M&S introduced the Chicken Kiev to its food halls across the UK. In 1992, Percy Pigs were launched. The Autograph range of clothing was introduced in 2000, and the St Michael brand was slowly phased out. In 2019, the group announced 110 store closures as part of its plans, affecting several longstanding high-street shops. In September 2020, M&S partnered with Ocado to allow for home delivery of the chain's full food range. M&S has recently announced new stores and is freshening up a swathe of others in a boost for shoppers.
Daily Mail
17-07-2025
- Business
- Daily Mail
Why is Ryanair charging in pounds for items on a flight when the menu says euros? CRANE ON THE CASE
My family and I make regular trips from Leeds Bradford airport to Málaga-Costa del Sol as we have a holiday home in Spain. We often fly with Ryanair and sometimes buy food, drinks and duty free items from the catalogue on the plane. We used to pay in cash, but since 2022 on-board purchases have been card only. The menu and catalogue on the flights are priced in euros, so we pay with our Spanish bank account which is euro-denominated. Recently, though, I checked my bank account and realised I was paying more than I thought for these items. For example, a bottle of water cost €4.10 instead of €3.60 and two cartons of cigarettes cost €118.98 and not €110. What is happening? E.V, Leeds Helen Crane of This is Money replies: As the school holidays descend and families prepare to jet off to sunnier climes, it's crucial to watch out for cheeky card charges. It is a rule of thumb that, when abroad, you should opt to pay in the local currency. That means you get the regular Visa or Mastercard exchange rate. But if you pay in GBP, the merchant can apply an inferior, local exchange rate, which can be much more expensive. This is known as dynamic currency conversion. But how does it work on a plane, which might fly across several countries? Airlines usually offer payment in the country the flight originates from as the default. So if you were flying from Malaga to Leeds, you'd expect to be charged in euros, and vice versa in pounds. You therefore always paid using your Spanish bank account on return flights with Ryanair. > Best bank accounts to get fee-free spending abroad As an Irish firm, Ryanair lists the prices on its menus in euros. That is fair enough, as long as parched passengers pay for their drinks in euros, too - or willingly face any charges associated with paying in another currency. But as you have discovered, that isn't always the case. The reason it seems you have been overcharged for some of your purchases is because you were actually charged in pounds, without your knowledge, on flights from Spain to the UK where the 'local' currency was euros. You would, for example, pay for a bottle of water that you thought was €3.60, assuming this was in euros - but it would actually be in pounds, and on your bank statement that would become €4.10. You say the card is handed over to the flight attendant, rather than them bringing the machine to you, so you can't see what is on the screen. As you weren't paying in the 'local' currency, you were also subject to Ryanair's inferior exchange rate which ramped up the price further. What's worse, your bank would then charge you to convert the GBP payment back to euros. These are small amounts, but as you travel so regularly it has added up. Since 2022 when you had to stop paying in cash, you think you might have overpaid hundreds, as you regularly buy drinks and snacks for your grandchildren on flights, as well as stocking up on duty free items. Since you cottoned on to this payments palaver, you have complained to Ryanair, and also asked cabin crew to explain the rules. Neither has been able to give you a straight answer. You were told in response to your formal complaint that 'By default, the currency for flights to the UK is GBP, not EUR. Euro has to be specifically chosen to be used.' However, it is not clear whether this is the 'local' currency for the flight, or simply the default currency for the card payment machine. A cabin crew member told you that, on flights either to or from the UK, the card machine was set to GBP as the default and that cabin crew needed to ask customers what currency they wanted to pay in. In your experience, this has not happened. When I contacted Ryanair, it said: 'All Ryanair passengers regardless of their destination can choose to pay in GBP, EUR or Polish zloty for inflight purchases.' Ryanair also disputed the amounts you gave for the purchases, saying that you were charged €3.50 for a £3.26 bottle of water and €100 for £95 of cigarettes. This is different from the bank statements you showed me. Ryanair continued: 'Prices displayed in our inflight magazine are in EUR, as this is the base currency in Europe. If passengers choose to pay in GBP, the amount and currency is displayed on the payment device prior to payment. 'These passengers purchased items onboard in GBP. GBP payments are then sent to the passenger's bank. 'If a passenger's bank account is a EUR account, the bank will then convert the charge made in GBP back to EUR at their rate.' I asked exactly how passengers were informed about which currency their payment would be taken in, and what the 'local' currency was. Was this displayed on the card machine, and if not, should the cabin crew tell the passenger the currency they are paying in or does the passenger have to ask? Ryanair simply replied: 'At the time of purchase passengers are informed of the amount and currency.' It also pointed me to page 23 of its inflight magazine, though this does not contain any information about currency other than to say that 'we monitor all prices and exchange rates, and these are subject to change.' I then asked a lawyer for their view on whether prices could be displayed in euros on a flight, but passengers then charged in GBP as the default currency. Jennifer Obaseki, founder of London-based Obaseki Solicitors, said: 'Legally, this is permissible - as long as the pricing and currency conversion are made clear and are not misleading. However, she added that: 'The moment a passenger is charged in a different currency than that advertised, transparency becomes paramount.' Obaseki said the Consumer Protection from Unfair Trading Regulations of 2008 require retailers to provide 'accurate and complete' pricing information and ensure any currency conversions or added charges are 'clearly communicated prior to sale'. 'In essence, if goods are priced in euros but charged in pounds, the exchange rate and final GBP amount must be disclosed before the transaction is completed,' she said. As a general rule of thumb, passengers should assume that the 'local' currency on a flight is the one of the country you departed from - but crucially, also ask what currency they are being charged in. If it isn't the local one, ask to change to that - especially if you have a card which is denominated in the local currency. If you do like to buy things on flights, it is also worth checking that your payment card will be accepted. Flyers on various airlines say they have been told they can't use e-money cards such as Revolut and Monzo cards in the air, and some airlines will only accept them if they are used via an Apple or Google wallet. Tui, for example, does not accept Monzo. In addition, many airlines don't accept pre-paid cards, such as a Post Office travel money card. This is because transactions made in the air are processed after the flight lands. Flyers could pay using empty cards, and in the case of cash cards that can't go overdrawn the airline might never recoup the money.
Zawya
09-07-2025
- Business
- Zawya
CBE extends working hours for selected bank branches starting July 8th
Arab Finance: The Central Bank of Egypt (CBE) announced that some selected bank branches will extend their working hours until 5:00 PM, instead of 3:00 PM, starting Tuesday, July 8th, 2025, as per a statement. The measure, effective during official working days from Sunday to Thursday, aims to improve access to banking services across the country. The decision applies to specific branches based on their geographical distribution and at the discretion of each bank, according to the CBE. The extension will remain in effect until further notice. The statement also clarified operating hours for bank branches located within shopping centers, clubs, and hotels. Branches inside malls will continue to serve customers from 11:00 AM to 8:00 PM, seven days a week, including weekends. However, mall branches with direct street access will operate only during official working days until 5:00 PM. Branches inside sports and social clubs will also maintain service from 11:00 AM to 8:00 PM daily, including Fridays and Saturdays. If these club branches have a door facing the street, they will operate until 5:00 PM from Sunday to Thursday. Similarly, hotel-based branches will remain open every day of the week until 5:00 PM, offering full banking services, including currency exchange. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Finextra
07-07-2025
- Business
- Finextra
Pan-African Payment and Settlement System and Interstellar unveil African currency marketplace
Building on the successful rollout of its groundbreaking continental payment infrastructure, the Pan-African Payment and Settlement System (PAPSS), in strategic collaboration with Interstellar, a leading African deep-tech company, have announced the launch of the PAPSS African Currency Marketplace (PACM). 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The launch was announced on the sidelines of the 2025 Afreximbank ( Annual Meeting (AAM2025) held in Abuja from June 25 - 28. This next-generation Financial Market Infrastructure (FMI) represents a bold evolution of the PAPSS mission, addressing Africa's longstanding challenge of currency inconvertibility and enabling seamless, sovereign currency exchange for intra-African trade. For decades, Africa's economic momentum has been hindered by a fragmented financial landscape. The continent's 41 currencies, diverse regulatory environments, and lack of convertibility have created significant friction. To trade with neighbouring countries, African businesses have often relied on external (hard) foreign currencies for foreign exchange, creating what experts call the "hard and costly currency bottleneck." This workaround drains an estimated $5 billion annually in fees, delays, and opportunity costs, undermining the competitiveness of African enterprises and slowing progress toward realising the African Continental Free Trade Area (AfCFTA). 'PAPSS African Currency Marketplace is fully transparent, order book-driven, and operates with trusted counterparties, strictly adhering to local regulatory frameworks and global best practices,' affirmed Mike Ogbalu III, CEO of PAPSS. 'By creating a single, continent-wide liquidity pool, PACM serves as a powerful liquidity engine for intra-African commerce.' This launch marks a major strategic evolution in the PAPSS journey. According to Mr Ogbalu, since its official launch in 2022, PAPSS has enabled real-time cross-border payments across 17 countries, connecting 14 national switches and over 150 commercial banks. Initially piloted in the West African Monetary Zone (WAMZ), PAPSS rapidly expanded to become the core settlement layer of the AfCFTA's financial infrastructure. But while payment rails were laid, a deeper issue remained. 'We soon realised that solving for payments alone was not enough,' explained Mike Ogbalu. 'Corporations, airlines, reinsurance firms, and multinationals operating across Africa still faced a persistent hurdle: trapped capital, arising from limited currency convertibility and overreliance on hard currencies.' For example, he explained, over $2 billion is currently 'trapped' in African countries where airlines operate, unable to repatriate their funds due to exchange restrictions or depreciation of local currencies. 'The PAPSS African Currency Marketplace is the answer to that problem -- an extension of our commitment to building sovereign, frictionless financial infrastructure for Africa.' He added. The PAPSS African Currency Marketplace jointly developed by PAPSS and Interstellar, enables the direct exchange of African currencies without passing through hard currencies. As a transparent, continent-wide, peer-to-peer platform, it allows businesses to trade directly in local currencies in near real-time while remaining compliant with national regulations. It unlocks liquidity, releases trapped capital, eliminates excessive foreign exchange costs, and supports the continent's long-term goal of financial sovereignty. In partnership with PAPSS, the PAPSS African Currency Marketplace is built on Interstellar's enterprise-grade, blockchain-agnostic infrastructure, which enables the use of permissioned blockchain technology while ensuring institutional grade-security, scalability, and near instant settlement. 'This is not just about technology, it is about fulfilling a continental vision,' said Ernest Mbenkum, Founder and CEO of Interstellar during a fireside chat at the launch. 'PAPSS African Currency Marketplace was built from the ground up to serve Africa's specific needs. PAPSS and Interstellar are not just collaborators, we are co-architects of a new financial future, aligned in purpose and committed to transformation.' Ernest Mbenkum further emphasised, 'African currencies deserve a better place in the world. With this marketplace, your local currency is no longer just a medium of exchange, it becomes a vehicle of opportunity.' He also highlighted that this is only the beginning of Interstellar's vision, stating, 'We're building a future where Africa no longer needs to wait for foreign rails to move value. Our infrastructure will power Africa's financial renaissance.' Haytham El Maayergi, Executive Vice President of Afreximbank, noted: 'The PAPSS African Currency Marketplace gives us the power to transform trade dramatically, bringing us to trade with each other with a major benefit that we can now accept each other's currency.' The impact is already being felt. During its pilot phase, more than 80 African corporates transacted across 12 currency pairs, with all transactions settled in local currencies. For example, a company like Kenya Airways, which earns Nigerian Naira from ticket sales, can now use PACM to directly exchange Naira for Kenyan Shillings—without converting through a third currency. Early adopters include ZEP-RE (PTA Reinsurance Company) and Access View Africa, which called the platform 'a dream come true.' PAPSS African Currency Marketplace liberates trapped capital, eliminates excessive FX costs, and transforms multi-week settlement delays into near real-time execution. PAPSS CEO Mr. Ogbalu noted that following positive experiences of some early adopters, PAPSS had received interest from institutions outside Africa seeking to join the ecosystem. 'This demand proves the value of what we've built,' he said. With over 150 banks already connected through PAPSS and growing demand across the continent, PAPSS African Currency Marketplace stands as a game-changing financial tool for a more unified, sovereign, and efficient Africa. Concluding his opening keynote, Mr. Haytham El Maayergi, Executive Vice President - Global Trade Bank at Afreximbank reiterated: 'Africa will not rise by ideas. Africa will rise by actions. " The PAPSS African Currency Marketplace is now open to eligible corporations, financial institutions, and other market participants across the continent.
