Check an Exchange Company Is SBP Authorised Before You Sell Dollars in Pakistan
The SBP cancelled Al-Rahim Exchange Company's licence on 17 August 2026. Check a dealer is authorised before you sell dollars, and know where to complain.
Before you sell dollars or send money abroad through an exchange company in Pakistan, confirm on the State Bank of Pakistan (SBP) website that the company is authorised. On 17 August 2026 the SBP cancelled the licence of Al-Rahim Exchange Company (Pvt.) Limited with immediate effect, and barred its head office and every branch from any foreign exchange business.
That notice is a good reason to check. A dealer whose licence is cancelled cannot lawfully buy or sell currency, and customers who still hold receipts or pending orders are left chasing a firm that has no right to trade. This guide shows how to check a company, what a proper deal looks like, and where to complain.
See what the SBP did on 17 August 2026
The SBP press release of 17 August 2026 says the Bank cancelled the authorisation of Al-Rahim Exchange Company, "due to serious violations of SBP's regulatory instructions". It adds that the company, including its head office and all constituent branches, is prohibited from foreign exchange business "in any capacity whatsoever".
The release does not list the violations, and it does not say what happens to customer money. We therefore make no claim about either. The only fact you can use is the status: cancelled, with effect from that date.
The SBP posts a cancellation as a press release. We opened only the August notice, so we name only that company, and you should search the press page for any name you are about to deal with.
Understand who may deal in foreign exchange
Exchange companies work under Section 3AA of the Foreign Exchange Regulation Act, 1947, which gives the SBP the power to authorise them. In September 2023 the SBP issued FE Circular No. 03, which moved the sector to a single category of Exchange Company. It gave the older "B category" companies and the franchises of other companies three months to merge, upgrade or sell, and said licences of those that did not would stand cancelled.
Two things follow for you. A shop that calls itself an exchange but is not an authorised company is not a safe place for a large deal. And a "franchise" or "B category" label should not appear on a current licence, because those categories were wound up by the 2023 reform.
Check the company in four steps
Do this before you hand over cash, not after.
- Write down the full legal name, for example "XYZ Exchange Company (Pvt.) Limited", from the signboard or receipt.
- Search the SBP website, sbp.org.pk, for its list of exchange companies, and look for the exact name.
- Search the SBP press releases for the same name, in case the SBP has cancelled it.
- If the branch is not named in the list, ask the head office to confirm it in writing.
We tried to open the SBP list of exchange companies on 11 October 2026. The old list address we found through a search sent us to the SBP home page, so we could not confirm the list's current location. Search the SBP site by name, and expect the page to move again.
Look for these signs of a risky dealer
A licence check is the first filter. The deal itself is the second. Treat these as reasons to walk away:
- The dealer offers a rate far above the open market, so you will "gain" on the deal.
- No receipt is offered, or the receipt carries no company name.
- The dealer asks you to pay into a personal account.
- The dealer wants a cash handover on the street, or in a car.
- The deal needs no CNIC and no questions.
Check the daily rate first. Our page on the dollar rate on 9 October 2026 gives the interbank and open market figures from that day, so you can see how far an offer sits from the market.
| What you want to do | Safer route |
|---|---|
| Sell dollars | An SBP-authorised exchange company, with a receipt in its legal name |
| Send money to family abroad | A bank or authorised remitter, and keep the reference number |
| Pay for study or treatment abroad | A bank transfer to the institution, not a cash agent |
| Spend abroad | Your card, within the yearly limit |
For overseas card spending, see our note on the USD 30,000 yearly card limit. For cash you carry on a trip, see the rules on foreign currency you can take out of Pakistan.
What to do if your company has been cancelled
Keep every receipt, the order slip and any message you exchanged. Write to the company's head office and ask for the money or the foreign currency you paid for, with a date. Keep the reply.
Then complain to the SBP. The SBP Help desk page has a Consumer Protection Helpdesk form that asks for your name, CNIC or NICOP, mobile number, email, the institution and a description of up to 500 characters. It also lists the SUNWAI customer complaint service. Our guide to the SBP Sunwai complaint portal explains how to use it.
We cannot tell from the SBP page whether it takes complaints about exchange companies in particular, so describe the company clearly and attach the receipt.
Common questions
Which exchange company did the SBP cancel on 17 August 2026?
Al-Rahim Exchange Company (Pvt.) Limited. The SBP said it acted with immediate effect over serious violations of its regulatory instructions.
Can a cancelled company still sell dollars?
No. The SBP prohibited the company, its head office and all branches from any foreign exchange business.
Where do I find the list of authorised exchange companies?
On the SBP website, sbp.org.pk. We could not confirm the list's present address on 11 October 2026, so search the site for "exchange companies".
Is a franchise of an exchange company allowed?
Under FE Circular No. 03 of 6 September 2023, franchises had to merge with the parent company or sell to it, or their licences would stand cancelled.
Where do I complain about an exchange company?
Write to the company first, then use the SBP Consumer Protection Helpdesk or SUNWAI. Attach receipts and messages.
How we verified this
What we checked, where we read it, and what we could not confirm.
Last checked 11 October 2026. We opened the SBP press release of 17 August 2026 (ECD/M&PRD/PR/01/2026-62), SBP FE Circular No. 03 of 2023 on exchange company reforms and the SBP Help desk page. The cancellation, the ban on branches, the single category reform and the complaint form fields come from those pages. We could not open the SBP list of exchange companies or the other 2026 cancellation notices, and we did not call any company. Rates and rules change, so confirm on sbp.org.pk before a large deal.
About the author
Technology Journalist & Multimedia Producer
Ahmad Ali is a technology journalist and multimedia producer at Pakistan Era, joining the team in October 2026. He covers consumer technology and digital life for Pakistani readers, combining research with hands-on product testing.
