The requirements for opening a new student account

• C NIC Copy
• Student Card
• Institution Verification Letter

A student can open two types of accounts:

• Current account
• Saving account
Basically banks offer student a current account because its to difficult to show your
source of income in the saving account.

Pay Order
Negotiable instrument (such as a draft) which instructs a payer bank to pay a certain sum
to a third party. Also called pay order.

Demand Draft
Bill of exchange payable on demand that is on presentment ('on sight'). Person or party
that wrote the draft is called a drawer; the person, party, or bank who is expected to pay it
(on whom it is drawn) is called a 'drawee' or a 'payer,' and the person or party who
receives the payment is called a 'payee.' A check is a demand draft drawn on a bank.

Difference between Pay Order and Demand draft

Both pay orders and demand drafts are used by individuals

To make transfer payments from one bank account to another.
The main difference between the two is that while a demand
Draft is a written order directing the payment to be made
To a third party outside your city, a pay order is drawn
For the third party within your city.
They both are, however, different from cheques in that they
Don’t require a signature in order to be cashed. The
Banking dictionary refers to the person writing the draft
As the drawee, the bank making the payment is the drawer,
Or the payor bank. The beneficiary of a demand draft, the
Person receiving the payment is the payee. Charges for
Demand drafts and pay orders are independent of inter- or
Intra-city transactions but are calculated as a percentage
On the amount of the draft or pay order.
Procedure to take a Demand Draft
There are following two steps for taking demand draft:
1. Apply online through internet banking for a DD which you can either get by
courier or can visit the bank branch (where you have a/c);
2. Go to any bank branch with cash. Fill in the form available for DD there and
submit it with the DD issuance charges at the designated counter/s.

Procedure for issuing Bankers Pay Order.

1. Filling up and signing the requisition slip.

2. Paying amount to the counter
3. Cashier will scrutinize your request
4. He will enter transaction in their system by debiting cash in case you are paying
cash and your account in case you are giving a cheque.
5. Next step is printing of PO
6. Printed PO will be sent to Customer service manager along with requisition slip.
The CSM will sign after verification.
7. Two authorities should sign in case of PO above 25000.00
Remittance

Transfer of funds, usually from a buyer to a distant seller, instrument of transfer (such as
a check or draft), or funds so transferred.

Procedure

Procedure to remittance fund worldwide is very simple:

1) Transfer or deposit money into Sydney Forex Pty Ltd account at any Westpac
Bank branch (anywhere in Australia)

Account Details are:

Bank Name: Westpac Banking Corporation (WBC)

Account Name: Sydney Forex Pty Ltd

BSB: 03 20 70

Account #: 29 29 49

2) Fax or Email (scanned copy) with complete remittance application form (please
make sure form is signed) with deposit slip or internet transfer receipt to:

Fax: 1300 733 702 or 02 8208 3248

Email: info@sydneyforex.com.au

3) Call us to confirm receipt of Fax / Email and exchange rate on:

1300 733 983 or 02 9037 2163 or 0430 50 60 70

Details required:

Sender:

1) Each transaction is required with complete remittance application form (one form
per transaction)

2) One-off copy of photo ID (current Australian driver’s license / passport / or student

ID card), certified by JP

3) One-off copy of utility bill (please make sure your current address is printed on the
bill), certified by JP

Beneficiaries: (recipient / receiver)

Pick up or delivery: (for Pakistan Only)

Beneficiary’s full name, CNIC # (Computerize National Identity Card), Home address,
and phone No. (Your payment would normally be received by the beneficiary within two (2) working days)

Bank Deposit:

Account holder’s Full Name, Account #, Branch name, Branch Code, Swift Code. City
and IBAN # for European Countries (Bank deposit normally takes 2-10 working days)

Charges:

Pickup, Home Delivery or Bank Deposit:

From March 23, 2009

$15/= Administration fees apply if amount less then AU$200

We do not Charge any fees if transaction amount AU$200/= (Two Hundred) or over
per beneficiary

Other charges

Amendment: $15/= charges apply to each amendment

Cancellation / Refund:

Cancellation fees of $55/= (Fifty Five Dollar) do apply for each transaction.

Refunds of the remittance amount and subsequent cancellation of the underlying

transaction will be made upon written request by sender if receiver (Beneficiary) is
unable to receive payment or any unavoidable reasons or any special conditions. To stop
a payment for Refund Sydney Forex will take following steps

1) Sydney Forex Pty Ltd will check with our paying correspondent to determine
whether payment has been made to the beneficiary.

2) Once Sydney Forex Pty Ltd confirms that Payment has not been made, the funds
will be returned to Sydney Forex Pty Ltd and will refund such amount to the Sender,
less any applicable fees and /or charges.

Its Sydney Forex Pty Ltd policy to refund the amount to the Remitter within (45)
business days after written confirmation from correspondent all refund required valid
written request from Sender