The Key Fact Statements (KFS)

The Key Fact Statements (KFS) – Remittances

Laxmidas Tharia Ved Exchange Co. LLC, operating under the trade name Lakhoo’s Exchange (“the Company”), is licensed and regulated by the Central Bank of Oman (CBO). The Company enables customers to send and receive money to and from various countries worldwide through its network of correspondent banks and approved money transfer agents.

These Key Fact Statements (KFS) are intended to provide customers with clear, transparent, and essential information regarding the remittance services offered by Lakhoo’s Exchange.

International Bank Account Transfer & Cash Payout Transaction	Lakhoo’s Exchange provides financial services involving the transfer/remittance of funds from one individual or entity to another, often located in different countries. Funds are transferred to the beneficiary’s bank account as declared by the sender/remitter in the remittance request. In certain cases, subject to applicable terms and conditions, funds may also be paid out in cash to the beneficiary instead of being credited to a bank account.
Medium of Funds Transfer	Funds are remitted/transferred to the beneficiary’s country and bank through a wide network of trusted and globally reputed correspondent banks and money transfer agents with whom Lakhoo’s Exchange has established arrangements. Remittance payments are processed through the appropriate correspondent depending on the receiving country and currency.
Beneficiary Charges	The remittance transaction may be subject to some charges from the beneficiary (i.e. recipient of the money) depending on the rules & regulations prevalent in the country/bank and Terms & Conditions (T&Cs) governing the account of/ cash payout to the beneficiary.
Service Charge	The Service charges and VAT for remittance transactions depend on the destination country and the remittance amount. For more details regarding the product and service charges which range from a minimum of OMR 2 to a maximum of OMR 15 per transaction, plus applicable VAT.  Customers may visit any Lakhoo’s Exchange branch for detailed information on applicable charges.
Turnaround Time (TAT)	In most cases, remittance transactions are processed on the same day. However, delays may occur due to regulatory checks, verification requirements by receiving banks, correspondent bank processing timelines, or public holidays in the remitting or receiving countries. In such cases, funds will be credited with the appropriate value date once processing is completed
Channels Available	Lakhoo’s Exchange Branches.
Payment Modes	The sender/remitter may initiate a remittance transaction in Omani Riyals (OMR) using any of the following payment modes: Cash: Cheque: (Transactions will be processed after the realization of the cheques) Debit Card: (at the exchange counter) Bank Transfer: Customer can Transfer Funds to the Lakhoo’s Exchange’s designated bank accounts. In all cases, the sender must complete and submit the prescribed Funds Transfer Request Form, duly filled with accurate transaction and beneficiary details. This ensures proper authorization, regulatory compliance, and smooth execution of the remittance through official banking channels.

 

The Key Fact Statements (KFS) – Foreign Currency Exchange Services

The foreign currency exchange services are available through Lakhoo’s Exchange branches across Sultanate of Oman. The Company provides and deals with all major Foreign Currencies that includes buying and selling of foreign currency.

List of Currencies	Lakhoo’s Exchange is one of the oldest and most trusted money exchange dealers in Oman, offering a wide range of foreign currency exchange to the customers. The company deals in all major global currencies including the following: US Dollar (USD) Euro (EUR) British Pound (GBP) Australian Dollar (AUD) Canadian Dollar (CAD) Swiss Franc (CHF) Japanese Yen (JPY) New Zealand Dollar (NZD) In addition, Lakhoo’s Exchange offers several regional and emerging market currencies such as: UAE Dirham (AED) Singapore Dollar (SGD) Malaysian Ringgit (MYR) Sri Lankan Rupee (LKR) Indian Rupee (INR) Philippine Peso (PHP) Bangladesh Taka (BDT) Nepalese Rupee (NPR) Indonesian Rupiah (IDR) Egyptian Pound (EGP) Saudi Riyal (SAR) Kuwaiti Dinar (KWD) Qatari Riyal (QAR) Bahraini Dinar (BHD) All currencies are subject to market availability and demand. Lakhoo’s Exchange ensures reliable, competitive, and efficient foreign exchange and remittance services for its customers.
Exchange Rate	Foreign currencies are exchanged at the prevailing market rate at the time of the transaction.
Service Charges	500 Baisa for transactions up to OMR 50 750 Baisa for transactions above OMR 500 up to 1,000 OMR 1.000 for transactions above OMR 1,000

 

TERMS & CONDITIONS:

LAXMIDAS THARIA VED EXCHANGE CO. LLC (Lakhoo’s Exchange) is registered in the Sultanate of Oman and is licensed by the Central Bank of Oman.

• It is the sole responsibility of the Customer to ensure that all beneficiary details provided for the remittance transaction are correct and accurate before confirming the transaction. This includes verifying the beneficiary’s name, account number, bank details, and destination information. Lakhoo’s Exchange will process the transaction strictly based on the information submitted by the Customer and shall not be held liable or responsible for any errors, delays, or losses resulting from incorrect, incomplete, or inaccurate information provided by the Customer. Therefore, customers are strongly advised to review all details carefully prior to transaction confirmation to avoid any inconvenience or financial loss
• The Customer is required to count and verify the authenticity of the currency notes at the time of executing transactions and before leaving the counter. Once the transaction is completed and the customer has left the premises, Lakhoo’s Exchange will not be responsible for any claims on the bank notes. This policy ensures transparency and safeguards both the customer and the exchange against disputes related to cash handling. Therefore, customers are advised to carefully check the amount and condition of the currency in the presence of the teller.
• Lakhoo’s Exchange reserves the right to withhold or decline any remittance transaction if it has reasonable grounds to believe that the funds are being used for illegal activities, money laundering, terrorism financing, or any other unlawful purposes. The company also maintains the right to stop transactions that appear to be directed to, or intended for the benefit of, any blacklisted, restricted, or sanctioned individual, entity, or country as per local and international regulatory requirements. This measure is part of Lakhoo’s Exchange’s strict adherence to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws to ensure all transactions remain legitimate, transparent, and compliant with global financial standards.
• Lakhoo’s Exchange will not process or remit funds to any fictitious, false, or unverified name or entity. To ensure compliance with regulatory requirements, the Customer must provide supporting documents that clearly verify the source of funds and justify the purpose of the transaction. These documents may include bank statements, invoices, contracts, or any other relevant proof as requested by the exchange. This policy helps maintain transparency, legality, and accountability in all remittance transactions, preventing misuse of the services for fraudulent or unlawful activities.
• Lakhoo’s Exchange will charge a Service Fee for all Remittances and Foreign Currency exchange, as applicable. The Service Fee shall vary from service to service and is exclusive of VAT amount.
• Lakhoo’s Exchange reserves the right to cancel, withdraw, suspend, hold, modify, or supplement any of the services and facilities offered to customers at any time, with or without prior notice. Such actions may be undertaken due to changes or amendments in applicable laws, instructions from regulatory authorities, or updates to the company’s internal policies and procedures. This ensures that all services remain compliant, secure, and aligned with legal and regulatory requirements, while allowing the exchange to adapt its operations in response to evolving regulatory, operational, or business needs.
• The Customer is required to pay the full transaction amount before the remittance or currency exchange can be processed. This includes the principal amount to be exchanged or sent, along with any applicable commission/fees and Value Added Tax (VAT) as per prevailing regulations. Payment must be made in full and cleared funds to ensure the transaction is executed smoothly. Lakhoo’s Exchange will initiate the remittance or provide the exchanged currency only after receipt of the total payable amount, guaranteeing that all charges are settled upfront.
• In the event of a transaction cancellation, Lakhoo’s Exchange will process the refund only after receiving confirmation from the corresponding bank and/or its service providers. The Customer must present or return the original transaction receipt when requesting a cancellation or raising a complaint. Refunds will be issued after deducting any applicable charges levied by Lakhoo’s Exchange and the correspondent banks or service providers. The refunded amount will be returned using the same mode of payment used for the original transaction and will be paid in Omani Riyals (OMR). This ensures transparency and proper reconciliation of all charges before the refund is completed.
• Complaints related to remittance transactions must be lodged within 14 days from the transaction date.
• In case of rejection or refund by correspondent banks or service providers, Lakhoo’s Exchange will notify the customer within 10 working days using the registered contact details. (mobile number or email)
• In the event of an amendment, reissue, or buy-back of a transaction, Lakhoo’s Exchange will process the refund in Omani Riyals (OMR). The refund amount will be calculated based on either the prevailing market exchange rate or the original transaction rate, whichever is lower. This policy ensures fairness in currency value adjustments while maintaining transparency and protecting both the customer and the exchange from exchange rate fluctuations during transaction reversals or modifications.
• Currency once sold or bought will be exchanged only at the prevailing rate of exchange as fixed by Lakhoo’s Exchange.
• Detailed Terms & Conditions are available on the website www.lakhoos.om and are governed by the laws of the Sultanate of Oman.
• The Terms & Conditions of the respective service providers will apply whenever their services are used by the customer through Lakhoo’s Exchange. This means that in addition to Lakhoo’s Exchange’s own policies, customers must also comply with the rules, fees, and regulations set by the banks, payment networks, or other intermediaries involved in the transaction. These third-party terms govern the execution, processing times, refunds, and any other aspects related to the specific services they provide.
• Any Complaints, queries, feedback, or fraud incidents may be reported to customer.care@ltvedexch.com or by calling +968 2184 8853. Further details are available at www.lakhoos.om.
• Lakhoo’s Exchange reserves the sole and absolute right to amend or supplement these Terms & Conditions at any time.
• Lakhoo’s Exchange is committed to providing transparent, compliant, and high-quality financial services in accordance with the regulations of the Central Bank of Oman.