REFUND, CANCELLATION AND REVERSAL POLICY

Sky Exchange Company (Private) Limited
Effective Date: September 14, 2026
Last Updated: September 14, 2026

1. About Sky Exchange
Sky Exchange Company (Private) Limited (“Sky Exchange”, “Company”, “we”, “us” or “our”) is an exchange company authorized by the State Bank of Pakistan (SBP) under License No. 31.
Our registered office is located at:
Office No. 19-23, First Floor, Mall Plaza, The Mall, Rawalpindi, Pakistan.

Sky Exchange is authorized, subject to applicable laws, regulations, instructions and limits prescribed by SBP, to undertake foreign exchange and remittance-related activities, including purchase and sale of foreign currency, inward remittances, outward remittances and other permissible foreign exchange activities.
This Refund, Cancellation and Reversal Policy (“Policy”) applies to services and transactions initiated through the Sky Exchange mobile application (“App”).

2. Purpose of this Policy
This Policy explains:
• When a transaction may be cancelled;
• When a transaction may be reversed or refunded;
• How customers can request cancellation or refund;
• How refunds will be processed;
• Circumstances in which a refund may not be possible;
• Applicable charges, exchange-rate adjustments and third-party charges; and
• How customers can lodge a complaint or dispute.

All refunds, reversals and cancellations are subject to applicable SBP regulations, foreign exchange laws, AML/CFT/CPF requirements, applicable sanctions requirements, and other applicable laws and regulations of Pakistan.

3. The Sky Exchange App is Free
The Sky Exchange App itself is provided to customers without a separate purchase price.
Accordingly:
Downloading, installing, registering for or using the App does not itself create a right to a monetary refund.
Where a customer initiates an actual foreign exchange or remittance transaction through the App, any cancellation, reversal or refund relating to that transaction will be dealt with under this Policy and the terms applicable to that particular transaction.
The App does not sell digital goods or subscription-based content for which a conventional e-commerce refund period applies.

4. Transactions Covered by this Policy
This Policy may apply to transactions and services initiated through the App, including, where available and permitted:
• Foreign currency deal booking;
• Purchase or sale of foreign currency;
• Inward remittance receipt requests;
• Requests for credit of inward remittances into eligible bank accounts;
• Outward remittance requests;
• Other foreign exchange or remittance services made available by Sky Exchange through the App from time to time.

Availability of any particular service is subject to Sky Exchange’s authorization, applicable SBP instructions, transaction limits, compliance requirements and operational arrangements.

5. Cancellation of a Transaction
5.1 Before Transaction Execution
A customer may request cancellation of a transaction before Sky Exchange has executed, settled or irrevocably processed the transaction, subject to applicable regulatory requirements.
Cancellation will not be automatic merely because a request has been submitted through the App.
Sky Exchange will determine whether cancellation is possible based on the status of the transaction.
Where cancellation is approved before execution, any amount received from the customer will ordinarily be returned through the original or an appropriate permissible payment channel, subject to verification and applicable law.

5.2 After Transaction Execution
Once a foreign exchange or remittance transaction has been executed, settled or transmitted, the customer may not have an unconditional right to cancel the transaction.

Any subsequent cancellation, reversal or refund will be subject to:
• The status of the transaction;
• Applicable SBP regulations and instructions;
• The rules of the relevant bank, Money Transfer Operator, payment service provider or correspondent;
• Whether the funds have already been paid or credited;
• Applicable AML/CFT/CPF and sanctions requirements;
• Availability of the funds for reversal; and
• Any other applicable legal or regulatory requirements.
Sky Exchange will make reasonable efforts to process an eligible reversal or refund where permitted.

6. Foreign Currency Deal Bookings
Where the App provides a facility for booking a foreign currency transaction, the customer will be provided with the applicable transaction details, including the currency, amount, applicable exchange rate and other relevant terms before confirmation, where applicable.

Once a deal has been confirmed and executed by Sky Exchange, cancellation may not be available as a matter of right.
If cancellation or reversal is permitted, the applicable amount may be calculated in accordance with the terms of the transaction and the applicable exchange rate at the time of reversal, where required or permitted by applicable regulations.

Any difference arising from a change in the exchange rate between the original transaction and an approved reversal may therefore affect the amount returned to the customer.

Sky Exchange will not apply any exchange-rate adjustment contrary to applicable SBP requirements.

7. Inward Remittance Requests
Where a customer uses the App to request receipt or credit of an inward remittance into a bank account, Sky Exchange may process the request subject to:
• Successful verification of the transaction;
• Confirmation of the beneficiary’s details;
• Applicable KYC/CDD requirements;
• Sanctions and screening requirements;
• Availability and receipt of funds;
• Banking arrangements;
• Applicable SBP requirements; and
• Any other applicable regulatory or operational requirements.

If the requested account credit cannot be completed, Sky Exchange will investigate the transaction and, where appropriate, process a reversal or return of funds through the permissible channel.

A refund or reversal will not necessarily be available where the funds have not been received by Sky Exchange or where the transaction is subject to investigation, regulatory restriction or other circumstances beyond Sky Exchange’s control.

8. Outward Remittance Transactions
Outward remittances initiated through the App are subject to applicable SBP foreign exchange regulations, transaction limits, purpose-specific requirements, KYC/CDD requirements, supporting documentation, sanctions screening and other applicable requirements.

A customer may request cancellation before execution where the transaction has not yet been processed.

Once an outward remittance has been executed or transmitted to a bank, correspondent bank, Money Transfer Operator or other permitted intermediary, cancellation may be subject to the rules and cooperation of the relevant institution.

Where an outward remittance is returned by the beneficiary bank, correspondent, MTO or other intermediary, Sky Exchange will process the returned funds after receipt, reconciliation and completion of any required compliance checks.

Any permissible third-party charges or deductions imposed by banks, correspondents, MTOs or other intermediaries may be deducted from the returned amount where such charges are applicable and legally permissible.

9. Reversal of Failed or Unsuccessful Transactions
Where a transaction fails because of:
• Technical failure;
• Incorrect processing;
• System error;
• Unsuccessful account credit;
• Rejection by a bank or permitted intermediary;
• Return of funds by a correspondent or MTO; or
• Another operational reason,

Sky Exchange will investigate the transaction and, where appropriate, arrange a reversal or refund.

Where the failure is attributable to Sky Exchange, the Company will not impose a charge for correcting the Company’s own error, subject to applicable law and regulatory requirements.

Where a transaction fails because of incorrect or incomplete information supplied by the customer, the beneficiary, a bank, MTO or other third party, any applicable third-party charges or costs may be dealt with in accordance with the applicable transaction terms and law.

10. Refunds Relating to Duplicate or Erroneous Transactions
If a customer believes that:
• A transaction has been duplicated;
• An amount has been debited more than once;
• An incorrect amount has been processed; or
• A transaction has been processed incorrectly,

The customer should immediately contact Sky Exchange and provide the relevant transaction/reference number.

Sky Exchange will investigate the matter against its transaction records and, where an error or duplicate transaction is confirmed,
process an appropriate correction, reversal or refund in accordance with applicable regulations.

11. Transactions Subject to Compliance Review
Sky Exchange may delay, suspend, reject or decline a transaction where required by:
• SBP regulations or instructions;
• Applicable foreign exchange laws;
• AML/CFT/CPF requirements;
• Sanctions or screening requirements;
• Court orders or instructions of competent authorities;
• Incomplete or inconsistent customer information;
• Inability to verify the customer or beneficiary;
• Suspected fraud or unauthorized activity; or
• Other applicable legal or regulatory requirements.

In such circumstances, a refund or return of funds, where permissible, will be processed only after the required compliance, verification and regulatory procedures have been completed.

Nothing in this Policy requires Sky Exchange to process a refund or reversal in a manner that would violate any applicable law, regulation, SBP instruction, sanctions requirement or lawful direction of a competent authority.

12. Method of Refund
Where a refund or reversal is approved, Sky Exchange will normally return the funds through the original or another permissible payment channel, subject to applicable SBP requirements and the nature of the original transaction.

For example:
• Amounts received through an eligible bank transfer may be returned through an appropriate banking channel;
• Amounts relating to an inward remittance may be returned through the applicable permissible remittance channel;
• Amounts relating to an outward remittance may be returned after the funds have actually been received back by Sky Exchange and reconciled.

Sky Exchange will not ordinarily provide a cash refund where applicable regulations require settlement through banking or other permissible channels.

13. Exchange Rate Applicable to Refunds
Where a transaction involving foreign currency has already been executed and a reversal is subsequently permitted, the amount returned may be affected by the applicable exchange rate and the terms of the original transaction.
Unless otherwise required by applicable law or SBP instructions:
a refund does not automatically guarantee that the customer will receive the same PKR amount or foreign currency amount originally paid or exchanged.

The applicable refund/reversal calculation will be determined in accordance with the nature of the transaction, applicable exchange rates and regulatory requirements.

Sky Exchange will provide the customer with the relevant transaction information where a refund or reversal is processed.

14. Third-Party Charges
Certain transactions may involve banks, correspondent banks, Money Transfer Operators, payment service providers or other authorized intermediaries.

Where a transaction is returned or reversed, third-party charges may have been incurred.

Where such charges are:
• Actually imposed by the relevant third party;
• Applicable to the transaction; and
• Legally permissible,

they may be deducted from the amount returned to the customer where this is consistent with the transaction terms and applicable regulations.

Sky Exchange will not deduct an undisclosed or unauthorized charge.

15. Fraudulent or Unauthorized Transactions
Customers must immediately notify Sky Exchange if they believe that a transaction was initiated without their authorization or that their App account or transaction credentials have been compromised.

Sky Exchange may suspend the relevant account or transaction while conducting verification and investigation.

Any refund or reversal arising from an unauthorized transaction will be determined following investigation and in accordance with applicable law, SBP requirements and the circumstances of the case.

Customers should not share their App password, PIN, OTP, authentication code or other security credentials with any person.

16. Refund Request Procedure
Customers wishing to request a cancellation, reversal or refund should contact Sky Exchange through the customer support channels provided in the App or on the Company’s official website.

The customer should provide, where available:
• transaction/reference number;
• date of transaction;
• amount and currency;
• nature of the transaction;
• reason for requesting cancellation or refund; and
• any relevant information necessary for verification.

Sky Exchange may request additional information where required to verify the transaction and comply with applicable regulatory requirements.

For security reasons, Sky Exchange will never require a customer to disclose an OTP, password, PIN or other confidential authentication credential for the purpose of processing a refund.

17. Complaint Handling
Customers may lodge a complaint concerning a transaction, refund, cancellation or reversal through Sky Exchange’s customer support and complaint-handling channels.

Sky Exchange will record and investigate complaints in accordance with its approved complaint-handling procedures.

Under the SBP Regulatory Framework for Exchange Companies, exchange companies are required to maintain a customer support and complaint-handling mechanism, properly record complaints, communicate their resolution and resolve complaints expeditiously within 7 working days.

Where a matter requires additional time because of investigation, a third-party bank/MTO, regulatory review or other circumstances, Sky Exchange will communicate the status to the customer as appropriate.

18. No Waiver of Statutory or Regulatory Rights
Nothing in this Policy is intended to:
• restrict any right available to a customer under applicable law;
• override any SBP regulation or instruction;
• prevent a customer from lodging a complaint with a competent regulatory authority; or
• permit Sky Exchange to retain funds where applicable law or regulation requires their return.
In case of any conflict between this Policy and a mandatory requirement of SBP or any applicable law, the mandatory legal or regulatory requirement will prevail.

19. Records and Transaction Receipts
Sky Exchange maintains transaction records in accordance with applicable regulatory requirements.
The SBP Regulatory Framework requires customer dealings to be supported by system-generated/official receipts and requires relevant business records to be maintained for the prescribed retention period.
Customers should retain their transaction/reference number and transaction receipt for future correspondence concerning cancellation, reversal, refund or complaint.

20. Regulatory Compliance
Sky Exchange conducts its exchange and remittance activities in accordance with its authorization from the State Bank of Pakistan and applicable laws, regulations, instructions and circulars.

The SBP Regulatory Framework expressly permits exchange companies, subject to their authorization and applicable requirements, to conduct foreign exchange and remittance-related business through digital means. It also requires transactions to be recorded in the 

Company’s centralized Core Business Application on a real-time basis.

Sky Exchange reserves the right to amend this Policy whenever required to reflect changes in applicable laws, SBP regulations, regulatory instructions, operational arrangements or the services offered through the App.

21. Google Play Purchases
The Sky Exchange App itself does not constitute a purchase of foreign exchange or remittance services from Google Play.

Where Google Play’s billing system is separately used for any paid digital feature or service, any refund request relating specifically to that Google Play purchase may also be subject to Google’s applicable refund procedures.

Google states that users may contact the app developer regarding purchases and that developers are responsible for refunds in accordance with their own policies and applicable law.

This Policy governs refunds and reversals of Sky Exchange foreign exchange and remittance transactions and does not replace Google’s own policies concerning purchases processed through Google Play billing.

22. Contact Us
Sky Exchange Company (Private) Limited
Registered Office:
Office No. 19-23, First Floor,
Mall Plaza, The Mall,
Rawalpindi, Pakistan.
Customer Support: +92 51 5585302
Email: ho@skyexchange.com.pk
Website: www.skyexchange.com.pk
Customers should use the contact information displayed in the App and on Sky Exchange’s official website for current customer support and complaint channels.

Last Updated: September 14, 2026
© Sky Exchange Company (Private) Limited. All Rights Reserved.