Money exchange
Salam. I want to know about money exchange. We live in sweden. My father wants to exchange money in the home country Bangladesh. My father and the other man both live in sweden. My father will recieve swedish krona from him via bank transfer and my aunty in bangladesh on bahalf of my father will send bangladeshi taka to that man’s relative’s bank in bangladesh. My question is how to make this kind of transaction simultaneous? In bank transfer it usually takes time, when a sender sends money it takes some hours or 1-2 days to be deposited in the recipient’s account. What is regarded as simultaneous, is this that both parties initiate bank transfer at the same time (in this case they will recieve money according to respective bank tranfer time)? or is this that one party sends money first, the other party receives the money after the mentioned time and then he sends the money to the first party?
Answer
In the Name of Allah, the Most Gracious, the Most Merciful.
Wa ‘alaykum us-salāmu wa-rahmatullāhi wa-barakātuh.
Pray this finds you in the best of Iman and health.
Paper money is considered as money due to custom. The condition to posses both currencies at the same time does not apply in the case of paper money.
The matter of paper money exchange is valid if even one currency is taken possession of during the contract meeting.
One of you may transfer the money into the other party’s bank account at the time of the contract. On receiving the money, the other party may then transfer money.
And Allah Ta’āla Knows Best