Send Money To Pakistan

Ways to Send Money to Pakistan

The Ministry of Finance, State Bank of Pakistan, and the Ministry of Overseas Pakistanis launched a joint initiative called the Pakistan Remittance Initiative (PRI). This initiative aims to support cheaper and convenient remittance flow to Pakistan.

Much like in many other countries, the banking industry has been a dominant player in the movement of money into the country. However, this is slowly changing with money transfer operators penetrating the remittance channels into Pakistan. The following are some of the formal ways to send money to Pakistan.

International Bank Wire Transfers

The Pakistan banking sector has a total of 35 banks comprising public banks, private banks, and foreign banks. Sending money to Pakistan through bank wire transfers remains one of the safest and most reliable ways. That said, the cost of sending is still high with fees charged by the sender’s bank, correspondent bank(s), and recipient’s bank.

The fees charged by the correspondent banks makes it difficult for the sender to estimate the much the recipient will get. Also, bank wire transfers are impractical for sending small amounts because of the high fees.

For example, sending money from Saudi Arabia to Pakistan costs about $6.45 while sending from the United Kingdom costs $5.30.

Online Money Transfers

There have been concerted efforts by local exchange companies to increase their tie-ups with international money transfer operators. These initiatives have opened floodgates to allow many mobile transfer service providers to join the various Pakistan remittance corridors.

Online money transfers help bridge the gap as far as transaction fees, transfer speed, and convenience are concerned. The type of money transfer service to use largely depends on the country you are sending from, the availability of a reliable agent network in Pakistan, partnerships the transfer service has with the Pakistan banking system and so forth.

Some of the most common online money transfer providers servicing Pakistan remittance corridors include MoneyGram, Western Union, Xpress Money, Telemoney, WorldRemit, Xoom, TransferWise, and Ria.

Most of these money transfer operators only require that you set up an account with them, fund it and transfer to your loved ones. Setting up is very simple, as all you may need is an email address and a few other personal details like phone number and password.

Once you set up the account, you can fund it in several ways including instore cash deposit, bank transfer, and credit or debit card. How to transfer the money largely depends on your preferences. You can send straight from the providers’ websites, use a mobile app, walk to physical stores and send from there, or begin the process online and complete it in a store of your choice.

Online money transfer providers give you several options when sending to Pakistan. The following are the most common:

• Bank Transfers – Here, the money is sent directly to the recipient's bank account. This option is safe, convenient, and appropriate for sending large amounts.
• Cash Pick Up – In this mode of transfer, the money is sent to an agent from where the recipient can pick it up. Whether or not you should go for this option depends on the provider you choose and the network of agents or affiliate banks they have in Pakistan. Cash pickups are relatively safer and convenient for sending small amounts.
• Mobile Wallet -Providers such as WorldRemit offer direct deposits into Pakistani Rupee-denominated mobile wallet accounts. It is a faster and a much safer way because the recipient doesn’t have to look for a bank or an agent to withdraw the money. They can start paying their bills right away!

International Cheque

This method is much slower and may take weeks before the recipient's account is credited. If you are lucky enough to find a subsidiary of the bank that funds the cheque in Pakistan, you can cash it with no hassle.

Some of the foreign banks here include Barclays Bank PLC., Citibank N.A. - Pakistan Operations, Deutsche Bank AG, Dubai Islamic Bank (Pakistan) Limited, Standard Chartered Bank Limited, Industrial and Commercial Bank of China Limited among others.

What’s Needed to Send Money to Pakistan

Sending money to Pakistan is much easier because of government and private sector support. On realising the importance of remittances in the economy, the government has been rolling out initiatives and incentives to encourage the Pakistani diaspora to send money home.

If you want to send money to your loved ones in Pakistan, you will need to have the following information.

• Your government-issued photo I.D.
• The card number if using a debit or credit card to fund your transfer
• The full name of the recipient as it appears on their official documents
• The recipient's address and phone number
• If sending directly to the recipient's account, you’ll need to provide their account name, bank, branch, and swift code or routing number

However, some providers and source country regulations may require additional information to allow you to send money home.

What Are the Ways of Receiving Money in Pakistan?

Pakistan has been experiencing rapid progress in financial inclusion. Majority of its previously unbanked populations now have access to financial products and services. The adoption of the National Financial Inclusion Strategy 2015 changed the financial services landscape and allowed more people to participate in the financial system.

The are several ways one can receive money in Pakistan. Some of the reliable channels include:

Bank deposits – Pakistan banks have a reliable financial capital base, modern technologies, and extensive networks. Bank transfers into beneficiary accounts can take minutes or days depending on the method used to fund the transfer, day and time of the transaction, and the choice of provider.

Cash Collection -The recipient can pick the cash from an agent of the provider. The agent could be a standalone store or a financial institution. Where large amounts are involved, the recipient should choose a safer agent location or tag a friend along when picking up the cash.

Mobile Wallet Deposit – According to the Pakistan Telecommunication Authority, there are over 148 million mobile subscribers in the country. This coverage includes people in rural areas with no access to formal banking services. The deposits are made directly to their mobile wallets.

What Is Required to Receive Money in Pakistan?

Depending on the provider you choose, the beneficiary may be required to provide specific documents or information before picking the money. The following is a general list of what is typically required.

• The recipient’s government-issued I.D. with the name corresponding to that given by the sender
• The transaction reference number sent by the sender or provider
• The name of the sender and the amount to be collected

Receiving money in Pakistan is free. It is part of the initiative to encourage as many Pakistanis as possible to send money home. There is no identification document required for bank deposits and mobile wallet transfers.