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 money to Pakistan 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 money 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

Because of government and private sector support, money transfer to Pakistan is much easier. 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 to Pakistan.