The best way to send money from Spain to Pakistan

The exchange rate determines the price you’ll pay for Pakistan Rupee when sending Euro to Pakistan.

The rate between the Euro and Pakistan Rupee is currently 303.0526. Wise offers the best exchange from EUR-PKR.

The EUR-PKR exchange rate is always moving.

Sometimes, waiting a day or two can help you get more PKR for the same amount of Euro. Using a forward contract that also allows you to lock in an agreed exchange rate between Spain and Pakistan.

Sending money via a Bank transfer is the recommended option for sending money from Spain to Pakistan.

The company offering the best bank transfer price is Instarem.

This Bank transfer to Pakistan is 0.3% cheaper than the second-best option in the market.

Spain and Pakistan have different regulations and you should ensure any provider you use to send or receive between the countries is regulated.

Our directory of financial regulators worldwide of key regulatory bodies highlights who can aid in keeping your money safe for money transfers between Spain and Pakistan.

Some services between Spain and Pakistan have minimum or maximum thresholds on how much you can transfer. This is applies when receiving money in Pakistan as well.

Companies will offer different rates and fees for different transfer amounts. For regular transfers to Pakistan, use Wise. The combination of rates and fees when sending from Spain to Pakistan is the most competitive, even at larger amounts.

Also, always check with the recipient and understand any declarations needed on large amounts of money leaving Spain, or entering Pakistan. Mis-understanding these could result in a slower, or even failed, transfer.

There are different ways to receive Pakistan Rupee in Pakistan. This includes a direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all providers serving transfers from Spain to Pakistan will offer every method for incoming Pakistan Rupee, so it’s best to check ahead of time.

One of the more common ways to transfer from Spain into Pakistan Rupee is directly into a bank account. Wise is the best company for bank transfers between Spain and Pakistan.

And if you need cash right away, check if cash pickup is an option for transfers between Spain and Pakistan.

Mobile wallet services and payment apps like PayPal, Xoom, and CashApp are popular too, but they come with more limitations and higher costs compared to money transfer providers like Instarem.

When signing up to and sending Euro to Pakistan, through a money transfer company, you will have to verify your ID.

The precise documents you need will vary and in some cases you will need more than one.

For the most part however, in Spain this will be a government issued ID such as a passport or driver's license. In Pakistan it will be similar, although this should only be needed if you are opening a new account in Pakistan, or collecting in cash. Sending to an existing bank account in Pakistan shouldn’t require any additional ID checks.

Large transactions between Spain and Pakistan, are subject to additional checks. A provider may ask you for proof of address or may want to carry out a proof of funds check.

One of the reasons Wise has scored so highly for transfers to Pakistan is their easy sign up process in Spain.

When sending large amounts of money between Spain and Pakistan there will potentially be a tax declaration to consider.

Some transfers into Pakistan Rupee may need to be reported to tax authorities in Pakistan, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances will change in Pakistan based on age, income and a few other elements. When in doubt, please contact a tax professional in Spain or Pakistan to discuss your personal circumstances.