Pakistan is a developing country. Approximately 9 million Pakistanis reside abroad, and they regularly send money to Pakistan as home remittances.
Wire transfer is one of the traditional and safest ways to send money to Pakistan. However, it is highly expensive. On each transaction, Pakistani banks deduct approx. $30 as wire transfer fee. Apparently, wire transfer fee is highly expensive.
In this article, we will be sharing some of the cost-effective, reliable, and safest ways to send money to Pakistan that offers best exchange rates.
So, lets discuss one by one.
3 Ways to Send Money to Pakistan in 2024
1. International Wire Transfers
As mentioned earlier, wire transfer is one of the traditional and best ways to send money to Pakistan. It is pertinent to mention here that banks in Pakistan deduct wire transfer fee while converting forex to PKR. Either sender or the recipient must bear the cost.
Further, banks also deduct withholding tax if the payment is made against business services.
Note: For wire transfers, the recipient shall share recipient name, recipient address, recipient bank name and 24 digit IBAN (International Bank Account Number) of Pakistani bank with the sender along with the reason of sending money to Pakistan.
Read: 10 Best Banks in Pakistan
2. International Money Transfers
International money transfer to Pakistan is another best way to send money to Pakistan. Pakistani diaspora can send money to Pakistan using various international money transfer provider or cash pickup services. These services include but not limited to:
- Wise (Formerly Transferwise)
- Payoneer
- WorldRemit
- Remitly
- OFX
These banks instantly remit funds in local funds. The good thing is that these services claim transparent fee structure and use mid-market rate. In fact, these money transfer services in Pakistan are quite cheap and reliable.
3. International Cash Transfers
If you intend to send international cash transfers, you can send PKR to some renowned banks in Pakistan such as Habib Bank Limited (HBL), MCB (Muslim Commercial Bank), ABL (Allied Bank Limited) etc.
Similarly, if recipient want to pick cash, then Remitly and WorldRemit also offer this service as they have arrangements with some famous banks in Pakistan.
Further, money service providers like Payoneer, Remitly and WorldRemit can also send money to Pakistan through Mobile Wallets like JazzCash and Easypaisa etc.
Fee Structure For Sending Money in Pakistan
Wise (Formerly TransferWise): Best Exchange Rates
- Transfer fee: 1.82 USD plus 1.45% of your payment.
- Exchange Rate: Smart provides you with the best rate possible (the Google rate). There is no margin used.
- Additional Fee: Bank debit (ACH) is the least expensive additional fee, followed by bank wire transfer, debit card, and credit card.
- How Long it Takes: Within 0-1 business day.
Remitly: Fast Service and best remittance service operated from USA
- Express Transfer Fee: $1.99
- Exchange Rate: The exchange rate you receive is determined by the amount of your transfer and the country to which your funds are being sent.
- Transfer speed: within minutes
- The money transfer can be received via bank deposit, cash picks up, mobile money, or home delivery.
- Money-back guarantee: if your money doesn’t arrive on time, you’ll get your money back.
- Same-day cancellation requests are possible.
WorldRemit: Sending money from mobile or cash
- Transfer Fee: 3.99 USD
- Exchange Rate: WorldRemit increases the exchange rate by a margin.
- Maximum transfer amount: US$5,000
- How long it takes: 2 business days for a wire transfer.
- Cash delivery is immediately available when a valid photo ID and transaction reference number are presented.
OFX: The best way to send money to Pakistan with no limit
- Transfer Fee: OFX no longer charges a flat transfer fee for customers in the United States.
- No Limit
- Exchange rate: When you convert US dollars into Pakistani rupees, OFX adds a margin to the exchange rate.
- Minimum Transfer Amount: $150 for single transfers; $250 for recurring transfers.
- Transfer speed: One business day.
XOOM: Powered by PayPal
- Transfer Fee: Depending on the amount and method of payment, it varies. Paying by bank transfer is free, but paying by card incurs a percentage fee.
- Limit: $5,000 sent to Pakistan in a single transaction
- Exchange Rate: When you convert US dollars (USD) into Pakistani rupees, a margin is added to the exchange rate (PKR).
- Transfer Speed: It will take 1-2 business days.
You May Like To Read:
- 15 Best Ways to Send Money in 2023
- List of Money Transfer Services in Pakistan
- Local Payment Methods in Pakistan
