Pakistani nationals live and work in different parts of the world. As a result, there are numerous instances of people sending money to Pakistan, although their reasons may be varied. While someone might want to send money to a friend or a family member, some else might need to make regular payments toward an existing mortgage. Fortunately, no matter what the reason, you get to choose from different ways to send money to Pakistan.
Transfer Money to Pakistan
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Pakistani rupee (PKR) is the official currency of Pakistan. One rupee is divided into 100 paisa. The rupee is commonly denoted using the “Rs” symbol. Until 1982, the Pakistani rupee was pegged to the British pound (GBP), after which it switched to a managed float. Turbulence in Pakistan forex rates followed, with the rupee devaluing by almost 40% between 1982 to 1983 and 1987 to 1988.
If you want to transfer money to a bank account in Pakistan, you will need to provide the receiving bank’s SWIFT code. Here are SWIFT codes of some popular banks in Pakistan.
|Standard Chartered Bank||Karachi||SCBLPKKXEQI|
|Habib Bank||Napier Road, Karachi||HABBPKKA023|
Popular Currency Corridors
While a considerable amount of money enters Pakistan from foreign shores each year, money flows out of the country as well. In 2016, more than U.S. $19.76 billion was sent to Pakistan as remittances from different countries. Around U.S. $374 million made its way out of the country during the same period.
The table below lists popular currency corridors when it comes to Pakistan. The figures are from 2016 and listed in U.S. dollars.
|United Arab Emirates||AED-PKR||$5,698,000,000|
How Do I Compare Companies When Sending Money to Pakistan?
Whether you are sending money to Pakistan from the USA, the UK, or the UAE, or if you plan to send money from Pakistan to the USA, Afghanistan, or Bangladesh, you need to go through the process in the same basic manner.
- How much will your transfer cost? The cost of a money transfer to Pakistan depends on the exchange rate you get as well as the fees you end up paying. Unfortunately, there is no set standard that overseas money transfer companies follow, so this aspect requires your particular attention. If you are looking for a cheap way to send money to Pakistan, compare how much money the recipient stands to receive through different service providers.
- How much time will it take? There are different ways to send money to Pakistan, and the turnaround time depends on the method you choose. For instance, transfers to cash pickup locations tend to process on the same day, and in some cases they go through almost immediately. Transfers to bank accounts, on the other hand, can take up to five working days, depending on the company you select and the recipient’s bank.
- How will you pay for your transfer? Paying your for money transfer to Pakistan using your bank account is usually easy. Your options reduce noticeably if you want to pay using a debit or credit card. However, some overseas money transfer companies also accept payments via region-specific methods such as SOFORT, POLi, and iDEAL.
- What about customer service? If you plan to send money to Pakistan from time to time, it is important that you select a company that provides good customer service. An easy way to find out how companies rate on this front is to turn to online platforms such as Feefo and Trustpilot. While most overseas money transfer companies provide online support, over the phone support is harder to find.
How to Transfer Money to Pakistan?
Since there are different ways to send money to Pakistan, determine how you want to initiate the process ahead of time.
- Online. Most banks that let their customers transfer money to Pakistan let them get started online. However, a better way to carry out an online money transfer to Pakistan is to turn to a specialist money transfer company. This is because most banks fare poorly when it comes to fees and exchange rates.
- Over the phone. Finding a service provider that lets you transfer money to Pakistan over the phone is easy. Some even give their customers access to dedicated currency dealers.
- In-person. While transferring money to Pakistan in person might be possible by visiting your local bank, consider using the services of a money transfer company that operates out of physical locations instead. This is because the latter, in all likelihood, will fare better when it comes to cost effectiveness and speed.
Mushtaq moved to the UK because of work but he still had to keep making mortgage payments toward his home loan in Pakistan. He was not aware of his alternatives early on so he used the services of a popular bank in the UK for a few months. Then, upon the suggestion of a friend, he decided to compare his options. This is what he found.
|Bank||Money Transfer Service|
|Exchange rate||GBP 1 = PKR 154.2290||GBP 1 = PKR 162.1939|
|Transfer fee||GBP 15.00||GBP 0|
|Amount received for GBP 1,200||PKR 182,761.36||PKR 194,632.68|
|Transfer time||2 to 5 days||2 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||PKR 11,871.32|
Mushtaq was glad he compared his options because the money transfer company he selected turned out to be quicker and more cost effective than the bank. Given that he continued to send the same amount from the UK as before, the payment that went toward his loan repayment was greater. This helped him pay the loan off sooner than expected.
Cash Pickup Locations in Pakistan
If you want to transfer money to Pakistan quickly, consider sending it to a cash pickup center. Popular overseas money transfer companies such as Western Union, MoneyGram, and Ria have agent networks in Pakistan.
|Western Union in Pakistan|
|Karachi Shafi Court Building, Merewether Road, Near Metrool Hotel Karachi||Pakistan Post Office, Malir Cantt North Karachi|
|Lahore 54-n Gurumangat Road Gulburg Lahore||JS Bank, MM Alam Rd, Gulberg, Lahore|
|MoneyGram in Pakistan|
|Karachi MCB Bank Limited, Maryam Manzil Survey, Market Quarters, North Napier Road, Near Denso Hall, Karachi||MCB Bank Limited, Mehar Nawayz Building, Mission Road 2, Karachi|
|Lahore MCB Bank Limited, Main Sheikhupura Road, Hadbast Mouza Jiya Musa, Lahore||MCB Bank Limtied, Industrial Area Scheme, Igbal Town, Lahore|
Safety Tips for Picking up Cash in Pakistan
Instances of street crime in Pakistan are not uncommon. If you plan to collect cash from a physical location you should exercise basic precautions. Consider taking someone along if you plan to collect a large sum.
Remain vigilant when using public transport, in crowded areas, and when travelling to and from the airport, because thieves are known to steal bags, passports, jewelry, mobile phones, and laptops. Larceny, pick-pocketing, and thefts are fairly common in trains and buses at all times of the day. While congested commercial areas and low-income residential areas are prone to higher levels of crime, they take place in affluent neighborhoods as well.
Credit card fraud is common in Pakistan so use your card carefully and never leave it out of your sight. You may be targeted by thieves if they think you are wealthy, so refrain from wearing expensive watches and jewelry or displaying expensive gadgets.
There are high levels of lawlessness in rural Sindh, Khyber-Pakhtunkhwa, and most parts of Balochistan, so reconsider travelling to these areas unless necessary.
What Information Do I Need to Transfer Money to Pakistan?
When transferring money to Pakistan, you will need to provide varied information depending on the transfer method you choose.
- Bank account transfer. The service provider you select will need the recipient’s complete name, the recipient’s bank account number, the name of the receiving bank, and the bank’s SWIFT code.
- Transfer to cash pickup location. In this case the company you work with will need the recipient’s name and the location from where the recipient wishes to collect the transferred funds. The recipient may collect the money by presenting a valid form of ID along with a transaction/reference number.
Regulations When Transferring Money To and From Pakistan
The Foreign Exchange Regulation Act, 1947 regulates Pakistan’s foreign exchange policy. There are no restrictions on inward remittances in foreign currencies. In Pakistan, any authorized dealer is free to purchase different kinds of financial instruments that are payable in foreign currencies, or drawn in Pakistani rupees through non-resident rupee accounts.
Having reached the end of this post, you know of all the different ways to send money to Pakistan. Take time to compare your options depending on your individual requirements. Do not forget to look for promotional offers that can lead to added savings.
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