Do you send money to Pakistan from the UK? According to a recent survey, it is found that a significant portion of people migrates to the UK. As for there exists many additive interests for living a prospective & progressive life. The prime motive for the immigrants is to find better living standards and to raise a happy life. If you are relocating to the UK, the first thing you will be needing is appropriate finance management. One needs to have the right services for financial payments, such as a banking network. A bank account is the best way to send money to Pakistan. However, there are plenty of available banking options for the new immigrants in the UK. Keep reading to find out more about how a Pakistanis can easily open a bank account in the UK.
Banking Corporation in the UK
The UK is renowned for hosting the largest range of banking corporations in the world. A total of 344 banks are reported across the UK. The financial service sector includes private UK banks, a chain of international banks, and also publicly held lending financial institutions. The central banking corporation of the UK is the Bank of England accompanied by the Financial Conduct Authority (FCA). FCA is responsible for the regulation of compliance conduct of banking authorities and international money transfer to Pakistan and worldwide.
Is it compulsory to have a bank account in the UK?
Similar questions exist in the mind of every new entrant in the UK. The answer is ‘No’ because there are many other alternatives in the UK for sending and managing money. Primarily, most of the residents in the UK find it suitable to go with the other options. Such as building societies, credit unions, and investment accounts (formerly referred to as Post Office Savings Account). However, there are multiple advantages of having ownership of a bank account in the UK. You can use your bank account to accomplish a wide range of payments. Such as paying utility bills in the UK and managing other payments instantly. If you are a Pakistani looking for the best way to send money to Pakistan. You may need to have an active bank account to complete the remittance transfer process.
How can you open a bank account in the UK?
You can open a bank account in the UK by just following a simple set of instructions. Keeping in mind the scope of technology, now you can open a bank account online, or by physically visiting a bank branch in the UK. The first thing you may need is the UK address for launching the registration process of a bank account in the UK. The banks usually request the submission of an application form and perform mandatory credit checks. The list of requirements may vary from bank to bank. However, most banks will require you to present the following documents:
- Proof of Valid Photo ID/ Passport
- Latest Utility Bill Paid
- Updated Bank/Credit Card Statement
- Evidence of Employment (In case, if you are employed at any institute, organization, etc.)
Student Account: In case, you are applying for a student account, you may need to provide the additional document.
- Valid evidence of studying in the UK
The Banks usually take 1-2 business working days to get your account activated and functional.
Best way to send money to Pakistan from the UK?
For all the Pakistani expatriates, living in the UK and searching for the best way to send money to Pakistan online or in cash. ACE Money Transfer is one of the leading remittance service providers. If you have newly moved to the UK, you can always send money back to your homeland with ACE. You can transfer your remittance amount using your debit/credit card. If you are new to the money transfer process, no need to worry. Because ACE provides a simple and easy process to manage your international remittances to your home country.
Transfer Funds with ACE Money Transfer
In contrast with the bank transfer fees and exchange rates, grouped with extended formalities. The other alternatives, such as one of the finest ACE Money Transfer suits well for the remittance transactions. You can transfer swift and secure transactions through the aid of an online portal and smart mobile app. Follow these simple steps for online money transfer to Pakistan or another country.
- Signup on ACE
- Provide details
- Provide beneficiary details
- Enter amount
And you are done making your money transfer to Pakistan with ACE. It’s just that simple. Alongside, you get to receive numerous additional benefits of sending money with ACE. Explore countless perks of joining ACE by visiting the official site.
The Bottom Line:
In the end, you can always find the best way to send money to Pakistan. But, for that, you must have an active bank account in the UK. Because besides, sending a money transfer to your home country. There are many other places as well, where you will feel the need for a bank account in UK. Although ACE provides you with countless options to transfer money to your loved ones, friends, and families. So, you can stay connected even in the good and bad times of each other.