Overseas Pakistanis send money to Pakistan, primarily by family members who live there, and it accounts for nearly 8% of the country’s total Economy.
Money transfer to Pakistan through Pakistani expatriates in the UK is recorded $450 million in 2020. In 2019, German exports to Pakistan totalled about 1.8 billion euros, while imports from Pakistan totalled 1.1 billion euros. Textiles, leather goods, sporting goods, boots, and medical equipment are Pakistan’s main exports to Germany. In contrast, machinery, thermal and electrochemical goods, automobiles, and industrial goods are Pakistan’s main imports from Germany.
In Germany and Pakistan’s cultural ties, the longstanding and productive academic and science exchange plays an important role.
What Is the Role of the Pakistani Government in Increasing Remittance in Pakistan?
The State Bank of Pakistan, the Ministry of Overseas Pakistanis, and the Ministry of Finance collaborated to launch the Pakistan Remittance Initiative(PRI) to create an ownership framework for remittance facilitation in Pakistan. This initiative would take all measures and steps possible to improve the online money transfers to Pakistan.
PRI initiative was launched to support, facilitate, and enable a faster, cheaper, more secure, and efficient remittance flow. The purpose is to provide foreign Pakistanis with business opportunities in Pakistan.
What Are the Secure Ways to Send Money to Pakistan from European Countries?
Many people believe that using a bank is a simple and inexpensive way to send or receive money internationally. This, however, is not the case!
Banks are not the best option for money transfer because they have to complete transactions with several partner banks, lengthening their time. Money transfer companies provide a quick service, but mainly the services charge high fees and only offer low rates. It would help if you did some research to find a solution that meets your needs.
How to Save Your Money by Availing Best Money Transfer Service?
Ace Money Transfer is the easiest and cheapest money transfer service for Pakistan and other developing countries. It’s simple to use, and you can measure the cost of sending and the final value after conversion before confirming your move. Works in over 106 nations, including Canada, India, Australia, the United Kingdom, Nigeria, Pakistan, the European Union, and more!