Is the late money transfer becoming a big problem for you, as you have to send money to Pakistan from the UK? Did your children school fee was not submitted on time due to the late money transfer to Pakistan from the UK? Did your family suffer because of the delay in money transfer? If you are an overseas Pakistani and your answer to these questions is YES, then you are at the right place. There are many different old and new methods to send money to Pakistan from the UK.
In this article, we will discuss the fastest and the new method of money transfer to Pakistan from the UK. Commonly, it is known as an online money transfer. Also, we will discuss some of the traditional methods that were used for money transfer to Pakistan from the UK. This article will guide you in the best possible way by comparing both the money transfer methods.
How Many Remittances Received By The Government Of Pakistan?
These overseas Pakistanis are the very precious asset of Pakistan, as they send money monthly or yearly to their families in Pakistan. When someone living in abroad sends money to Pakistan, the government of Pakistan receives a small amount as a remittance. Every year government of Pakistan gets a handsome amount as a remittance. This is one of the most important sources of money for the country and significant support for the economy of the developing countries.
From 2002 until 2020 the Remittances in Pakistan was almost equal to 3087.35 USD Million reaching an all-time high of 6122 USD Million and in the second quarter of 2020 and a record low of 906 USD Million in the third quarter of 2003.
What Are Some Old Conventional Money Transfer Methods?
- In the early ’90s, people commonly used the old traditional money transfer method to send money to Pakistan from the UK. The old conventional methods are very lengthy, and it wastes a lot of your precious time also after sending your money you have to wait for days. Sometimes these methods take almost 5 to 7 days to send money to Pakistan from the UK.
- The conventional methods include money transfer through banks, I.e. bank drafts, bank cheques etc. This method is often costly as the money transfer charges are very high, almost 10% of the total amount that had to be transferred.
- In the conventional (traditional) method, there are limited cash pick up locations for the recipient to receive the money. The recipient does not have the choice to choose the nearest location to receive the cash.
- One of the main drawbacks of this old traditional method was that you have to go to a bank and fulfil all the lengthy procedures physically then your money is transferred to Pakistan from the UK.
Online money transfer service:
Online money transfer service is the best available service to transfer money to anywhere in the world from anywhere.
Undoubtedly, online money transfer to Pakistan is not less than a blessing for the people who are suffering from slow methods. Some of the benefits of the online money transfer service are a follow:
- Online money transfer service is a fast transaction of money. As it only takes almost five minutes to complete the transaction.
- This service has thousands of cash pick up locations all around the world from where you can receive the sent money.
- It is much cheaper than the old conventional methods; it has no hidden charges or no heavy money transfer taxes.
- It provides you with the option of multiple currency exchange for the ease of the customers.
- You can convert local currency into any currency you want. Online money transfer service provides multiple currency exchange option for the ease of the users.
What Are Simple Steps To Send Money Online?
Many companies are providing online money transfer. Some simple steps to send money to Pakistan online through this process are listed below;
- Download the mobile app of the online money transfer service from google play store.
- Now you have to register yourself by entering your name, your address, your phone number, your country code etc.
- Now again enter the recipient’s information, i.e. his or her name, address, phone number, country code etc.
- Now enter the amount you wish to send to Pakistan from the UK.
- Now select an easy payment and the money transfer method.
- At last, submit the form by clicking the SEND MONEY option.
- A confirmation message will be sent to you and the recipient after the completion of the transfer.
In case of any problem, immediately contact helpline for further support.
In the presence of an online money transfer system, sending and receiving money is not an issue anymore. It takes you only a few minutes to complete the whole process. Being easy to use this method is best for you, so try it today.