Is Online Money Transfer Improving the Economy of Pakistan to A Wide Extent?

International remittances are essential for every country around the globe. They are playing an important role in the GDP and national income of every state. According to research, almost 687$ billion were transferred internationally in 2018. In developing and underdeveloped countries such as Pakistan, online money transfer service is considered one of the major industries. If you want to send money to Pakistan, you must know that this is directly contributing to their national income.

Is There Any Rise in Online Money Transfer?

Mobile Money is basically a concept, which has transferred payments to a digitalized form. Mobile Wallets are available in many mobiles, as a built-in application and if someone is using an older model, then he/she may install it from PlayStore/AppleStore. There are many money transfer applications, which have their own wallets.

Mobile Money can be used to transfer money between two people, pay bills, pay college/tuition fees, and many other daily life tasks are made easier due to this facility. But another significant merit of mobile money is that it can be used for international money transfers as well. The majority of the transfer providers allow people to send money online by solely using their mobile wallets.

Are 60–70% of the Expenses Beard by the Migrant?

In developing countries, a massive population of people have moved to different countries for fulfilling the needs of their families and loved ones. They have to send money to their home countries regularly. Almost 60–70% of the expenses of such households are carried out by spending the money sent by a migrant, who works in any developed country. This emphasizes the importance of money transfers in these nations.

What is the Way to Send Money to Pakistan Online?

The ease of transferring payments has undoubtedly helped people, on both sides to use this service. For Instance, if someone has to send money to Pakistan online, all you’ll have to do is

  • Open your Online Money Transfer Account
  • Enter the amount that you want to send
  • Enter the necessary details (account number/mobile number/card number) of the receiver to send the money
  • Your payment will be sent to the receiver!

The Sender and Receiver both will get a notification through SMS/E-mail or Call. After that, the payment can be collected from any nearest bank/IMTO or money service outlet.

For money transfers to Pakistan, there is often no issue while finding a commercial bank. Also, there is no need to visit and take a whole day off solely to transfer some bucks. In today’s era, no one wants to waste time or money. Mobile Money saves you both of these things. You don’t have to send money on transportation and time can also be saved notably.

The majority of the providers happily welcome mobile money. ACE Money Transfer allows its customers to transfer money to Pakistan quickly. The availability of a multitude of pay-out options enables people to send or receive payments by using a retailer bank, money transfer platform and online platform. Moreover, their urgent transfers can send your payments overseas, within some seconds only!

What are the Regulations for International Money Transfers to Pakistan?

With the increase in international transfers, maximum hurdles have been diminished from the process of overseas transfers. Companies are providing huge transfer limits, with minimum requirements. Now money transfer to Pakistan and other developing countries is easier than ever. No doubt, it facilitates the customers, but on the other hand, it is also helping people in doing illegal acts smoothly.

Most of the online frauds and scams are made in the disguise of an online money transfer service. Other than that, black money is being sent to other states with the help of money transfer platforms. Money Laundering, Currency Smuggling and several other punishable acts are being facilitated due to increased innovations.

Financial Action Task Force (FATF) has been working on identifying payment actions strictly. All money transfer companies are provided with some jurisdictions and laws that they must adhere to. Modern Companies such as ACE Money Transfer is committed to their norms, and it is promised to follow the remittance laws of each state.

Pakistan is one of the developing Asian countries, which have a prominent role in the remittance world. When it comes to sending money online, they are one of the ten major remittance receivers in the world. Pakistan has a devalued currency, and due to this, a considerable number of people have migrated to other countries such as the United Kingdom.

1.      Money Transfer Limits:

If you want an online money transfer to Pakistan, then the transfer limit in this country is US3000$. For business transfers, a separate process has to be followed. In many cases, huge transactions can be restricted totally.

2.      International Income:

If you are receiving the money internationally as a gift, then there will be no need of paying tax on that remittance. However, all transfers must be reported to the ISR. Even if you are asked to pay taxes, then you can claim for “tax relief” which is granted in most cases to the people receiving international remittances.

3.      Money Transfer Platforms:

Pakistan has strict regulations for money transfer platforms. Efficient providers such as ACE Money Transfer helps people in making safe transactions without any legal issues. The company is registered by FCA, and there is no chance of any fraud or scam if you use this provider.

Sending money to Pakistan is easier than ever with the advancement of technology. No matter you are moving in a bus or cab, you can transfer money with a few clicks. Many overseas Pakistanis are using the services with peace of mind that they do not have to visit a place. Most of them are paid on an hourly basis, so spending time to send money cost them a lot. This is one of the reasons why online money transfer is a blessing in disguise.