Is Using Wire Transfer A Right Way To Send Money Back Home?

Do you ever use wire to send money to Pakistan?

Wire Transfers are the traditional cash transfer method, deployed with the latest digital methods such as SWIFT and CHIPS, allowing people to send payments with utmost reliability and credibility. The comprehensive process of wiring money to Pakistan is explained below.

What Is The Importance Of Wiring Money?

Firstly, you need to go physically to your bank or IMT provider’s payout location. If you want online money transfer to Pakistan, give some necessary details about your transfer. They may be termed as “Wire Information” The details of the recipient will also be asked for. You may have to fill a form or make an entry.

Every bank has a different system for wiring money internationally. However, some providers can wire cash using an online system for money transfer to Pakistan.

How To Receive Money Through Wire?

Unlike online systems, you have to be physically present at the respective bank or IMT provider’s location for receiving the payment. Submit your account details to the person who sends money online to you. When you visit the bank, ask them about “Incoming Wire Status”, and they will tell you if your payment is received into your account or not. The transfers usually take a single day, but sometimes it can take extra time for the payment to be shown in your account.

What Are The Common Money Transfer Fares?

It is vital to notice that wire transfers are relatively expensive. If you have to send money to Pakistan online, you may have to pay a fee varying from 25–40$. The fares range from bank to bank and country to country, but these transfers are recommended only when you have to do a large transaction such as 2000$. Businesses or investors mostly use this for making money transfers internationally.

How Much Time Is Required in Money Transfers?

If you are sending money between the same banks, it may be done within the same day. The time required for wiring money depends on when you submit the request for money transfer to your bank or money transfer company. If you send payment between different banks, it may take 1–2 business days. The payment is sent in some cases, but it takes additional time to be shown in your account. It is recommended to ask your bank branch about the received payment before physically going for cash pick-up.

Different banks are International Money Transfer companies providing this service to their customers. As Pakistan both have many commercial banks, it is easy for folks to receive their payments. ACE Money Transfers is an efficient company that provides its services in all over the world. They offer wire transfers, traditional transfers and online transfers to their customers. If you have to send money immediately, they can help you transfer the payment within a few seconds only.