With $19.3 billion remittances, Pakistan is the fifth country that receives most of the fund remittance, according to Pew Research Centre. You can send money overseas with a bit more easiness than transferring a large amount of money. Do you want to know the effective way to Send money at the lowest cost? Also, how to Send a large amount of money to Pakistan? You will have many facts and methods to select the best suitable way for you to send money to Pakistan.
Remittance facts of Pakistan
The UK is a leading source of remittance for Pakistan with a $1.7 billion Remittances. Indeed, Pakistan is a leading country in cash remittance; remittance growth was moderate. Now its remittance moderation percentage is 7, according to the world bank report 2018.
Why migrants or expatriate sending money in the large amount
Usually, it notices that the people of economic income or middle-income countries go to other countries. They earn and remit it to their home country. They send money to their home country to give their family a standard living style.
Migrants are sending money for some usual reasons. These are necessary consumption like household, health, and education, etc.
Ways to send a large amount of money to Pakistan
Banks are the way to send a large amount of money. Banks charge a very high fee for large sums to send money to Pakistan. Also, it doesn’t offer a suitable exchange rate according to the cost. You may have to wait for days to complete your transactions.
The sender has a problem to send money to Pakistan bank account because Pakistani banks are not accepting a wire transfer from abroad.
Checks are also a way to send large sums. It is not as effective as online money transfer services. You can post it or email it to your recipient. It may get lost during transfers or deleted accidentally. It is a very long process. When your recipient goes to the bank to cash it, they have to pay charges to have cash in their hands.
Online money transfers
Online money transfers are the most effective and efficient way of all. Many online money transfers are there, and you must select the best according to your requirements. These may be better from others based on significant factors. Opposite to money transfer through banks, online money transfers make their charges minimal or zero for transfer large sums.
Impact of remittance on Pakistan’s economy
The results of OLS (method of estimating the parameters) show that foreign Remittances have a positive and significant effect on the economic growth of Pakistan. One per cent increase in international Remittances will raise GDP by 0.25%. Inflation and exchange rate have a negative and significant effect on the economic growth of Pakistan.
How can remittance prevent money laundry and its impact on people’s lives?
Primary methods of money laundering mainly include Underground / Alternative banking, Shell companies, Investment in Business Projects and many others, which helps the money launderer to generate the sums. When this is illegally gotten money enters into the system, it will create Great consequences for the economy, society as well.
Recently FATF issued the list of countries they are riskier and continuously violated the rules, which includes mainly eight countries, i.e. Angola, Ecuador, Ethiopia, Iran, Pakistan, North Korea, Turkmenistan & Sao Tome and Principe.
That is why Pakistan has implemented many of the domestic rules (i.e. Narcotics Money laundering Law, Criminalizes Terrorist Financing, KYC (Know Your Customer) Regulation, Large Currency Transaction Reporting and many others.
The business of the Pakistani banking sector and also suggest some recommendations which are still not in force to control money laundering.
Online money transfer services for money transfer
Online money transfer services enable you to send money online with the most economical fee. You can send your money spontaneously. Their transactions are quicker and manageable. Migrants are sending money to Pakistan to their loved ones, friends, or relatives. So, it makes it comfortable to send money to Pakistan. Online money transfer services provide many delivery options are that is cash pick up and bank transfer to send money to Pakistan.
send money with online services
You can send money with three manageable steps with comfort or by using their app in some taps. You can track your transaction on through their website by inserting the tracking number.
Cash Pickup in Pakistan
You can immediately send money to Pakistan. Online money transfer services have a Powerful banking network in Pakistan. You can transfer your payment to the following banks and cash will be immediately available for pickup. Most of the money transfer provider enables you to send money to the commercial banks of Pakistan.
- Meezan Bank Pakistan
- MCB Bank Limited Pakistan
- United Bank Limited Pakistan
- Allied Bank Limited Pakistan
- Bank Alfalah Pakistan
- Bank of Punjab Pakistan
- JS Bank Pakistan
- Silk Bank Limited Pakistan
Bank Transfer to Pakistan
Money transfer to the bank is instant. Online money transfer services will provide you with the highest exchange rates and oblivion fees. Subject to the original bank account detail, the receiver’s account will be credited immediately.