Pakistan is one of the world’s largest nation for receiving the highest money transfer from overseas. To send money to Pakistan, Different money transfer companies are working online. You can send money easily without any issue.
What are Different Ways to Send Money to Pakistan?
- Money transfer can be done overseas in many ways by using different services.
- A money order can be made using money gram or a postal Cheque to send money.
- Money can be transferred electronically from a bank account to another one.
- A network also can be used to send money from one bank to another.
Some Important Things to be Kept in Mind
When you want to send money to Pakistan online, many factors regarding money transfer should be evaluated and checked before making a money transfer. Some of these are given below:
Reliability or Security of the Company
It must be investigated that the company one is using for the sake of money transfer is fully trustable, reputed and secure of sending and receiving money.
The money of the sender must be safely reached to the recipient. All this can be confirmed by checking the license of the company and its history services record or track record.
What is the Transaction Fee Rate of Online Money Transfer?
When sending money to Pakistan, check the transferring fee that is asked by the company or bank. On the basis, choose the one that is feasible for you and is asking for the least fee.
And also the transfer fee amount makes you know the exact amount that the recipient will receive. Make sure there are no other hidden charges.
Recipient accessibility to Receive Money:
Confirm whether the service has any pickup point near the recipient location or not. Also, the company offers home delivery or not so that you can check that the receiver easily accesses the money. This will help you to make a better choice between different sources of money transfer services to be used.
Currency Exchange Rate:
When you are sending money from other countries to Pakistan, or overseas the recipient should receive the amount in the local currency of Pakistan or his country respectively.
So firstly check that the currency exchange for this is available and then find out the exchange rate. This is charged by the company or bank on converting a certain amount of currency and is fixed by it on specific amount exchange.
Time Issues Regarding Money Transfer
Confirm the time offered to transfer the money and make it available for the transaction by the receiver is according to the time in which you want to send the money. It can vary as from a few minutes to some days.
What is the Max Transfer Limit?
Every company or bank fix the minimum, and maximum amount of money that can be transferred and the money transfer should be made within those limits.
Also, the amount of money that can be transferred within a day is limited, and one can’t send money exceeding that limit within a day.
Money Transfer Service to Send Money Online in Pakistan:
Different companies can be used for money transfer (e.g. ACE Money Transfer). Some of the leading companies that can be used to transfer money to Pakistan can be listed as:
- Western Union money transfer
- Ria Money Transfer
- LBC Home
All these can be used to send money online to Pakistan.
Pros and Cons of Money Transfer Companies:
There are different pros and cons of every company that should be kept in mind while making a money transfer. All these should be checked before the money transfer. Some of the essential points are listed below:
- Instant money transfer
- Services access to several countries
- Minimal transfer fee
- No hidden charges
- Good track record
- Low exchange rates
- Safe and secure
- Cost-effective transfer
- Cash pickup option available
- Tracking available
- Different payment method availability
- Minimum transfer limit should be lowest
- Maximum transfer limit should be highest
- Several transfer options
- 24/7 customer service
- Delayed transfer time
- Not available worldwide
- No physical pickup option
- High transfer fee
- Hidden charges
- Minimum transfer limit is high
- Maximum transfer limit is low
- Transfer fee increases with the amount
- Not all payment methods are an available maximum daily limit is not enough
These pros and cons availability and absence in each company offered services should be assessed. And the provider, according to your need of money transferring preferences, should be then selected.
- Avoid sending money with low exchange rate companies.
Banks have high exchange rates and transfer fees so it can disturb your budget. The amount received by the recipient may decrease so choose any money transfer provider like ACE Money Transfer.
- Be aware of the latest exchange rate:
The exchange rates for currency changes rapidly and may vary for different currencies. One should be fully updated of the current exchange rate offered by the provider at the time of money transfer.
- Sudden fee elevation:
The transferring fee may also increase at any time. At the time of money transfer, one should know about the latest fee charged by the provider.
The total amount can be adjusted accordingly so that the final sum received remains the same as desired after fee deduction.
- Provider offering zero fees may have high exchange rates:
No fee or zero fees is good, but the company may decrease the exchange rate. They are making more money than the provider with a low fee.
- Transparent rates:
One should make sure before sending money that the company is not deducting or charging money in the name of hidden charges or tax. The entire fee and money deduction must be clearly stated and is transparent.
How Money Transfer Operations Actually Work?
Money transfer operators, just like other organizations, work for the betterment of society by facilitating with more & more convenience day by day. Most of the money transfer operators work by linking to banks of the respective country.
Through the connection with the banks, transactions are made from the bank but through a medium. The medium has increased affinity for the customers because a few steps are needed for the money transfer abroad.
To send money to Pakistan online, you must make an online account, enter recipient details and credit or debit card information. In just minutes, money transfer to Pakistan will be fulfilled.
The potential customers for a money transfer operator depend on the need of the customer and facilities provided by the money transfer service provider.
What Are Some Issues for Students in abroad?
Every year thousands of student’s study abroad. The process of using an online money transfer service starts with the thought of studying abroad. One needs to send money for the documents, admission fee and to contact the authorities responsible for boarding & meals.
Once the person arrives in the destined country for future studies, he/she is in need to make payments online, pay the bills online, book a room online & pay the fee online. How all of this would be possible?
Using a method to share money becomes crucial. The most important being the availability of play store. A smartphone application makes things a lot easier to handle. Hence, on completing the requirements of the website, a two to a three-step process can do the money transfer.
Best Money Transfer Methods For Overseas Migrants
The people who shifted abroad but their family members or relatives are still residing back in Pakistan, Nepal, Nigeria or Ghana, make transactions through these services.
Money transfer services help residents. People can do send or receive money online. Migrants used to deal with the issue of sending money via the post office.
It used to take months. Now with the development of internet services and e-banking, the task is completed in seconds to minutes.
A few examples of using trusty software are TransferWise, MoneyGram, ACE Money Transfer, and Western Union.
TransferWise and prominent companies send money online quickly. MoneyGram ranks second, just after Western Union, globally.
MoneyGram is the service that provides many more items to the customers. Online payments, transactions, deposits are being made widely.
Western Union works by the code received by the sender. The sender shares the system with the recipient, and by using this code; the recipient gets the money by providing his identification proof.
Ace Money Transfer works by contacting with the banks and local cash pickup companies. They have connections with banks globally as they are functioning in over 200 countries.
The online bank transfer and credit or debit cards are the means of transfer. The online bank transfer can take up to two days, but the use of debit or credit card does the work in just minutes.
The security and customer care support provided by the ACE Money Transfer is appreciable and trustworthy.
People Working Abroad Send Money to Pakistan and other countries
People from developing countries are often seen going abroad to earn more. Normally, they earn for their family, friends & relatives. The purpose of going abroad for such people is fulfilled when they successfully share their income with the respective community.
To share their money from abroad, they make use of online money transfer services. International transfers through banks can be troublesome.
This trouble is because banks can do the task in months. Check payments on an average take 1-3 months to cash at the international level. Hence, the money transfers services available online work efficiently for the people working abroad.
Freelancers Online Payments
Freelancers are the people working from home. Freelancers get paid through these services. This is the typical way of paying at an international level. Freelancers work for the students living abroad, for business running in elsewhere or companies operating in some other country.
The method of payment is by using the account details and using the appropriate money transfer operator. Any of the above discussed can be selected for the purpose.
Businessmen Money Transfer
Businessmen are the class of society who work at both levels, i.e. local and international levels. Businessmen at a larger scale, need to connect to their partners, customers, and employees.
The connection usually is including the share of capital. The finance management department of a company prefers a reliable way of sending money abroad.
Money transfer services are widely being used for business purposes. This has made a significant impact on the economy of countries. Market share is increasing annually at a rate of approximately 10 to 12 per cent.
If it continued to grow, it would definitely be changing the treasury department of government. China is so far the one existing in both lines, i.e. the sending country and receiving country. The lead-in sending money is for the USA and India is leading in receiving the payment.
Geriatric & Disabled class of society
The hassle-free ways for money transfers have attracted old age people and special people of society. These people need convenient ways of carrying out their daily routine works.
The issue of going out and paying visits to banks is a cause that increased usage of smartphone applications can be seen.
Technology is proving to be a blessing for these people. They do not need to be dependent on others for sharing or receiving money, bill payment and other services available on applications.
Hence, with the development of technology in money transfer services, the customers, your company is addressing for marketing purposes, needs to be focused.
The marketing should be according to the customer’s preferences. The market is in its growth phase and will continue to earn a lot soon.
Sending money to Pakistan is as easy and handy as sending money globally anywhere else is. But for better money transfer experience and for choosing the best promising way for money transfer to Pakistan, some of the crucial aspects as stated above should be assessed and confirmed.
According to IMF, Money transfer operators (MTOs) are the money transfer service providers working across the borders to send money globally. The medium can use banks or serve as independent authorities to send money to Pakistan, Bangladesh and the rest of the countries.