Money transfer services are providing easy ways for the movement of money from one place to another worldwide. Countries which are the greatest remittance receiving countries are highly concerned with the money transfer countries. Same is the case with Pakistan.
Money Transfer Services in Pakistan
Pakistan is among the largest remittance receiving countries. According to the reports given by the central bank of Pakistan, Pakistan receives about $2 billion remittances from foreign countries. This shows that a formal channel for transferring of funds is so much important to provide the families of foreign workers a way through which they can receive the money.
Mostly, members of poor families from Pakistan seek for foreign jobs in order to fulfill the needs of their family. Poverty and unemployment are one of the greatest challenges faced by Pakistan. To avoid unemployment, thousands of Pakistanis are working abroad. Money transfer services like western union, Ace money transfer, RIA, Transferwise, etc play a vital role in transferring funds back to the home country of foreign workers. In the absence of such services, the transfer of funds from foreign countries will not be possible. These money transfer services are the way through which Pakistan can improve its economy in several ways like purchasing, increasing foreign reserves, raising GDP, etc.