Immigration from Pakistan to more prosperous countries has reached an all-time high. However, those people still have family members back home so they often need a way for money transfer to Pakistan. Many Pakistanis settled overseas prefer to send money on a regular basis. It’s not a one-time thing so they are looking for a trustworthy company to send money to Pakistan long term. The same goes for people who are living in other countries on working visas and want to transfer a large part of their salary every month back home. There may be an urgent need at times such as medical expenses so the method has to be fast as well as reliable.
Wire transfers are generally the best channel for money transfer to Pakistan but the cost and benefits may vary depending on the type of wire service chosen along with the company or bank that is handling the transaction.
International bank transfers
Domestic bank transfers hardly take any time at all if they are conducted online and even with a cheque, it only takes about three days. On the other hand, international bank transfers can take several days and that’s when there are no unforeseen delays. The benefit of relying on a bank to money transfer to Pakistan is high security. A bank is an institution that runs on the trust it has gathered with its clients. Any sign of fraud would cause it to shutdown. So, you can rest assured that your money will be safe. On the flip side, the charges of the bank for international charges are quite high. To add insult to injury, there are often hidden charges since banks are stingy with the exchange rates that they offer for this purpose. This might be your only choice if you cannot find another money transfer service in a hurry. You will require your bank account details as well as those of your recipients. When your recipient accepts the money, they will also have to pay a certain fee for withdrawal.
Money transfer applications
It’s understandable if money transfer to Pakistan through banks makes your frustrated or you cannot afford it on a regular basis. Banks charge you a considerable fee but you have to do most of the work yourself. It doesn’t seem so fair. You shouldn’t have to pay such a high price for safety. Money transfer services can be just as safe as banks if they are using encryption and have a history of reliability as evident from their customers’ reviews. It’s important that you investigate their authenticity by asking around and studying their website. Contact customer support and ask questions to see how responsive and cooperative they are. Make sure to enquire about worst case scenarios. Perhaps the biggest perk of using such a company to send money to Pakistan is that you can do it on the go. Even if you are travelling, it won’t stop you from using their mobile application to accomplish this task. They give favourable exchange rates, charge reasonable fees and allow you to decide how quickly you want the transaction completed. It is definitely a more convenient option.