If you need to send remittances to Pakistan, look no further than our guide below. Continue reading to discover the best ways to transfer money to Pakistan including:
- What information you need before the transfer.
- How to send large amounts of money to Pakistan.
- How to top-up a mobile phone in Pakistan.
Remittances in Pakistan by country
According to Reuters, remittances from overseas Pakistanis in July 2020 alone reached $2.768 billion – the highest single-month total in the history of the country. The four countries that made the biggest contribution to the record-breaking month were:
- Saudi Arabia with $821.6 million.
- The United Arab Emirates with $538.2 million.
- The United Kingdom with $393.9 million.
- The United States with $250.6 million.
How to send money to someone in Pakistan
The official currency of Pakistan is the Pakistani rupee, represented by the “PKR” abbreviation or the “₨” symbol.
Thanks to modern technology, there are now many options for sending money in several currencies to someone in Pakistan. You can now send remittances directly to locations in Karachi, Lahore, and beyond in just a few minutes.
|Did you know? The word rupee (rūpiya in Urdu) is derived from the Sanskrit word rūpya, which means “wrought silver, a coin of silver”|
Transfer money to Pakistan with your bank
Banks perform several types of financial transactions, including international money transfers. However, sending money to Pakistan with your bank is one transaction you should avoid if you can.
At first glance, most banks do offer low transaction fees for international money transfers. However, poor exchange rates often tilt the transfer, i.e. the profits, in their favour.
Then there are receiving bank and SWIFT transfer fees to pay – which aren’t always advertised upfront.
Finally, a combination of bureaucratic red tape and outdated practices mean that you should avoid using your bank to transfer money to Pakistan if better options are available.
Send money to Pakistan with Xoom
Although Xoom is a PayPal company, there are some differences between the two services. While PayPal serves both individual and business accounts, Xoom was created for non-commercial transfers.
Both companies, however, stack up as costly ways to send money to Pakistan. That’s because, on top of their exchange rate mark-up and transfer fees, Xoom and PayPal also charge a 3-4% currency conversion fee.
Often mistaken for a foreign transaction fee, a currency conversion fee is an extra cost charged for what is really just a calculation. Imagine looking at your supermarket receipt and realising you’ve been charged a ’till calculation fee’ as well, and you’ve got the idea.
Send money to Pakistan with Western Union or MoneyGram
Western Union and MoneyGram are two of the most experienced money transfer providers on the market. And given their size, it’s no surprise that they have the widest coverage of all the regions in Pakistan. That’s great news if you’re sending money to remote areas of the country.
If you’re sending money to someone who doesn’t have a bank account, both Western Union and MoneyGram along with Azimo, also offer a cash pick-up option.
Use an online money transfer service to send money to Pakistan
Thanks to innovative technology, digital providers usually offer a faster, cheaper way to send money abroad than banks and high street providers.
Services like TransferWise, WorldRemit, and Remitly all offer excellent features, payment and pick-up options to meet the growing demand for remittances in Pakistan.
Whether you’re sending large or small amounts of money, a specialist money transfer provider will generally be your most efficient option.
Send money to Pakistan with Azimo
Azimo is the best way to send money to Pakistan. In fact, you can save up to 75% versus other providers and banks.
But don’t just take our word for it. According to World Bank data*, Azimo is the cheapest way to transfer money to many locations.
That’s because our exchange rate compares favourably to the mid-market rate, i.e. the fair exchange rate, and our fees start as low as £0.99p.
*Taken from Q3 data 2020
From The Bank of Punjab to Askari Bank, Azimo only works with the most trusted banks and financial institutions in Pakistan. Coupled with the best encryption and anti-fraud technology, your money is safe with Azimo every step of the way.
If you need to send money to Pakistan in a hurry, we offer instant, one-hour or same-day transfers to most Pakistani bank accounts, mobile wallets and pick-up locations – even at weekends.
How to send large amounts of money to Pakistan
If you’re sending a lump sum of money to Pakistan, send it with Azimo.
Use the award-winning Azimo app to set up currency alerts for the Pakistani rupee, so you always know the best times to send money.
How to send money to Pakistani bank accounts with Azimo
Whether you’re sending money to family in Pakistan or making payments to a business supplier in Pakistan, take care when filling out their information. A misspelling or wrongly entered digit could delay your transfer – so it’s always best to double-check. For Pakistani bank accounts, please make sure you’ve checked:
- Your recipient’s full name.
- Your recipient’s mobile number
- Your recipient’s bank name from the dropdown menu.
- Your recipient’s IBAN number.
|Top tip: Your recipient can find their account IBAN on a bank statement or by logging into their online banking. Every IBAN starts with a 2-digit country code and Pakistan’s code is PK.|