Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
If you need to send money to Pakistan, whether for business or personal reasons, there are a couple of international money transfer providers (other than your bank) that can carry out a transfer.
The transfer fee, exchange rate, collection options and other options vary between providers. We compare the different services you can use to send money to Pakistan below.
What’s the best way to send money to Pakistan?
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Pakistan. Some pair services with local mobile wallet companies like JazzCash. Banks and other options are available but come with high fees, weak rates and long turnaround.
Send through Wise to Pakistan
Using Wise to send money to Pakistan is our top pick for small transfers under $10,000. Sending through Wise to Pakistan will guarantee you the strongest exchange rates between HKD and PKR. Transfers through Wise are often available in 10 minutes.
Send through MoneyGram to Pakistan
MoneyGram is our top pick when quick transfers are needed, as MoneyGram can often deliver the money to Pakistan in as little as a few minutes. MoneyGram’s HKD to PKR exchange rate isn’t as strong as Wise, but MoneyGram often charges lower fees than its competitors.
Send through Western Union to Pakistan
Western Union has many cash pickup locations in Pakistan, but you’ll pay higher fees and get weaker exchange rates than through competitors like MoneyGram.
Send through PayPal to Pakistan
You can’t create a PayPal account using a Pakistani bank account or address, but you can receive PayPal transfers in Pakistan if you already have an account. Many people in Pakistan claim you can connect a Pakistani Payoneer debit card to PayPal accounts that use addresses from outside of Pakistan, but we can’t confirm that. Even though you can’t create a PayPal account in Pakistan, there are no laws preventing you from using a PayPal account there — it is simply that PayPal hasn’t extended its services to Pakistan yet.
Send through banks to Pakistan
Pakistani rupees aren’t a popular currency, which means banks may not offer them. If your bank supports rupees, beware of high fees and wide margins on the exchange rate compared to digital and other options.
Crunching the numbers: Sending $10,000 to Pakistan
Let’s say you need to send $10,000 to family in Pakistan. Here’s what you might face as far as fees and exchange rates as of 4 Jan, 2021.
| Bank transfer | Cash transfer | Money transfer service | |
|---|---|---|---|
| Fee | 65.00 HKD + additional correspondent bank fees | 4.99 HKD | 0.00 HKD |
| Exchange rate | 1.00 HKD = 19.8432 PKR | 1.00 HKD = 20.4787 PKR | 1.00 HKD = 20.5313 PKR |
| Transfer speed | 2 to 5 days | Minutes | 1 day |
| Amount received | 197,142.19 PKR | 204,684.00 PKR | 205,313.05 PKR |
| Verdict | Slowest and most expensive | Fastest and better than bank transfer | Best value |
The bank transfer is slow and results in the smallest amount transferred to your recipient, given a weak exchange rate. With the specialist money transfer service, your recipient ends up with 8,170.86more rupees. Speed is similar for a cash transfer and a money transfer service, both of which can arrive in minutes.
How to send money to Pakistan online
Sign up and send money with a digital money transfer specialist in four steps:
- Sign up for an account. Pick a provider and sign up for a free online account using your contact information, proof of ID and preferred payment method.
- Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Pakistani bank account details.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Pakistan. Some money transfer providers send a text or email when your transfer is complete.
How to get the most out of your money transfer to Pakistan
Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Pakistan to meet your needs:
- Exchange rates. The HKD–PKR relationship is relatively stable, so providers should offer exchange rates close to the mid-market rate. If they don’t, consider taking your business elsewhere.
- Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
- Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Pakistani rupees you’re sending.
- Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers.
- Minimum limits. Average incomes vary widely between Hong Kong and Pakistan, which means companies with high minimums transfers may not be your best choice.
- Transfer methods. Whether you want money sent to a Pakistani bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
Emergency cash transfer
When it’s more important to get your money to Pakistan quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
How to send money to Pakistan without a bank account
Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
How to receive money from abroad in Pakistan
There are many ways to receive money from abroad in Pakistan, each with its own pros and cons, including:
- As cash pickup
Pros: Convenient way to get Pakistani rupees, no bank account needed, fast.
Cons: More expensive, you’ll need to carry large amounts of cash. - To a bank account
Pros: Safer than cash pickup, can access money when needed.
Cons: Slower delivery, may pay bank fees, have to withdraw cash to spend. - To a mobile account
Pros: Can pay using mobile accounts at many locations, no trips to bank or cash pickup location.
Cons: Often pay higher fees, can only use money where mobile accounts are accepted.
Pakistani exchange rates explained
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency.
Pakistan’s exchange rate is flexible compared to the HK dollar, which means it shifts during large global events but typically doesn’t change much day-to-day. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Documents needed for sending to and receiving money in Pakistan
To send money to Pakistan from Hong Kong, you’ll need government-issued ID and other documents, while documents needed to pick up money in Pakistan may be different by company.
Documents to send money from Hong Kong
To send money from Hong Kong to Pakistan, you’ll need documentation and details that include:
- Identification. Most services require a driver’s license, passport or other government-issued ID.
- Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
- Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Pakistani bank account and routing number.
Documents to receive money in Pakistan
To pick up money in person, documentation can include:
- Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
- Government-issued ID. A Computerized National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP) or passport is typically accepted.
- Amount sent. You may need to know how much was sent, usually within 10% of the total.
- Sender’s information. Take along your sender’s full name, the sending country and their address, if known.
What to watch out for
Typically, Pakistan imposes no restrictions on remittances to the country through banks and money transfer companies. But in Hong Kong, banks and companies are required to comply with banking and recording standards that help them avoid the appearance of money laundering. These standards require customers to submit valid ID, log high-amount transfers and submit precise recipient information.
Bottom line
Sending your hard-earned money to Pakistan shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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