Find the most cost-effective and convenient way to make an international money transfer when you send money to Pakistan from the United States
Pakistan may be a long way away from the US geographically, but when it comes to sending international money transfers, Pakistan is closer than you might think. Whatever the reason you need to transfer funds to Pakistan, there are several options that allow you to do so.
Comparing the services of banks, money transfer companies and other international payment providers is the best way to send your funds overseas as efficiently as possible, so read on to find out how you can send money to Pakistan.
Banks versus money transfer companies/services
If you need to send money to Pakistan, you may approach your bank to initiate the transfer. However, if you use a major bank to complete the global money transfer, you most likely won’t receive a competitive exchange rate on your transaction, and you’ll have to pay sizable fees.
For a more cost-effective option, why not check out the services provided by a specialist money transfer company? These providers, such as Xoom and PakRemit, provide online transfers from the US to Pakistan with better exchange rates than the banks, and lower transfer fees.
Yousuf sends money to Pakistan
Yousuf works in the United States and he wants to send $1, 000 to his wife back in Pakistan. Although he knows his bank can take care of the transfer, Yousuf is put off by the bank’s low exchange rate and high fees. In an effort to save money, he compares the services of two specialist online money transfer companies.
|Transfer company 1||Transfer company 2|
|Exchange rate||1 USD = 99.40 PKR||1 USD = 100.08 PKR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||Within minutes||2-4 business days|
|PKR Received||99,400 PKR||100,080 PKR|
As the table shows, not only can Yousuf save $15 in transfer fees by using the second specialist money transfer provider, but will also see his family receive 680 extra Rupees.
How to compare transfer companies when transferring money to Pakistan
- Exchange rates. The exchange rate impacts how much money arrives in your recipient’s account, so see how each provider’s rates stack up against the competition. However, don’t forget that providers with better exchange rates may also charge higher fees.
- Transfer fees. Transferring money overseas will usually incur a transaction fee, and these can range from $3 to $25 or more. Once again, remember to examine fees alongside the exchange rates offered by a provider.
- Transfer methods. While some providers only allow you to lodge transfers online, others will allow you to send funds over the phone or by visiting a branch.
- Transfer options. Can you place a forward contract to lock in an attractive exchange rate now? Can you set up a regular payment to take place every fortnight or every month?
- Turnaround time. If you need to send an urgent transfer, some providers allow you to send funds that become available for collection within minutes.
- Minimum amount. Some money transfer providers will impose a minimum limit on the amount you can send, for example $500. This can be quite restrictive if you only want to transfer a relatively small amount of money.
- Customer service. If you need assistance with a transaction, can you take advantage of phone, email and/or live chat customer support? Is this available 24/7 or only during specific hours?
How to send money to Pakistan from America
- Bank to bank transfers. Speak to your financial institution about how you can send money from your US bank account to your recipient’s Pakistani bank account.
- Online money transfer companies. Services like PakRemit, Ria and Xoom all allow you to send money to Pakistan online.
- Money transfer companies with a cash pickup option. MoneyGram and Western Union are two companies that allow you to send funds online or from an agent location in the US, and the cash can be collected from an agent in Pakistan.
- Checks/telegraphs. This money transfer method is not as efficient as other transfer methods, but it still enables you to send funds overseas.
Emergency cash transfers in Pakistan
Situations may arise where you need to send cash to Pakistan in a hurry so that your recipient can access it as soon as possible. When sending an emergency transfer, however, you should always be careful to take the time to review your transfer before sending it.
Make sure you’re aware of the exchange rate that will apply and any fees associated with your transaction.
Cash pickup locations in Pakistan: Western Union and MoneyGram branches in Pakistan
If you send money via Western Union or MoneyGram for cash pickup from an agent in Pakistan, you’ll need to tell your recipient the transaction reference number and also make sure they take along photo ID when they go to collect the cash. In the case of large transfers, they may need to check that the agent has sufficient cash on hand to fulfil the transaction.
A H Enterprise
Office 1 1st Floorshahbaz Supercomplex
Goli Maar Chouranginazimabad 2
Karachi, Sindh 74400
Open 10am to 6pm Monday to Saturday
Al Hilal Society Branch
Ground Floor Nafees Arcade
Plot Sc 14 Kda Scheme No 7
Open 9am to 7pm Monday to Friday, open 9am to 3pm Saturday
Open 9am to 5:30pm Monday to Thursday, 9am to 6pm Friday, 9am to 1pm Saturday
Al Saeed Chowk Branch
Near Phool Mandi
Saggian Bypass Lahore
Open 9am to 7pm Monday to Friday, 9am to 3pm Saturday
Bank Al Habib
Shah Meer View Plot No As
Open 9am to 6pm Monday to Friday, 9am to 1pm Saturday
Bank Alfalah Limited
Ammar Heights Sb 3 Street 1-2 3 1 1 3-4
Open 8am to 6pm Monday to Saturday
Royal International Exchange Company
Shop no 3 Lower Plaza akbar chowk
Open 9am to 8pm Monday to Saturday
Bank Al Habib
Plot No 251 Block 5 Sector AII Quaid e Azam Town Kot La
Open 8am to 6pm seven days
Tips for picking up cash in Pakistan
US travellers in Pakistan should exercise caution at all times, including when they pick up money from an agent location. Take care not to display your cash unnecessarily as you do not want to attract attention from strangers.
Avoid travelling through any questionable areas of town and deposit the cash you pick up in your bank account as soon as possible.
You can find plenty of Pakistan travel and security tips by reading blogs and other online travel resources.
How to send money to Pakistan
Whichever transfer method you choose, in many cases you will be required to sign up for an account with a provider.
To do this, you’ll typically need to provide the following:
- Your name and address
- Your contact details
- Proof of ID
Once you’ve supplied your recipient’s details and chosen a payment method, lodge your transaction and keep a copy of any receipt or transaction number you receive. This can then be used to check up on the status of your transfer.
There are plenty of options to choose from when you need to send money to Pakistan from the United States, so make sure you compare a range of companies before deciding on the right one for you.