Pakistani banks are exploring affordable international money transfer services to attract overseas Pakistanis, reduce dependence on foreign remittance companies, and retain a larger share of cross-border transaction revenue.
Remittances from European countries reached $5.22 billion in FY26, compared with $4.54 billion in FY25 and $3.85 billion in FY24, according to the State Bank of Pakistan (SBP). Speaking to ProPakistani, Belmoney CEO Bruno Pedras said Pakistani banks were exploring a direct-to-customer (D2C) model through partnerships with licensed fintech companies. He said these arrangements could help banks reach European customers directly, reduce intermediary costs, and offer more competitive transfer services.
Several Pakistani banks have reportedly signed agreements with Belmoney, while the company is also integrating its services with a major local digital wallet. Meanwhile, the government allocated Rs. 120 billion in remittance subsidies for FY26 but reduced the amount to Rs. 16 billion for FY27. Pakistan is also exploring digital wallets and regional payment platforms, including BUNA, to make transfers more affordable. Industry estimates suggest low-cost remittance channels could generate annual savings of around $410 million, depending on implementation.
