A Complete Guide to Sending Money to Pakistan from Abroad 

Since over 9 million Pakistani diasporas live abroad, they are always trying to find the best way to send remittances back. One of the prime factors that determine which service outshines the rest is the conversion fees and the time it takes to send the money. In short, everyone is looking to make the whole process easier.  

Fortunately, technological advancements and regulatory changes in the recent times have opened a spectrum of options that make sending money to Pakistan easier, faster, and more cost-effective.  

In this guide, will familiarize the reader with ways for making international transfers hassle-free, along with tips tailored to the specific challenges faced by Pakistani users. 

Why International Money Transfer Apps Matter 

Money transfer apps are known for their ease of use, so to question their efficacy could be misguided. With a good service provider, sending money is now as simple as using your mobile device, eliminating the need to physically visit a bank or money transfer facility. Having a money transfer on-the-go is ideal for businesspeople who are always on the go and do not necessarily have the time to go to a bank.  

Many of the money transferring apps come with built-in planning tools that can help you keep track of your spending and make sure you don’t go overboard. It is easy and simpler to transfer dollars across accounts utilizing different money transfer apps that allow you to connect to several bank accounts. 

Some money transfer apps offer promotional deals and reward programs. Examples of what these deals offer include free transfers for new members, transaction payback, and referral bonuses for recommending friends. 

How to Make Sending Money to Pakistan Easier 

To make sending money back to Pakistan easier, using these money transmitting apps is the easier way rather than using forex and banking exchanges. These methods are old and cumbersome, taking more time as a result.  

Here is a list of some of these fintech and transfer applications available for iOS and Android which you can use to send money to Pakistan from anywhere in the world: 

• Western Union 
• MoneyGram 
• Remitly 
• Wise 
• TapTapGo 
• WordRemit 
• Xoom 

Western Union 

The Western Union has long been a staple of many international money transfers, and it still stands tall because of the credibility it has acquired over the years. Its worldwide agent network allows Pakistani recipients to get their money at several points.   

With this service, you can transfer money online or in person depending on your needs and preferences. Western Union provides many options to get your money out to fit a wide range of consumer situations: bank deposits, mobile wallets, and cash pickups.  

Fees 

For instance, Western Union fees usually run from roughly $6 to $10 (PKR 1000 to 3000 approx.) when sending about $100 abroad.  Dynamic and based on variables including transfer method (online, agent), destination country, and payment type is the charge structure. 

Exchange Rates 

Usually running between 1% and 5% above the current market rate, Western Union applies a margin over the mid-market exchange rate.  This margin ensures that, while you receive a competitive rate, it may be slightly less advantageous than the actual mid-market rate. 

Transfer Limits 

The transfer restrictions vary depending on the sender’s verification status and the transfer channel chosen.  Limits for transferring money to Pakistan range from a few thousand dollars per transaction to $10,000 or more for fully verified individuals but remember that these are estimates and are subject to market changes. 

MoneyGram 

Known for its large agent network, MoneyGram is a venerable international money transfer company.  MoneyGram’s vast presence in Pakistan allows beneficiaries to simply pick up their payments at any of numerous locations across the country.  

It allows for both online and in-person fund transfers to meet the needs and interests of diverse users.  Users of the site can request payouts from deposits to bank accounts, credits to mobile wallets, and cash pickups. 

Fees 

For example, the normal range of MoneyGram fees for an offshore $100 transfer is between $7 and $11 (PKR 1920 to 3020).  The dynamic cost structure is shaped in part by transfer methods (online versus at an agent site), destination nations, and payment kinds (debit, credit, or bank transfer). 

Exchange Rates 

In most circumstances, MoneyGram adds a one to five percent margin to the mid-market exchange rate, making it higher than the current market rate.  Although your rate could be competitive, this margin might cause it to deviate from the mid-market average.  The ebb and flow of world currencies determines the true exchange rate you wind up receiving in real time. 

Transfer Limits 

MoneyGram transfer restrictions differ based on the sender’s verification level and the transfer path selected.  Customers who have completed the verification process may send anywhere from $9,000 to $10,000 maximum in a single transaction to Pakistan. 

Remitly 

Remitly is an easy-to-use online money transfer service that allows people from all over the world, including the United States, Europe, and Canada, to send money to Pakistan. Express and Economy are its two main shipping choices. 

Fees 

Fees for using Remitly to send money vary according to the sending destination, the amount being transferred, and the method of delivery. Take Express as an example: it costs $2.00 to transfer $100 from the US to Pakistan. The Economy choice is a little cheaper, though. 

Exchange Rates 

The exchange rates offered by Remitly are competitive and often near the market rate. For example, at a rate of 276.1332 PKR/USD, the recipient would receive around 27,061 PKR when sending $500 USD to Pakistan with Remitly. The exchange rates are subject to change. 

Transfer Limits 

Transfer limits depend on the sender’s verification status and the chosen delivery method. New customers may have lower limits, which can be increased upon verification. 

Wise 

As an international money transfer service, Wise is well known in Pakistan for its transparency and use of the mid-market exchange rate with no markups. 

Fees 

The amount and destination of the transfer determine the minimal advance fee payable by Wise.  For example, a $2.00 fee is charged on a $100 USD transfer from the US to Pakistan, therefore accounting for 2% of the overall transfer value. 

Exchange Rates 

Wise translates currencies using the real, mid-market rate to ensure that both senders and receivers obtain competitive rates free of hidden mark-through.  For example, sending $500 USD would result in roughly 27,061 PKR at a rate of 276.1332 PKR/USD (subject to change). 

Transfer Limits 

The transfer limits set by Wise depend on the sender’s country and verification status.  Completing further verification actions will help you to improve your limitations. 

TapTapGo 

TapTapGo allows you to send money to Pakistan and other countries.  Its main reason of shooting to fame is their promise of low rates without compromising usability. 

Fees 

TapTapGo charges varied rates depending on the kind of transfer, destination, and payment method.  Before the user starts the transfer, the app shows the fees clearly, to dispel confusion. 

Exchange Rates 

TapTapGo offers exchange rates close to the mid-market rate. Users can check real-time rates within the app to ensure transparency. 

Transfer Limits 

The maximum amount that can be transferred using TapTapGo depends on the sender’s verification status on the app as well as the sending country. The application lets users adjust limitations after further authentication and makes setting them simpler. 

WorldRemit 

WorldRemit is an online money transfer service that allows users to send payments to Pakistan using a variety of delivery methods. 

Fees 

Fees at WorldRemit vary depending on the sending nation, transfer amount, and delivery mode. Take $100 USD as an example; there’s a $3.99 cost for sending it to Pakistan via bank deposit. 

Exchange Rates 

WorldRemit provides exchange rates close to the mid-market, providing competitive conversions. For example, at a rate of about 275 PKR/USD (estimated), the recipient will receive nearly 68,750 PKR if you send $500 USD. 

Transfer Limits 

The transfer restrictions with WorldRemit vary according to the sender’s country and verification level. Limits for new users can be reduced at first but increased if more verification steps are completed. 

Xoom 

Xoom, a service by PayPal, enables fast international money transfers to Pakistan, offering various delivery options. 

Fees 

The fees charged by Xoom vary depending on the sending nation, transfer amount, and payment type. A fee of $4.99 is applied when $100 USD is sent from the US to Pakistan by bank account transfer, which is comparatively higher than most other services.  

Exchange Rates 

With Xoom, you can get exchange rates that are competitive, usually around upper mid-market rate. For example, at an exchange rate of 277.9840 PKR/USD, the recipient would receive almost 138,992 PKR when sending $500 USD. 

Transfer Limits 

The sender’s verification status, transfer method, and country determine the transfer restrictions with Xoom. After additional verification stages are completed, limits can be increased. 

Final Thoughts: Embrace Modern Remittance Solutions 

Thanks to a significant shift in the business, Pakistani customers now have access to a myriad of convenient and economical options for international money transfers.   There are numerous ways for moving funds, including traditional bank transfers, money transfer operators, mobile wallet apps, online FX services, and cryptocurrency.  Each strategy has its benefits and drawbacks.  

You can do a lot more with international money transfers if you know what you’re doing, stay up to date on legislative changes, and follow security and efficiency best practices.   Managing your business, caring for your family, and capitalizing on global opportunities will be much easier with faster, more transparent, and significantly less stressful financial transactions.  

The time to take control of your money transfer is now.   Use these modern technologies to ensure that your money arrives at its destination quickly and securely.   Improve your Pakistan money transfer procedure by researching, comparing options, and utilizing cutting-edge technologies.  

You can begin your journey towards a smooth international money transfer right now.   When you are equipped with the information and tools offered in this book, you will be able to make quick, safe, and economical money transfers.   Get on board and see what all the hype is about in the world of international finance