Send Money To Pakistan
Officially known as the Islamic Republic of Pakistan, Pakistan is
located in South Asia. Covering 796, 095 square km and with a population
of over 180 million people, Pakistan is the 36th largest country in the
world and has the 6th largest population. With a semi-industrialised
economy and a well-integrated agricultural sector, the country has the
45th largest economy in the world and is considered to be one of the
world’s emerging and growth-leading economies.
Popular money transfer services that send to
Currency and Foreign Exchange
The currency of Pakistan is the Pakistani Rupee (PKR), referred to in
Pakistan as the ‘rupees’, ‘rupaya’, or ‘rupaye’. The State Bank of
Pakistan issues banknotes in denominations of Rs10, Rs20, Rs50, Rs100,
Rs500, Rs1,000 and Rs5,000, whilst coins are produced in values of 1, 2,
and 5 rupees. One Rupee consists of 100 paise, although today, Paisa
coins are no longer legal tender and the minimum denomination is the Rs.
1 coin. When it comes to foreign exchange, the most popular exchange
rate for the Pakistani Rupee is the PKR to GBP. Pakistan’s national
bank, the State Bank of Pakistan, sets the country’s monetary policy,
monitors the foreign exchange market in order to stabilise its currency
reserves, and oversees banks and other financial institutions.
Money Transfer Regulations in Pakistan
Transferring money out of Pakistan can be a challenging process,
although some of the restrictions have been relaxed in recent years. The
good news is that, when it comes to sending money to Pakistan, there
are relatively few restrictions. In fact, last year, the country was the
seventh largest recipient of remittances in the world, and remittance
flows have doubled over the course of the last five years. None
residents are also permitted to hold Pakistani bank accounts that are
denominated in a foreign currency.
There are a number of different methods of sending money to Pakistan and the best one for you will depend upon a number of factors including the amount that you need to transfer, how regularly you will be transferring funds, and how quickly you need them to reach their destination in Pakistan. It’s worth considering all of the options available in order to identify the one that will be the quickest, simplest and most cost effective for your specific needs. The two main options for transferring money to Pakistan are wire transfer from one account to another and cash-collection.Wire transfers can be conducted via high street banks or through a specialist international money transfer company such as Western Union or Azimo. Using a specialist company can be cheaper in terms of both fees and exchange rates, as they tend to offer live interest rates rather than setting them once or twice each day like most banks tend to do. Using a comparison service such as sendthatcash.com will allow you to compare all of the rates available in a matter of minutes. You can also send money to Pakistan using a cash payment method such as MoneyGram. This allows money to be transferred from your account to the recipient in Pakistan and collected in cash in the currency specified by you, the sender. This can be a relatively expensive option and is generally reserved for instances where you need to move money at speed or if the recipient doesn’t have a bank account in Pakistan.
Potential Difficulties of Sending Money to Pakistan
Many people fear that sending money abroad will be a costly and drawn out process. This doesn’t have to be the case. Fees and charges may be unavoidable when sending money abroad. However, it’s important to try and keep these to a minimum. By using a comparison service such as sendthatcash.com, it is quick and easy to find the best deal and ensures that you pay the lowest possible fees and charges. Currency exchange rates can cause further problems. With rates changing constantly, and different rates offered by different service providers and institutions, it’s not surprising that many people are unsure whether they are receiving the best deal or not. Although the currency rate is out of control of you or your service provider, avoiding the high street banks can often save you money when sending funds to Pakistan.
Why use sendthatcash.com?
Sometimes, the process of transferring money abroad, or maybe sending it home from abroad, can seem somewhat daunting. That’s where sendthatcash.com comes in. We are a money transfer and foreign exchange comparison website, allowing you to compare the fastest and most reliable international money transfer providers and foreign exchange firms to transfer your funds around the world. Whatever your reason for sending money to Pakistan, we help you to find a great deal with a regulated, secure money transfer provider, making the whole process as simple, straight-forward, and cost effective as possible.