Allied Bank international money transfer: Your full guide

With many Pakistanis having accounts with Allied Bank, overseas family and friends will want to know the best way to send money to an account. Learn more about how Allied Bank works with international money transfers and what to expect when money is coming from abroad.

Remittances, another word for sending money home, are a common way to make payments and support family in Pakistan. Allied Bank does not have its own international remittance platform to send money but the bank does provide convenient options for depositing money from abroad.

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How to remit money to Pakistan with Allied Bank

Overseas Pakistanis can remit, or send, money to Allied Bank accounts in Pakistan. This can be done using a wire or bank transfer, online transfer service or in-person exchange service. Let’s look at each.

Wire or Bank transfer

Wire transfers are usually the same as a SWIFT transfer. SWIFT is a global network of banks where each bank can send money to each other with a specific code. A wire or bank transfer uses the SWIFT system to send money from one bank abroad to a bank in Pakistan like Allied Bank.

These transfers can be done through online banking or at a bank branch locally where the sender is. Typically a SWIFT transfer can take anywhere from 3-5 business days to complete and there are fees for each transfer.

Allied Bank has a list of partners worldwide that can help make a wire transfer to Pakistan.

Online transfer service

An online transfer service is a convenient way to send money online from a bank account, debit card or credit card to another country. Online transfer services come with fees but they let you make transfers from your computer or phone and can offer quick delivery to accounts abroad.

Money can be deposited directly into an account at Allied Bank, or be arranged for pick up locally in Pakistan. Wise, Remitly and Moneygram are all popular transfer services with different options for sending money online.

In-person exchange services

One of the more traditional ways to send money, in-person exchange services are physical stores or counters that provide foreign exchange. They may not be part of a brand or franchise, although many are. The rates, fees and time for delivery vary from store to store, but in all cases, you can pay in person for a transfer.

Like an online service, you can send the money to an account in Pakistan or for cash pickup. This method may be a more expensive option than an online transfer or a bank, but can be a good option for people that are comfortable going to a store. ¹

Receiving money internationally with Allied Bank

There are two main ways to receive money with Allied Bank in Pakistan. The first is a direct bank transfer and the second is a cash pick up.

If you are sent money from abroad, you won’t need to take much action unless you are picking up the money in-person. With Allied Bank, there are no additional fees or deductions from the amount that is sent. ²

Direct bank transfer

To receive money directly into your Allied Bank account, you will need to give your sender your account details including the Allied Bank IBAN number. The IBAN number allows the transfer to arrive in the right bank when sent from overseas.

Allied Bank has an IBAN generator on its website to find it easily with your account number.

When receiving a direct bank transfer, the money will be deposited right into your account without taking any action. You will be notified by SMS of the transfer and when it has been settled in the account. This is often the most seamless and easiest way to receive money if you don’t need cash.

Cash pickup

If you and your sender have decided to receive the money in Pakistan in cash, you can do that with Allied Bank. The bank will notify you by SMS when the money is ready and it can be picked up in one of Allied 1400+ bank branches. Be sure to bring your CNIC number and unique Remittance Reference Number to the bank branch to verify the cash transfer is for you. ³

Allied Bank international money transfer charges

Allied Bank can not do international money transfers from abroad to Pakistan, but the bank makes it easy to receive money into a local account. There are no charges or fees for receiving money from overseas into an Allied Bank account or for cash pick up.

But a sender can expect to pay fees when sending money to Pakistan. There are typically two fees when sending money- the first is a transaction fee and the second is an exchange rate fee.

A transaction fee is the cost of the service to send money to Pakistan. This can be a percentage of the amount sent, or a flat fee on the transaction.

The exchange rate fee is hidden in the exchange rate the sender gets for converting funds into Pakistani Rupees. The bank or service provider will give the sender an exchange rate, which may be more expensive than the rate you see on Google.

That is because a small fee has been added which makes every dollar or pound converted into rupees. While that fee can seem small, it can very quickly add up. Advise your sender to look for transfer services that give the mid-market rate, which is the rate on Google, to save money on exchange rate fees.

Here is a quick example on how an exchange rate fee can cost you more when transferring $1,000 USD to Pakistan. Bank of America sets their own exchange rate, while Wise uses the mid-market rate on all transfers.

As of 14 October, 2022

Simply by sending money with Wise, a recipient can receive close to Rs. 10,000 more in the transfer. This is because Wise uses the real mid-market exchange rate which has no hidden fees.

Send money to Pakistan with Wise

It is easy, fast and cheap to send money to Pakistan with Wise. Wise uses smart technology to send money from your mobile or computer with the real exchange rate. And it is free to sign up.

Here is how to get started with Wise on your first transfer to Pakistan:

1. Head to Wise or download the Wise app
2. Register for a Wise account using your email address or Google or Facebook account.
3. Type in how much you want to send to Pakistan
4. Review the receiver’s amount in PKR, fees and the delivery time
5. Enter in your receiver’s bank details and information
6. Pay with a bank account, debit or credit card
7. Submit the transfer

Money transfers can arrive within an hour on popular routes to Pakistan. Wise will keep you updated on the status of your transfer. And your receiver will be notified when the money is deposited in their account.

• Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
• The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Time it takes to receive money with Allied Bank

Allied Bank lets you receive money without any delays. The Allied Express service will notify you by SMS when your money is ready for pick up or is deposited in your account. But it may take time from your sender’s side. It is a good idea to check with your sender to know how much time it will take for the money to reach Allied Bank.⁴

Allied Bank remittance limit

For deposits into an account, Allied Bank does not have a limit on how much you can receive in Pakistan. But the sender can have a minimum or maximum amount with the bank or money transfer provider they use. Check with your sender to see any limits for transfers.

If you are receiving a cash pickup to an Allied Bank, there is a maximum limit of Rs. 750,000 per transaction. ⁵