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MoneyGram is a popular global money transfer service that can be used to send money online, or physically through a agent near you. Learn more about how MoneyGram works and how much it costs when sending money globally.
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Yes, MoneyGram is available in Pakistan. Pakistani residents can send and receive money from abroad with MoneyGram.
Money can be received in a local Pakistani bank account or for cash pick up at an agent location. In both cases, the money is available in Pakistani Rupees. Pakistanis can send money from Pakistan to another country only from a MoneyGram agent location.
A MoneyGram account is required to send money online. While online transfers from Pakistan to abroad are not available, residents can go to a physical MoneyGram agent location to send money. A MoneyGram account is not needed for agent location transfers.
If you are outside of Pakistan, you can make an account online in just a few steps:
- Go to the MoneyGram website
- Click on Sign Up in the top right-hand corner
- Input your email address
- Create a password
- Input your phone number
- Click on Next
- Confirm your email address
- Complete your profile and submit
You may be asked for additional documents for verification. Once your profile is complete and your account is verified, you can log into the MoneyGram website to access your dashboard and start sending transfers. ¹
MoneyGram is available in 30+ countries to send money transfers online to Pakistan. For in-person agent transfers, MoneyGram is available in over 50 countries globally. Depending on where you are sending money from, you may have both or one of these options available. ²
Here are the steps to take to send money online to Pakistan using MoneyGram:
- Log into your MoneyGram account
- Click on Send Money or use the calculator on the screen
- Enter the amount you want to send
- Select Pakistan from the drop-down menu
- Select how the funds should be received
- Enter your recipient’s bank account or contact details
- Select how you want to pay for the transfer
- Review your transfer
- Make the payment and submit the transfer
You will be notified when your transfer is processed and complete by email or phone, or you can track your transfer on the MoneyGram website. ³
Here are the steps to send money through a MoneyGram agent overseas or in Pakistan:
- Locate your nearest MoneyGram agent
- Bring your documents and recipient’s contact and details to the agent
- Complete the form at the agent location
- Submit the form and provide documents
- Provide payment to your agent
- Complete the transfer
Here is the list of documents you will need to bring with you to an agent location:
- A valid government-issued ID
- Recipient’s full name and location
- The amount you want to send
- Recipient’s mobile number or contact details
- Recipient’s bank account number if it is a bank deposit
The agent will provide you a transaction reference number that you can give to your recipient once your transfer is complete. ⁴
The time it takes to receive money in Pakistan depends on where the money is coming from. Transfers can take 24 hours or up to 8 business days for bank account deposits or cash pickup.
Expect to be notified on your mobile phone when the funds have arrived in your bank account or are ready for pickup.
There are 2 ways to receive money in Pakistan with MoneyGram:
- Directly to a local bank account
- Cash pickup at an agent
Your sender will have to choose one of these delivery options when they are making the transfer. How you receive the funds can not be changed after the transaction and payment are made.
If you are sent money directly to your bank account, then you will not need to take any steps. The money will be credited to your local Pakistani bank account and you can withdraw the funds locally by going to an ATM or spending it with your debit card. Just make sure you double-check your bank details and account number when giving them to your sender so your account is credited correctly.
If the money is coming to you for cash pickup, you will need to go to a MoneyGram agent location to get the funds. You will be notified by MoneyGram when the money is ready for pickup.
You will need to bring a photo ID to verify your identity, and the transfer reference number and complete the form at the agent location if needed. Make sure to give your sender your correct contact number and full name to match your ID.⁵
There are 2 main fees with MoneyGram, but they depend on how and where you are sending a transfer. Agent locations will also have their own fees and vary by location.
The first main fee to expect is a transfer fee. This fee is primarily the cost of doing the transfer but also depends on how you are paying for the transfer. Often credit card fees will be higher than a debit card or bank account payment.
The second fee from MoneyGram is hidden in the exchange rate. MoneyGram sets its own exchange rate which has a hidden fee. The hidden fee is the difference you see in the exchange rate between MoneyGram and the mid-market rate you see on Google or Reuters. While this can look tiny, this small difference can add up quickly on transfers.
As an example, let's compare sending $1,000 USD to Pakistan with Moneygram and with Wise. Wise has a low fee and uses the mid-market exchange rate on all transfers. Here is how they compare:
|Amount to send||$1,000||$1,000|
|Exchange rate to $1||Rs. 225.17||Rs. 222.91|
|Time it takes||31 minutes||0 - 8 business days|
|Amount received||Rs. 222,997.56 Try Wise 🚀||222,466.41|
As of 20 December, 2022
Wise gives recipients in Pakistan Rs. 500 more and sends your money under an hour from the US to Pakistan. With the mid-market exchange rate with Wise, you save on extra hidden fees and that makes money cheaper and faster to send.
- 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
Wise Web/Android/ iOS app is the fast and cheap way to send money to Pakistan. Send money any time to Pakistan, and on popular routes like from the US, the money can be in a local bank account in a little over half an hour.
Wise uses smart technology to save you money on fees and make transfers convenient. Over 13 million people use Wise to send money around the world, join today and see how much you can save on your next transfer to Pakistan.
Sources used for this article:
All sources checked as of 20 December, 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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