Learn all about Moneygram in Pakistan- is it available ✔, how to receive money ✔, create an account ✔, and all the fees and charges involved ✔. Know more.
Remitly is a popular online money transfer provider that lets users in Europe, Singapore, and North America send money globally. Read on to learn more about Remitly and how it works for sending money to Pakistan.
Wise is an easy way to send money online, and funds can be in Pakistan within 30 minutes on popular routes.
|📝 Table of contents|
Remitly is available for Pakistani residents to receive money from abroad. To send money using Remitly, the sender must be in one of the following areas:
- United States
Pakistani residents can receive money from overseas into their bank account, cash pick up, or to a mobile wallet account. Pakistani residents can not use Remitly to send money from Pakistan to abroad. ¹
If you are a resident of Pakistan, you will not be able to open an account with Remitly. But to receive money, make sure your bank details, contact information, and mobile wallet are all up to date and give the necessary information to your sender.
Remitly has partners locally to make transactions easier. Here is a list of a few of Remitly’s partners in Pakistan:²
- Bank Alfalah
- Bank of Punjab
- Bank Al Habib
- JS Bank
If you are in one of the countries where Remitly is present and you want to transfer money to Pakistan, here are the steps to do it:³
- Go to the Remitly website and click on Join Now
- Create an account with an email address and password
- Confirm your account
- Go to your Remitly dashboard and select Pakistan as the “sending to” country
- Enter the amount to send
- Review the PKR amount
- Choose how your recipient should get the money
- Review the fees
- Select how you want to pay for the transfer
- Submit the transfer
You can keep track of your transfer on your Remitly dashboard.
To make sure your transfer goes smoothly, have the following information ready at hand before starting your transfer:⁴
- The recipient’s full name (it has to match their ID in Pakistan)
- The recipient’s address (it has to match their ID in Pakistan)
- The recipient’s phone number
- The recipient bank name and account number if it is a bank deposit transfer
The time it takes for a Remitly transfer to arrive depends on the delivery speed selected. Remitly lets senders choose between two different delivery speeds:
- Express: The transfer is sent immediately. Express service only accepts debit or credit card payments, but if you use a credit card there will be an additional fee.
- Economy: the transfer takes 3 to 5 days. Economy will cost less than the Express method and can be paid for with a bank transfer.
Both options will be available to the sender when they are making the transfer. The sender can choose which option is best for speed and overall cost.
There are 3 ways to receive money with Remitly in Pakistan:
- Bank deposit: The funds are transferred directly to a local bank account. The recipient in Pakistan will be notified when the funds are deposited and credited to their bank account. This is easiest for recipients in Pakistan as they will not need to do anything to get the money. But they will have to make sure to send the correct bank details to the sender.
- Cash pickup: Cash pickup allows for recipients in Pakistan to pick up the sent amount in cash from a local bank branch. The recipient in Pakistan will need to go to the bank branch with a valid ID that matches the details of the transfer. This option does not require a bank account.
- Mobile wallet: Recipients in Pakistan can receive money in a mobile wallet in Pakistan. This option only requires the correct mobile number to make the deposit.
Remitly has 2 fees when sending money to Pakistan. One is a transfer fee and the second is an exchange rate fee. Remitly does offer temporary promotions for first-time users that can affect the cost of your first transfer.
The transfer fee is a typical flat fee for doing the transaction. This fee is different depending on the country, but from the US to Pakistan this fee is $1.99 for both delivery methods.
The second fee is an exchange rate fee. This is a small fee that is hidden in the exchange rate you get on the money converted to Pakistani rupees with Remitly. To find the exchange rate fee, look at the difference between Remitly’s rate and the real mid-market exchange rate on Google or Reuters. In that small difference in the rates is the exchange rate fee. And while it looks small, the fee can really add up fast.
To see this in action, here is an example of transferring $500 USD from the US to Pakistan. While Remitly has an exchange rate fee, Wise uses the real mid-market exchange rate on all transfers:
|Amount to send||$500||$500|
|Exchange rate to $1||Rs. 220.96||Rs. 224.50|
|Total received in Pakistan||Rs. 110,040.23||Rs. 111,060.15 Try Wise 🚀|
As of 16 December, 2022
Simply by using Wise to send a transfer to Pakistan, your recipients could potentially get close to Rs. 1,000 more from the same transfer. Wise uses the real mid-market exchange rate on every transfer so that you can save money on fees when sending money globally.
Receive money transfers directly to your Wise Account or Pakistani local bank account with Wise. Wise is free to sign up and is available in more countries for senders, including Malaysia and Turkey.
Join the over 13 million users around the world that have joined Wise and see how much you can save when you are sending money around the world.
- 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
Sources used for this article:
All sources checked as of 16 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.
Learn all about Ace Money Transfer- is it available ✔, how to receive money ✔, create an account ✔, and all the fees and charges involved ✔. Know more.
Learn all about Payoneer in Pakistan- is it available ✔, how to receive money ✔, create an account ✔, and all the fees and charges involved ✔. Know more.
Learn all about Skrill in Pakistan- is it available ✔, how to receive money ✔, create an account ✔, and all the fees and charges involved ✔. Know more.
Find out how to send and receive money internationally with Bank Alfalah in Pakistan- what are all the fees involved, and how much time does it take.
Learn about the Alfalah Roshan Digital account- what are its benefits and requirements. Find out how to open an account, and send money to Pakistan. Know more.