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.
United Bank Limited, or UBL, is a popular bank in Pakistan with 4 million customers. And it also has a banking presence on 4 continents.¹ Read on to learn how overseas Pakistanis can send money to Pakistan with UBL remittances.
|📝 Table of contents|
UBL offers remittance services in 3 different ways if you are using an international UBL branch. This can be a convenient way for Non-Resident Pakistanis (NRP) to send money, but requires either online access to a UBL account or to go to an overseas UBL branch:
Each of these services are available online through the UBL Digital Portal if you have a UBL bank account. UBL does not charge for these services, but the bank uses partners who can have fees to complete the transfers.
Here is the full list of UBL Global Remittance Partners. There are worldwide partners, and partners that are specific to different countries. Each partner has its own fees, exchange rates, and rules for sending money.
Cash over the Counter (COC) is a way to send money from any UBL branch overseas or online.
The benefit of COC is that your recipient in Pakistan can receive the money in cash. And it doesn’t require your recipient to have a bank account. Instead, your recipient will be notified by SMS of the cash available at a UBL bank branch in Pakistan and they can get it in person.
Payments through COC can be up to Rs. 600,000 and your recipient is required to have a valid mobile number to receive SMS. To ensure only your recipient picks up the cash, recipients should bring the Remittance Referral Number for the transaction and a CNIC to the bank.
The UBL Account Transfer allows for a direct deposit from an existing UBL account to another UBL bank account in Pakistan.
The benefit of this option is that the funds can be deposited on the same day. UBL Account Transfer can be done at no charge and the recipient receives a free SMS alert when the money has been deposited.
To send money using the UBL Account Transfer, you will need the UBL Branch code, full account number, or the full 24-digit IBAN number.
UBL lets you send money to other bank accounts in Pakistan. IBFT or RTGS transfers allow for instant or same-day money transfers. So if you need to send money to another bank, UBL can complete the transfer for free and quickly.
The recipient’s bank account number, bank branch code, or 24-digit IBAN number will be required to complete the transfer.²
If you or your recipients are receiving a transfer from abroad in Pakistan, here is how to get the money with UBL:
For Cash over the Counter, the recipient can pick up the money at any UBL branch. Here are the UBL bank branch hours in Pakistan:
- Monday to Thursday from 9 am to 5 pm
- Fridays from 9 am to 6 pm
Certain UBL branches are also open Saturday from 9 am to 1:30 pm.
The recipient will need to bring any of the following for identity verification:
- Original CNIC
- Original Pakistani Passport
- Original NADRA Receipt or Driving License (if CNIC is expired)
The recipient will also need to provide the following details from the sender:
- The sender’s full name
- Recipient’s relationship to sender
- Sender’s country
- Unique Transaction Reference number
- Expected amount in Pakistani Rupees
A biometric verification at the bank branch may be required if the amount in cash is over Rs. 500,000. And only the specific recipient listed by the sender can receive the funds, relatives of the recipient are not allowed to pick up the funds.
You can get a status check of a COC transfer through UBL’s Home Remittance Tracker.
A direct UBL transfer is from one account to another account at UBL and the recipient will be alerted by SMS. The recipient will not need to go to the bank and the funds will be deposited directly into their UBL bank account. This is often the simplest and easiest way to receive money if cash is not needed.
To make sure the money is transferred to the right account, confirm the following for your sender:
- Account title or name
- Account number
- Branch code
- Bank name
Transfers to another bank account in Pakistan can be completed and received digitally. There are 2 main ways to receive money and they differ by how quickly the funds are deposited:
- IBFT: Instantly credits another bank account in Pakistan
- PRISM or RTGS: same day credit to a bank account in Pakistan
Both options are free at UBL and are secure ways to transfer money to another bank account. As a recipient, you will need to provide the following to your sender:
- Your name
- Account Number or 24 digital IBAN number
- Bank Branch code
The funds will be electronically deposited into your bank account in Pakistan, so you will not need to go to a bank.
UBL uses money transfer providers to complete global remittance transfers. While using a UBL account can be free, there are charges for using any of UBL’s remittance partners. But modern digital money transfer providers like Wise can often be a cheaper and faster way to send money overseas.
Here is a quick comparison table to see how UBL partners like Ria, Western Union and Xoom compare to Wise when sending $1,000 USD to Pakistan:
|Wise||Ria Money||Western Union||Xoom|
|Amount to send from the US||$1,000||$1,000||$1,000||$1,000|
|Exchange Rate||Rs. 228.37||Rs. 225.19||Rs. 226.16||Rs. 221.63|
|Receives in PKR||Rs. 226,431.53 Try Wise 🚀||Rs. 225,189||Rs. 226,159.40||Rs. 220,530.73|
All sources checked as of 1 August, 2022
Your recipients in Pakistan can receive more money with a transparent and simple provider like Wise.
Wise uses smart technology to make transfers cheaper than competitors. Many banks and transfer providers charge extra on the exchange rate you get so that every dollar that is converted has an extra fee.
Even though it can seem small, it can add up quickly. Wise does not charge extra on the exchange rate and uses the real exchange rate that you see on Google. And with the smart tech, Wise only needs to charge a small fee when sending money to Pakistan.
|Wise Web/Android/ iOS app is the fast, easy, and cheap way to send money to Pakistan|
With one low transfer fee and the real exchange rate, you can save money on your next transfer to friends and family homes. Wise can deposit funds into your recipient’s account in Pakistan within seconds, on popular global routes.
Here are the steps to sign up for a free account and send money with Wise:
- Head to the Wise website or download the Android/ iOS app
- Complete the registration within a few minutes, or make it easier by signing up with your Google or Facebook accounts
- Once registered, start your transfer by putting in the amount you want to send
- Review the fees and delivery date
- Provide your details and the reason for the transfer
- Complete your recipient’s information, including bank details
- Review and confirm your transfer
- Pay for your transfer by bank account, debit or credit card, or SWIFT transfer
- Submit your transaction
The time it takes to receive money with UBL depends on how the money is sent. Global remittance partners like Ria Money Transfers, Xoom, or Western Union can take 1-5 days for the money to arrive. But if you are using a UBL account or a UBL overseas branch, it can be same-day or instant transfers.
The remittance limit amount depends on how you get the money in Pakistan. The maximum you can receive by COC is Rs. 600,000, and any amount over Rs. 500,000 requires biometric verification.
Direct or account transfers do not have any maximum limit.
But UBL uses money transfer providers depending on your location abroad. Each of the providers may have its own restrictions on how much you can send.³
Sources used for this article:
All sources checked as of 25 July, 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.
Learn all about Remitly 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.