Money transfer to Pakistan for the first time? Here’s what you need to know
According to recent reports, the 2019-20 financial year saw remittances to Pakistan hit an all-time high. This defies predictions that the Covid-19 pandemic would lead to a decline in money coming into the country from overseas.
As reported by the Khaleeji Times, the total for the period came to $23.12bn (Dh84.85bn), which is a rise of 6.4%.
Here at Small World, Pakistan is one of our most popular money transfer destinations and it’s encouraging to see people from all over the world continue to support the country’s population.
Here, we look at some of the reasons why remittance to the country remains so strong and explain the options and opportunities available to anyone looking to send money to Pakistan from the UK for the first time.
If you are among those making a money transfer for the first time, this is worth a read...
What is behind Pakistan’s record rise in remittance?
The Khaleeji Times article mentioned above quotes the country’s central bank as saying: “Since many of the countries eased lockdown in June, overseas Pakistanis were able to transfer accumulative funds, which they were unable to send earlier. Further, it is also believed that they sent remittances to support extended families and friends due to Covid-19.”
It is also worth highlighting the incentives that were put in place by Pakistan’s government. In this recent post, we looked at the different benefits that were introduced in order to encourage people to still send money to Pakistan.
It is a combination of these popular incentives, successful marketing and policies such as the Free Send Remittance Scheme which have all combined to keep money transfer flowing into Pakistan.
Encouragingly, experts are predicting that this steady growth will continue into the future, potentially reaching $25bn in this present financial year.
Your money transfer options
If you are looking to transfer money to Pakistan for the first time then we have a number of different options here at Small World which allow you to do so in a safe and secure way.
We also know that many people are still trying to reduce face-to-face contact and are therefore looking for new ways to send money. We have a range of established digital options which make life easier for both sender and recipient.
- Cash pick-up: With over 8,000 pick-up locations across Pakistan, our extensive network of agents and partners covers large parts of the country, providing access for as many people as possible.
- Bank Deposit: Allows you to deposit rupees into a bank account in minutes. A secure way to send money, you can make a bank deposit to Pakistan online, using the Small World app or by placing a phone call to our Call Centre.
- Mobile wallet: An alternative for anyone without a bank account, this is the digital equivalent of a physical wallet. A secure and instant way to transfer money, you can find out all about this flexible option via this blog about sending money via a mobile wallet on the Small World website.
- Airtime top-up: It is also possible to transfer money to your recipient’s mobile provider which they will then receive as airtime.
How do you get started?
It really is a simple process. Whether you prefer to transfer online or by using the Small World app, you are only a few easy steps away from using our services for the first time.
What’s more, as an additional incentive, there are no transfer fees to Pakistan, meaning your money can go even further.
Once you are set-up, you can continue to enjoy our low fees and bank-beating exchange rates and by using our services help the growing number of remittances to Pakistan.
The most popular ways to send money to Pakistan
- Cash Pick-up
- Bank Deposit
- Mobile Top-up
Our main partners in Pakistan are: MCB Bank, Wall Street, UBL, National Bank of Pakistan, Bank Alfalah, Allied Bank, Soneri Bank, JS Bank, and Bank AL Habib.