The need for international money transfer has increased manifold in Pakistan. As a result of the world becoming a global village, people travel miles to earn and are then bound to send money back to their families. While transferring money internationally has become more of a menace in today’s computerized world, here are some ways you can transfers funds internationally with relative ease. Top 10 Business Ideas in Pakistan
Bank Transfers
Most banks offer money wire service which is probably the best way to transfer large amounts of money. You must have an account in a local bank through which you can transfer money to any bank account abroad. However, there is a high transaction fee associated with this which is almost 3% to 4% of the amount being transferred but it varies for different banks. The transfer may also take up to a few days in most of the cases. In case of a change in currency, you may also be charged a currency exchange fee. You can use your bank application to avoid going physically to your bank location during the pandemic.
The task is fairly simple and you need to follow these basic steps:
- Go to the Transfer Funds section in the application.
- Enter the recipients International Bank Account Number (IBAN).
- Enter the Amount and Currency you wish to transfer.
- Confirm the Transaction Fee and Currency Exchange Fee.
- Enter your ATM Card PIN to confirm the transaction.
Money Transfer Service
Funds can be best transferred internationally through money transfer services such as Western Union and Moneygram. They also offer currency exchange at reasonable rates apart from transferring money. You can either visit their agent or sign-up for an online account. The money gets transferred almost instantly without having to wait for days. The transfer fee is also very minimal as compared to bank transfers.
Following are the details required to send/receive money through these money transfer services:
- Amount and Currency of funds to be transferred
- Where and whom to transfer the funds to
- Reason for fund transfer
- Photocopy of ID Card
Credit/Debit Card
An easy way to transfer funds internationally is through credit cards. However, using credit cards is not recommended due to the fact that you are borrowing the bank’s money and have to pay them back along with some interest on it. A higher interest rate (4% to 5%) is charged on cash advances and the processing fee is already there to be paid. To add to the wounds, a very high currency exchange rate is offered for credit card transactions.
However, you may be stuck in a position to pay through a credit card in an emergency when you don’t have any other source to transfer funds. Remember, you cannot transfer money from a credit card to a bank account directly. However, payments for online shopping or any other purpose can be processed because they do not involve sending money to a bank account. In short, international payments through credit cards can only be made by entering the details of credit card on the website you pay to or by using an e-wallet.
It can be safely concluded that money transfer services are the best option available in countries like Pakistan for international fund transfer. Instant money transfer, negligible transfer fee, easy to use with online services available; what else do you need while getting your money transferred.
