16 Sep 2024
Ireland, a country with a rich culture, beautiful scenery and a thriving economy, has attracted migrants from Pakistan in search of a better standard of living. On this account, these migrants contribute positively to Pakistan, especially through official transfers, which are central to the country’s economy. Pakistani migrants in Ireland and their commitment to supporting their families back home by money transfer from Ireland to Pakistan is well known. Let's discuss 5 ways the efforts of Pakistani expats in Ireland help their country's economy.
Funds sent home from Irish-Pakistani migrants can stimulate local economies by supporting small businesses and agricultural development, creating jobs and driving growth.
Irish remittance to Pakistan is important for the country’s foreign exchange reserve as it mostly occurs through formal channels. Hence, remittances bring in foreign currency into the Pakistan economy; and thereby support the stability of the Pakistani rupee from fluctuations in foreign exchange market. This stability is useful for the attraction of foreign investments, support of exports and for keeping macroeconomic stability.
Besides, the rise in the foreign exchange reserve amounts to the enhanced capacity of the Pakistani government to import necessary goods and services instead of relying on foreign donors. This can result in enhanced economic self-sufficiency and sustainability. Further, the establishment of a good foreign exchange reserve can also go a long way in making people invest in Pakistan besides visiting the country as tourists.
Irish-Pakistani migrants’ remittances are a source of livelihood for many households in Pakistan; the remittances can be used to pay for basic necessities. Consequently, it has been argued that remittance can assist in the fight against poverty hence enhancing the quality of life of people.
Besides, the money can be spent on education, health and shelter the benefits of which will be realized in the long run. For instance, cash for remittances can be used to cater for school fees, medical bills or home improvements. This can help in reversing the trend of poverty and paving the way for new generations to come.
When expats send money to Pakistan from Ireland, the funds can be spent on small enterprises and in agriculture which will be helpful for the development of the economy and the generation of new workplaces. In another way, remittances can also facilitate capital formation for the entrepreneurs and hence boost up the rate of economic growth and rate of unemployment also.
The movement of skilled workers from Pakistan to Ireland can be a net loss for Pakistan.
However, remittance is said to have a positive effect of minimizing the effect of brain drain, as the people left behind will benefit from the money sent to them. It may also help bring back skilled professionals to Pakistan in the future for the overall development of the country.
In addition, remittances also fund human capital development, which is the education and training of future human capital, thus ensuring the availability of skilled labor in the country.
Education can be supported by remittances which in turn can lead to development of human capital that is vital for growth and competitiveness.
Formal remittances can play a vital role in the improvement of the financial inclusion in Pakistan as they offer the opportunities for financial services to the groups that have been excluded from the formal financial system. Some of the services include bill payments, mobile money transfers and micro finance loans that can in a way empower individuals and groups.
Remittances received by individuals can expand financial services and economic opportunities while helping to reduce the poverty line, thereby stabilizing the financial landscape. Additionally, when expats send money online to Pakistan from Ireland, it can decrease reliance on informal methods of transferring funds, which are often unsafe and prone to exploitation. Remittances can also serve as a financial tool that offers protection to consumers and enhances financial literacy within communities.
Ireland and Pakistan can increase the amount of money transfers that can improve cooperation between Ireland and Pakistan in the economic sphere. Regarding the positive effects of remittances on the economy, it can be said that increasing international trade and investment helps create a better-connected and developing world economy. Furthermore, through remittances the two countries can create a positive outlook for a mutual relationship and create cultural understanding and respect. In return, remittance promotes better sharing of economic relations that will lead to the development of business relations, trade and investments between Ireland and Pakistan.
As for the benefits, people who can use ACE Money Transfer services in Ireland and who are Pakistani expats should bear in mind several advantages. ACE does this at a very reasonable price when it comes to exchange rates and the actual transfer fees. The service is fast, enabling the recipients in Pakistan to get access to their funds speedily.
Thirdly, ACE Money Transfer provides a variety of payment methods and guarantees absolutely secure online money transfer from Ireland to Pakistan, thus giving the expats comfort when they have to deal with their financial obligations across borders.
Economically, the total amount of formal remittances from Ireland to Pakistan is beneficial to the country’s economy. These remittances significantly impact Pakistan's development and well-being by bolstering foreign exchange reserves, reducing poverty, promoting financial inclusion, and fostering stronger economic relationships. As the migration of Pakistani individuals to Ireland continues to rise, it is essential that an online money transfer from Ireland to Pakistan are conducted legally to maximize their positive effects on both the economy and society.
Some of the usual procedures are the use of bank transfer, direct money transfer from online platforms and other companies dealing specifically in the remittance business.
Foreign exchange rates are volatile and change depending on economic factors, interest rates and political stability among other factors.
Yes, most of them have specific fees that differ depending on the amount being remitted and the method used.
It also takes some time to complete the transfer, and once again, electronic transfers are quicker than standard bank transfers.
Online remittance services use a high level of security to ensure that you are protected from fraudsters who may be attempting to con you into parting with your hard-earned cash.
But as with anything that involves the internet, one should be careful in selecting the providers and in observing proper security measures.
