18 Aug 2023
Like millions of other overseas Pakistani, you might also frequently transfer money from UK to Pakistan, but are you aware of the ins and outs that could save you some significant cash? Sending money abroad can often come with hidden fees, poor exchange rates, and other pitfalls. But worry not! In this article, we'll guide you through five practical tips to minimise these costs. Ready to dive in?
There are some factors affecting global money transfers that you might know about, like exchange rates or currency rates. This is among the basic needs of everyone living abroad who wants to send money to their dear ones. In this era of technology, transferring money to another country is a big deal. Many people try to transfer money, but they are scared of random taxes and other formalities.
Before directly getting on to the tips to let you save money on your money transfer needs, let’s briefly look at why savings are important.
With globalisation at its peak, international money transfers have become commonplace. And when we're talking about sending money to Pakistan, the stakes are high, both emotionally and financially. Let's dissect why:
Pakistan has seen a steady increase in the volume of international money transfers, primarily due to the expanding diaspora and increasing business ties. When you multiply even minor transfer fees by this volume, the numbers become substantial. Wouldn't you rather keep that extra money in your pocket?
Many people send money to Pakistan from UK frequently. Over time, those little fees here and there add up. Think of it like a leaking faucet—tiny drops leading to a flood!
You can simplify international money transfers and save your money on the same side by following multiple ways. The most prominent among them are illustrated as follows:
Traditional banks often have higher fees and less competitive exchange rates. Enter online transfer platforms. They typically offer better rates and lower fees. Making an online money transfer to Pakistan online from UK via ACE Money Transfer remains the top choice for several overseas Pakistanis in this regard. The company offers the lowest transfer cost and competitive exchange rates with convenient and fast transfers.
Online and regulated platforms offer a bunch of advantages for overseas Pakistanis; some of these are mentioned here:
Exchange rates fluctuate. By understanding these dynamics, you can transfer money when the rate is in your favour.
Before initiating the step money transfer, you need to consider some of the major aspects. In the beginning, it is important to check the exchange rate. You should figure out the difference in values between the two countries at the same time. Later on, move towards deciding on the amount of money you want to transfer without any additional taxes.
Compare the international money transfer companies by their offers and packages provided to you. It only takes a bit amount of money to avoid any inconvenience in the future. You are then allowed to make a conclusive decision about the maximum exchange rate and minimum transfer fees.
Set up alerts on exchange rate websites. Many platforms even offer tools that automatically transfer money when the rate hits your desired level.
Some providers sneak in hidden charges. You must stay vigilant and carefully check the currency conversion fees and transfer costs. Regulated platforms like ACE Money Transfer offer transparent charges with no hidden fees involved, so look for such platforms to ensure secure and economical transfers with more savings.
Look beyond the advertised rate. Some services, like digital fintech companies, offer great exchange rates but compensate with high fees. Always calculate the total cost before you proceed to send money to Pakistan online from UK or other foreign countries.
You should measure the variations that are applied to transactions for the international money transfer operation. You must be sure about the difference in the pricing range between the sell and buy ranges.
You might get charged some intermediate bank fees if you are choosing something without any investigation. It is very important to choose a reliable source that contains the right facilities for you at the right time without causing any inconvenience.
Just like the stock market, timing is key in international transfers.
Choosing the best transfer time is critical since it decides the total amount your recipients will receive. You must consider the following to know how to decide the best time for your money transfers:
Diving into depth related to the offers and discounts provided by the banks, there are some amazing choices for you. If you are looking forward to the main point of sending money to Pakistan online, then you should check out the offers.
For instance, if there is someone who is transferring money abroad regularly should have concerns about every single aspect of getting discounts and introductory offers for saving money. It is optimum to choose ACE money transfers for sending money abroad.
ACE Money Transfer is the right platform that is ideal for dealing with global money transfers. Thus, instead of deducting your money, you need to utilise the beneficial offers that are made for your ease.
Transferring money to Pakistan in 2023 need not be an expensive affair. By embracing online platforms, understanding exchange rates, being wary of hidden charges, timing your transfers right, and maintaining transparency, you can save substantially. Remember, every penny saved is a penny earned!
After getting a complete overview of different aspects of international money transfers, we hope that you have complete information about how to send money to Pakistan from UK while saving your money. It is important to remember every minor detail regarding exchange rates and international company transfers. Thus, it is important to keep the tips illustrated in the article in complete consideration for money transfers. This ensures the best value and services for maximum output without causing any inconveniences to you in the future.
FAQs
What are the top online platforms for transferring money to Pakistan in 2023?
There are several, but the most top-rated and trusted one is ACE Money Transfer, which most overseas Pakistanis are already using. Some other services include Wise (formerly TransferWise), Remitly, and Xoom.
Can I trust online money transfer platforms with large amounts?
Absolutely! Just ensure you choose a reputable platform with good reviews and robust security measures.
How long does an international money transfer to Pakistan usually take?
It varies, but with online platforms, it can be as quick as a few minutes to a couple of days. If you want the quickest money transfer to Pakistan, choose ACE Money Transfer.
Are there any limits to how much I can send to Pakistan?
Most platforms have limits, but they're usually high enough for regular transactions. For large sums, it's best to check the platform's guidelines.
Is there any way to negotiate fees with online transfer platforms?
Typically, the fees are fixed, but some platforms offer discounts for frequent users or large sums. Looking for discount offers and promotions remain the best options since you don’t need to negotiate on fees and you can earn rewards to add to your savings.
