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ACE Money Transfer and Faysal Bank's Joint Initiative for Overseas Pakistanis

ACE Money Transfer and Faysal Bank's Joint Initiative for Overseas Pakistanis

01 Sep 2023


“Every regulated remittance you send is a brick laid towards a stronger nation. Let's build our homeland's future together, saying NO to unofficial channels and opting for only regulated channels of remittances." - Shoaib Akhtar

Wondering what’s the purpose of the famous speed star and legendary Pakistani cricketer Shoaib Akhtar’s stance here? In a unique collaboration, ACE Money Transfer and Faysal Bank of Pakistan have joined efforts to start a project that will change the lives of Pakistanis living abroad. With Speed star Shoaib Akhtar as the Campaign Ambassador, this relationship aims to show how dangerous it is to use unregulated channels like Hawala/Hundi and how good it is to use regulated media and Islamic banking. Their effort is meant to raise awareness among Pakistanis living abroad, especially those in the UK, Europe, Canada, Australia, and Switzerland, about how the ACE-Faysal Bank alliance is an excellent way to send money to Pakistan that is safe, quick, and cheap.

The main goal of this effort is to create awareness to send money to Pakistan through legal mediums of money transfer, which ultimately benefits Pakistan. Unlike most campaigns, this one focuses on real benefits significant to Pakistani people outside and inside Pakistan. 

Let's take a closer look at the highlights of this partnership, each of which makes the case for moving to regulated channels and Islamic banking stronger.

Dangers of using Hawala / Hundi

Unregulated remittance channels like Hawala/Hundi pose significant risks, including lack of transparency, legal consequences, financial losses, consumer protection, economic impact, funding illicit activities, compromised data security, and loss of trust. These informal methods may be tempting due to their quick and hassle-free nature. 

Still, they come with serious risks, including lack of oversight, potential financial losses, and compromised data security measures. Moreover, unregulated channels may divert funds from the formal economy, hindering economic development initiatives and negatively impacting the nation's overall well-being. 

The partnership between ACE Money Transfer and Faysal Bank aims to raise awareness about these risks and empower overseas Pakistanis to make informed decisions about their remittance choices. By ensuring the safety and integrity of their funds, these channels contribute to financial security and the overall economic well-being of Pakistan.

Benefits of Using ACE and Faysal Bank

 

ZERO Fee Money Transfers

The provision of fee-free money transfers is one of the core pillars upon which the relationship between ACE and Faysal Bank is founded. Because of this, the burden of the high costs associated with international money transfers is eliminated, which ensures that the money that Pakistanis living abroad have worked so hard to acquire reaches their intended destination without any extra deductions being taken away. They can make a quick and safe online money transfer to Pakistan at zero fees within seconds.

The Highest Exchange Rates

The cooperation ensures that market-competitive exchange rates will be provided, ensuring the transferred money will keep its original worth throughout the procedure. This not only improves the economic well-being of the receiver but also builds a sense of trust and loyalty among the Pakistani community that resides outside of Pakistan.

Extremely Fast Transactions (7-Second Transfers)

Recognising the urgency often associated with remittances, ACE Money Transfer and Faysal Bank have pioneered 7-second transfers. This revolutionary speed is a testament to their commitment to efficiency and convenience, ensuring financial support reaches families back home without unnecessary delays.

Highly Secure Mobile App and Website Platform

In a time when online security is of the utmost importance, ACE Money Transfer and Faysal Bank place a premium on the confidentiality and safety of their customers. Overseas Pakistanis can now confidently engage in financial transactions thanks to a mobile app and internet platform that provides a high level of security. They are aware that their financial data is protected from any potential risks.

The Most Convenient Way to Transfer Funds

The primary focus of this endeavour is on enhancing convenience. Through a streamlined and intuitive user experience, the cooperation between ACE and Faysal Bank makes it possible for Pakistanis living outside the country to easily create and complete a money transfer to Pakistan to almost any location. Following are the major benefits of this joint venture, making the remittance experience extremely convenient for overseas Pakistanis:

  • User-friendly mobile app and highly interactive website of ACE Money Transfer
  • Facility to choose from 28 different international currencies to send money home in Pakistani Rupees after conversion
  • Facility to choose from multiple payment options
  • 375,000+ payout partner locations of ACE and more than 700 branches of Faysal Bank
  • Faysal Bank’s Islamic Banking complies with all the Islamic and Shariah Financial Regulations.
  • Creating and completing international transactions within just a few taps on your mobile screen
  • 24/7 availability of the service - no matter if it’s the nighttime or bank holiday. ACE enables you to transfer funds seamlessly.

The Partnership and the Vision of the Pakistan Remittance Initiative

This initiative fits with the strategic vision of the Pakistan Remittance Project (PRI) and follows its core principles. The State Bank of Pakistan set up the PRI to make it easier for remittances to come in through legal channels. This will help the country's economy grow and progress. The PRI was started because people realised that earnings were essential to Pakistan's economy. By setting up relationships that offer safe, quick, and cheap ways to send money, the PRI hopes to make the remittance sector more official and reduce the risks that come with unregulated channels.

Shoaib Akhtar, a well-known fast bowler known for his passion and hard work, strongly supports this cause. In his message for the overseas Pakistani communities, he said, 

"As Pakistanis residing abroad, we have the capacity to transform things for the better in our homeland. By using legal methods and Islamic banking, we not only make sure that our hard-earned money is safe, but we also help Pakistan move forward. Let's work together to make Pakistan stronger and better off."

Islamic Perspective

By adding Islamic banking to this project, it becomes even more critical. Faysal Bank sticks to Islamic principles and ensures that all its financial dealings follow ethical and Sharia-compliant rules. This part fits well with the values of many Pakistanis living abroad, giving them a way to bank that respects their faith and beliefs.

The Way Forward

The relationship between ACE Money Transfer and Faysal Bank, backed by the legendary Shoaib Akhtar, is a turning point for Pakistanis living abroad. If you send money to Pakistan online from abroad during this promotion, you not only benefit from zero fees, competitive exchange rates, and fast, secure, and convenient transactions, but you also play your role in strengthening Pakistan’s economy. This effort aims to give overseas Pakistanis worldwide more power by spreading the word about the dangers of unregulated channels and the benefits of regulated channels and Islamic banking. With free money transfers, reasonable exchange rates, fast transactions, and a strong focus on security and ease of use, this partnership will change the perspective of money transfers to Pakistan from abroad. By supporting the goal of the Pakistan Remittance Initiative and promoting responsible financial practices, this partnership goes beyond traditional campaigns. It becomes a lighthouse for positive change for the country's economic growth and its people's well-being.

FAQs
 

What is the joint initiative between ACE Money Transfer and Faysal Bank?

ACE Money Transfer and Faysal Bank have collaborated to create a special remittance program catered to the needs of overseas Pakistanis. This initiative aims to offer streamlined, cost-effective, and secure money transfer solutions for Pakistani expatriates, ensuring they can send money back home with ease.

How does this partnership benefit overseas Pakistanis?

Through this collaboration, overseas Pakistanis can benefit from preferential exchange rates, zero transaction fees, and expedited transfer times. Additionally, Faysal Bank's widespread branch network across Pakistan ensures that beneficiaries can easily access the transferred funds.

Can I send money to any bank in Pakistan through this service, or is it limited to Faysal Bank?

While the initiative is a collaboration between ACE Money Transfer and Faysal Bank, the specifics of fund reception might vary. Generally, while money can be directly sent to a Faysal Bank account, provisions might be there for transferring to other banks as well. Customers are encouraged to check the details before initiating a transfer.

What security measures are in place to ensure the safety of my transfers?

Both ACE Money Transfer and Faysal Bank prioritise the security of their customers' transactions. They employ state-of-the-art encryption techniques, fraud monitoring systems, and secure authentication processes to ensure that every transfer is conducted safely and reliably.

Are there any promotional offers or bonuses for using this joint service?

Promotions and bonuses may vary over time. It's always a good idea to check the official websites of ACE Money Transfer and Faysal Bank or contact their customer service for current promotional offers. Periodically, there might be special offers or bonuses to reward and encourage overseas Pakistanis to use this platform.


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