26 May 2023
Did you know that there are approximately 9 million overseas Pakistani most of whom work in foreign countries and consistently send money to Pakistan, which accounts for 8.69% of the country’s annual GDP?
Remittances hold critical value for countless households and Pakistan’s economy. In 2022, Pakistan received a record-breaking number of $31.2 billion in remittances; however, the country has been facing a downward trajectory in remittance inflows, creating an alarming situation. To deal with these problems and help boost remittance inflows, ACE Money Transfer joined hands once again with renowned Bank Al Habib offering massive cash rewards for 91 consecutive days to encourage overseas Pakistanis to use regulated channels of remittances.
Foreign remittances provide poverty-stricken families with food, healthcare, quality education, clean water, and sanitation. They are a vital and direct vehicle for achieving accelerated poverty reduction and balancing the current account deficit. ACE Money Transfer’s joint promotion with Bank Al Habib is closely aligned with the Pakistan Remittance Initiative (PRI) to help stabilise the declining inflows of remittances. Keep reading to know more about the promotion and how you can benefit from it as an overseas Pakistani.
The State Bank of Pakistan, along with the Ministry of Overseas Pakistanis and the Finance Ministry, launched a joint venture, “Pakistan Remittance Initiative (PRI), in 2009. This initiative aimed to facilitate the efficient flow of workers’ remittances and cater to other financial services needs of overseas Pakistanis. It makes remittances faster, cheaper, and more convenient.
ACE Money Transfer has collaborated with Bank Al Habib to create further ease and convenience for Pakistani expats living abroad away from their families. You can win one of the two bumper cash rewards of PKR 1 Crore each or one of 91 cash prizes of PKR 100,000 until the 30th of June 2023. To participate in this promotion to stand a chance and win these massive prizes, you just need to send money to Pakistan online via ACE Money Transfer to any Bank Al Habib account or receive remittances as cash pick up from any of the 1080+ branches of the bank.
In times of inflation, this promotion can be very useful for both the expats and their families residing in Pakistan. ACE Money Transfer ensures the highest exchange rates yet at the lowest transfer costs to help overseas Pakistanis make economic money transfers to Pakistan.
ACE Money Transfer and Bank Al Habib have brought a special feature in this campaign that allows the fastest global money transfer service. The 7-second money transfer service allows the funds to reach the recipient within 7 seconds. This tool is most helpful during times of emergencies when expats cannot be physically present with their families. You can provide financial assistance within seconds to your loved ones.
The significance of regulated remittance channels cannot be overstated, particularly when they align with PRI's vision.
The PRI encourages responsible investment, promoting environmental, social, and governance considerations. This partnership steps in the same direction, advocating regulated remittance, which contributes to the economic stability and financial inclusion of individuals. Isn't that a step towards a fairer and more sustainable global financial system?
The ripple effects of this collaboration are extensive, benefiting both the customers and the financial sector.
Two bumper cash rewards of PKR 1 Crore each and 91 cash prizes of PKR 100,000 are up in this promotion. These cash rewards can significantly help overseas Pakistanis manage several things like investing, savings for the future, building or renovating a house, paying for their children’s education, etc.
Customers can now enjoy improved money transfer services with increased speed and reduced costs. Making an online money transfer to Pakistan via ACE’s services is the best option for overseas Pakistanis, considering the speed, security, competitive exchange rates, and the lowest transfer costs. Who wouldn't appreciate getting more value for their money, right?
With regulated remittance channels, transactions are now more secure than ever. After all, wouldn't you prefer a secure channel for your transactions?
This partnership is set to revolutionise the financial sector, promoting financial inclusion and accessibility. This means that even those previously unable to access banking services can now participate in the financial system. How empowering is that!
One of the most critical challenges that expatriates often face is the security and speed of cross-border transactions. Through the current promotion, customers can transfer funds to Pakistan from abroad within just 7 seconds, which is by far the quickest transfer time. Besides, both institutions are completely regulated, and authorised financial platforms ensure optimum security with end-to-end data encryption and privacy protocols.
With the combined efforts of ACE Money Transfer and Bank Al Habib, we can expect a trajectory of growth and progress. This partnership will likely encourage the use of regulated channels, enhancing the stability of the financial system. Doesn't it feel reassuring knowing the future is bright?
This collaboration between ACE Money Transfer and Bank Al Habib is not just a business deal. It's a promising step towards a more secure, inclusive, and sustainable financial future. With regulated remittance channels in alignment with the vision of PRI, the partnership serves as an important milestone in promoting responsible financial practices. If this is the way of the future, isn't it something to look forward to? By participating in this joint venture, you win not only massive cash rewards but also add great value to the country’s economy in terms of boosting remittance inflows through regulated channels. Make every money transfer to Pakistan count and play your role in making the country more prosperous and successful.
What does the partnership between ACE Money Transfer and Bank Al Habib entail?
The partnership aims to promote the use of regulated remittance channels, aligning with PRI's vision of responsible financial practices.
How will this partnership benefit customers?
Customers will not only win massive cash rewards explained above but also enjoy improved money transfer services with increased speed, reduced costs, and enhanced security.
What role does Bank Al Habib play in this partnership?
Bank Al Habib provides the necessary infrastructure and regulated channels for executing transactions.
How does this collaboration align with PRI's vision?
This partnership promotes the use of regulated remittance channels, contributing to economic stability and financial inclusion, in line with PRI's advocacy for responsible investment.
What is the future prospect of this partnership?
With the combined efforts of ACE Money Transfer and Bank Al Habib, a trajectory of continued growth and progress can be anticipated.