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How Fintech Is Pushing Banks Out of the Remittance Business

How Fintech Is Pushing Banks Out of the Remittance Business

02 Jul 2025


The rise of fintech has changed that narrative by making international transfers faster, cheaper, and far more transparent. If you're looking to send money to Pakistan from Italy, you're likely aware of the high costs and delays associated with traditional banks. 

For Pakistani expatriates, whether students, workers, or business owners, supporting families back home is a responsibility that requires reliable and affordable tools. Fintech platforms are stepping up where banks fall short, offering streamlined digital services with better exchange rates and lower fees. You deserve remittance solutions that save time and money—and that’s exactly what modern fintech provides.

 

Banks & Money Transfers

For decades, banks dominated international transfers. However, they’re rapidly losing ground to nimble fintech services that offer more innovative and more affordable solutions.

 

Why Traditional Banks Are Losing Relevance?

Banks still handle a significant share of global money transfers, but their inefficiencies are glaring. From long queues to slow processing and a lack of real-time updates, the traditional banking model is outdated for the needs of today’s digitally savvy expatriates.

In contrast, fintech platforms simplify the process. You can send money online to Pakistan from Italy with just a few taps on your smartphone—no branch visits, no paperwork, and no hidden surprises.

 

Drawbacks of Bank Transfers for Overseas Pakistanis

  • Higher transaction fees (up to 10%)
  • Weak and fluctuating exchange rates
  • Slow processing times (3–7 days)
  • Inconvenient operating hours
  • Limited customer support and transparency 
     

How Regulations Slow Banks Down

Banks are heavily regulated and often struggle to quickly adapt to global compliance standards. This results in delays and inconsistent service. Fintech firms are built on modern, scalable systems that automate compliance while keeping the process fast and user-friendly.

Discover more about how digital innovation is reshaping global money transfers. Read this detailed guide on how Fintech is Revolutionizing Remittances to Pakistan.

 

How Fintech Is Transforming Remittances?

According to Statista, the global number of fintech users in digital payments surpassed three billion in 2024, reflecting massive adoption. However, global investment in fintech has declined since 2023. This trend points to a maturing industry stabilizing after years of rapid expansion. Fintech is transforming international money transfers into seamless, real-time financial transactions.

 

Mobile-First Remittance

With more than 90% of adults owning a smartphone in Italy, mobile apps have become the preferred channel for remittances. You can send money from Italy to Pakistan at any time—whether during a work break or late at night.

These mobile-first platforms allow 24/7 transfers and instant notifications, making them more reliable than traditional systems.

 

Speed, Transparency, and Affordability

Digital remittance solutions offer real-time tracking, competitive rates, and no hidden fees. Most transactions are processed within minutes, providing your recipients with immediate access to funds.

If you value speed, cost-efficiency, and transparency, then fintech is clearly the better choice.

 

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Why Fintech Wins Over Banks

  • Real-time exchange rate visibility
  • Funds delivered in minutes
  • End-to-end encryption
  • Convenient cash pickup and wallet deposit options
  • Transparent fee structures 
     

What Pakistani Expats in Italy Should Know?

Switching to a fintech platform is one of the smartest financial decisions you can make as an expat.

 

Stretch Your Euros Further with Better Exchange Rates

Every cent you save on fees or gain from better rates can make a real difference for your family in Pakistan. By choosing a platform with lower margins and competitive rates, you get more value with every transaction.

Using fintech allows you to send money to Pakistan online from Italy without having your earnings shrink due to high overhead fees.

Security and Trust Are Built In

Some still hesitate to adopt digital services due to security concerns. However, fintech platforms utilize military-grade encryption, robust fraud monitoring, and compliance with international financial standards. You get fast transfers without sacrificing safety.

Your data and funds are protected at every step, providing you with complete peace of mind.

 

Fintech Is the Future of Remittances

That’s why you deserve a service that’s as committed as you are. Fintech in remittance is pushing traditional banks out because it offers what matters most: speed, transparency, security, and savings. If you're still using a bank, you’re likely paying more than you need to—and waiting longer than you should.

Make the switch to a platform that understands your needs. When you send money to Pakistan from Italy, you deserve reliability and peace of mind. It’s time to stop settling for less and start sending with more confidence.

 

FAQs

What is the cheapest way to send money to Pakistan from Italy?

Fintech platforms like ACE Money Transfer is the most affordable way to send money to Pakistan from Italy, offering lower fees and better exchange rates than traditional banks.

How fast can my transfer reach Pakistan using fintech services?

With ACE, most transfers through are completed within minutes. However, the actual time may vary based on the chosen payout method.

Are online remittance platforms safe to use for large transfers?

Yes. Trusted fintech services like ACE Money Transfer use high-level encryption and security protocols, ensuring that even large transactions are entirely safe.

Can I send money without visiting a branch in Italy?

Absolutely. With ACE Money Transfer, you can send money online to Pakistan from Italy through a mobile app or website, eliminating the need to visit a physical location.

What documents are needed to send money digitally from Italy?

Generally, a valid ID and some basic KYC details are required. Some services may ask for proof of the source of funds for larger amounts.


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