30 Sep 2022
456,000+ Pakistanis living in the United Kingdom makes it the third largest diaspora population here. Every year, these expatriates send money to Pakistan from the UK for various reasons. Whether family or friends receive the money, nothing beats the joy on their faces when the remittance is received safely. But behind this remittance story, every expatriate faces straining work if they haven’t found the right remittance companies.
When an expatriate makes international money transfers, the procedure requires time to reach the receiving end. Some banks take way more time than other financial institutions, such as remittance companies put out excellent results for their valued customers. This blog post is your way to know the best financial companies or banks that provide the best way to transfer money internationally.
The common question can be answered by in-depth research of the ‘bank transfer’ phenomena. A bank transfer (or a wire transfer) allows the bank to transfer funds from one account to another using online banking. Bank transfers are accessible both locally and internationally. A local bank transfer is a cross-border payment mechanism in which money is placed into a foreign bank account. Many money transfers occur through the Society for Worldwide Interbank Financial Telecommunication network (SWIFT). The SWIFT network is essential for local and international payments since it connects over 10,000 financial institutions globally.
Customers must complete the following procedures to complete a SWIFT transfer:
Many banks offer various services for transferring money to Pakistan from the UK. Most of them might seem reliable, but they can be costly. A bank-to-bank transfer will typically take three business days, depending on where the money is going and the consumer's channel. If money is being sent to Pakistan from the United Kingdom, the following international transfer fees and processing times apply:
International money transfers might take anything from one to five business days. As previously stated, international money transfers through banks typically employ SWIFT, which is a network-linked system for banks that helps to mediate the transfer. Payments may be routed via up to three intermediary banks located worldwide, depending on the financial institution, lengthening the processing time.
Bank transfers are a classic technique of transferring money that appears soothing since so many people use it. Still, there are a variety of alternatives of sending money worldwide that may be more advantageous. Let's compare money transfer providers to find the best option to send money online to your loved ones:
Wire transfers are the quickest way to transmit money overseas in general. Wire transfers are faster than bank transfers since they are instantaneous, but they are also more expensive.
ACH transfers are a great way to transmit money inside a nation, but they take longer than wire transfers since banks process payments in chunks only a few times each day. Customers may have to wait for the next round of transactions to be completed before proceeding with the previous one. This, together with all of the intermediary procedures between banks, may cause the transfer to be delayed.
Peer-to-peer services have lately gained popularity due to apps like ACE Money Transfer's remittance app, which make it simple to send money to friends and relatives. These apps are just hidden ACH transactions.
International money transfers might take a few minutes or up to a day, depending on the transaction. Sending money to Pakistan from the UK takes 1-2 banking days. But with ACE’s online remittance services, you may be able to receive the funds within one day.
Did you know that you may use ACE Money Transfer's tracking feature to see or trace your transfer? After making your transfer, utilise ACE's remittance tracker to see where and when your money will arrive. You don't have to guess how much it will cost to transfer money to Bangladesh, Pakistan, India, or anywhere else. ACE Money Transfer’s live exchange rate and fee calculator lets you know everything about how much will the beneficiary receive. You get the best exchange rates and the lowest transfer fee which is often set to ZERO for customers, when you use ACE’s services.
ACE Money Transfer makes it simple to send money. ACE provides remittance services from 28 sending countries to more than 100 receiving countries worldwide. ACE, which has been functioning in the UK, Europe, Australia, Canada, and Switzerland, is a well-known and well-established firm that cherishes its clients' trust. They have been regulated as an Authorized Payment Institution (API) by the Financial Conduct Authority (FCA).
It is the safest and most secure service in the remittance industry. ACE’s services will never disappoint its customer’s remittance needs. Choose ACE Money Transfer if you want to send money to Pakistan online with security, speed, the best exchange rates, and the lowest transfer costs.
So, don’t wait on the fantastic service provided by ACE and join Now! ACE Money Transfer will satisfy your remittance needs!