25 Aug 2023
Are you tired of expensive remittance transfer options to Pakistan from Canada? Look no further! Discover the most cost-effective and reliable way to send money to Pakistan from Canada and other foreign countries for your loved ones with ease using ACE Money Transfer.
Pakistan receives remittances from its worldwide diaspora living in different countries that contribute hugely to the economic growth of the country and running several households simultaneously. In fact, in 2022, Pakistan received a record $31.2 billion in remittances, making it one of the top remittance-receiving countries in the world.
If you are a Pakistani living in Canada and want to send funds for your family in Pakistan, you might be looking for low-cost remittance solutions. This article explores some low-cost remittance solutions to transfer money to Pakistan from Canada.
Following is a list of the most common remittance-sending techniques utilised by Pakistani expats in Canada.
One of the most common ways to send money to Pakistan from Canada is through bank transfers. Most Canadian banks offer online banking platforms that allow you to send money to international bank accounts. However, this option can be expensive, with fees ranging from $25 to $50 per transaction, plus the exchange rate markup applied by the bank.
To send money through a bank transfer, you will need the recipient's bank account details, including their account number, routing number, and the name and address of their bank. You will also need to provide your own bank account details and personal identification information to verify your identity.
While bank transfers are a secure and reliable way to send money, they are not always the most cost-effective option, especially for small transactions.
Money transfer operators are companies that specialise in transferring money between countries. These companies offer low-cost options for sending money to Pakistan, with fees ranging from $5 to $20 per transaction or even lower, depending on the transfer method, the amount being sent, and the exchange rate.
Money transfer operators typically have multiple transfer options, including cash pickups, bank transfers, and mobile wallet transfers.
To send money through a money transfer operator, you will need to provide your personal and identification information, as well as the recipient's information, such as their name and address. You will also need to choose the transfer method and the amount you want to send.
Money transfer operators offer a convenient way to send money from Canada to Pakistan online or through other methods, but their fees can vary depending on the transfer method and the amount being sent. It's important to compare the fees and exchange rates of different operators before choosing one.
Another low-cost option to transfer remittances to Pakistan from Canada is through cryptocurrency transfers. Cryptocurrencies like Bitcoin, Ethereum, and Litecoin offer a decentralised, secure, and fast way to transfer money internationally.
To send money through a cryptocurrency transfer, you will need to have a cryptocurrency wallet and the recipient's wallet address. You can buy cryptocurrency from an exchange platform, such as Coinbase or Binance, and then send it to the recipient's wallet address.
Cryptocurrency transfers are generally faster and cheaper than traditional bank transfers, with fees ranging from a few cents to a few dollars per transaction, depending on the cryptocurrency and the amount being sent. However, it's important to note that cryptocurrencies are subject to market fluctuations, and their value can change rapidly.
Cryptocurrency transfers can be a good option for those who are comfortable using them and have some knowledge of how they work. However, they may not be the best option for everyone, especially those who are unfamiliar with cryptocurrencies.
Peer-to-peer transfer apps offer a low-cost option to make a money transfer to Pakistan from Canada and other countries. These apps allow you to transfer money directly to the recipient's bank account or mobile wallet.
To send money through a peer-to-peer transfer app, you will need to create an account and link your bank account or credit card. You will also need the recipient's email address or phone number to send them the money.
Peer-to-peer transfers are typically fast and cheap, with fees ranging from $0 to $5 per transaction, depending on the app and the amount being sent. However, these apps may not be available in all countries, and their transfer limits can vary.
It's important to compare the fees and features of different peer-to-peer transfer apps before choosing one. Some apps may offer additional features, such as instant transfers or rewards programs, that can make them more appealing.
ACE Money Transfer is one of the most cost-effective methods to transfer remittances to Pakistan from Canada. There are several reasons why ACE Money Transfer stands out from other money transfer apps and operators.
ACE Money Transfer offers highly competitive exchange rates for sending money to Pakistan. This means that you can get more Pakistani Rupees for every Canadian Dollar you send. The exchange rates offered by ACE Money Transfer for CAD to PKR conversion are often better than those offered by banks and other money transfer operators.
ACE Money Transfer charges very low fees for sending remittances to Pakistan. The fees charged by ACE Money Transfer are often lower than those charged by other money transfer operators. This means that you can save money on each transaction and send more money to your loved ones in Pakistan.
ACE Money Transfer is transparent about its fees and exchange rates. There are no hidden fees or charges when you use ACE to send funds to Pakistan. You can see the exact amount of money that will be received by the recipient before you send the money.
ACE Money Transfer offers fast and convenient ways to send money to Pakistan. You can send money online or through the ACE Money Transfer app. The money is usually delivered to the recipient within minutes or hours, depending on the transfer method.
It is crucial that you do your own research before you opt for a remittance transfer service. If you are looking for a reliable and affordable way to make an economical, fast, and secure online money transfer to Pakistan from Canada, ACE Money Transfer is a great option to consider. You can sign up for free and benefit from plenty of promotional schemes that are offered throughout the year. Besides, you benefit from an entirely Free-of-cost first transaction on joining the ACE family with your first sign-up.
What are remittance solutions?
Remittance solutions refer to services or platforms that allow individuals or businesses to send money across borders. They can range from traditional banking services to modern digital platforms or mobile apps designed for quick and efficient money transfers.
Why are fees and exchange rates important when transferring money from Canada to Pakistan?
Fees and exchange rates significantly affect the amount the recipient gets. A lower fee and a favourable exchange rate ensure that a larger portion of your money reaches the intended recipient. It's vital to compare both these factors when selecting a remittance service to get the best value.
Are online remittance platforms safe to use for transferring money to Pakistan?
Most established online remittance platforms employ advanced encryption and security protocols to ensure the safety of users' funds and personal information. However, always check for reviews, ensure the platform is regulated by relevant authorities, and follow best practices for online security.
How long does it usually take for funds to be received in Pakistan when sent from Canada?
The time taken for funds to be received can vary based on the remittance solution chosen. While some services offer instant or same-day transfers, others might take several days. Always check the estimated delivery time before initiating a transfer.
Can I set up recurring transfers or send money to multiple recipients in Pakistan?
Many remittance platforms offer features that allow users to set up recurring transfers or send money to multiple recipients. However, this might vary from one provider to another. Check with your chosen service provider for specific details and capabilities.
Value of remittances received in Pakistan from 2012 to 2022. https://www.statista.com/statistics/880752/pakistan-value-of-remittances/