24 May 2023
Did you know that 8.69% of Pakistan's annual GDP comes from the nearly 9 million Pakistanis living abroad who regularly send money to Pakistan for their families? Out of which 2.2 million are living in Europe alone.
Remittances to Pakistan reached a record-breaking $31.2 billion in 2022. This sum has given families living in poverty access to food, medical care, decent education, clean water, and sanitary facilities. However, the fees for sending remittances affect overseas Pakistanis, and it might hinder their decision to send remittances regularly. This guide can aptly help you how to transfer funds economically from overseas.
Here are a few strategic tips and tricks that can help you save on transfer fees when sending remittances to Pakistan from Europe.
If you are one of those people sending remittance for the first time, keep an eye out for introductory incentives from remittance providers, which are frequently available to customers making their first overseas money transfer. Additionally, always keep your eyes open for regular customer discounts if you frequently send remittances to your family.
The average breakdown of the overall cost of sending money to Pakistan from Europe, excluding transfer fees, is as follows:
International money transfer businesses frequently take advantage of the small differences between mid-market rates and the rates used for the transaction. Or, to put it another way, they make more money selling the currency than they did buying it. When choosing the right service provider, ensure that the price difference between the "buy" and "sell" prices of currencies isn't too significant.
Depending on the service you want, you might need to pay an extra fee. For instance, you might be asked to pay more fees when sending money with a credit card instead of a debit card or a bank transfer. You can be charged intermediary bank fees if you send money internationally through a bank. Only ACE Money Transfer enables you to make a money transfer to Pakistan from abroad without any additional fees or hidden charges keeping its fees entirely transparent for customers.
Be mindful and precise when describing the overall price! The fees might seem modest at first glance, but there are chances that the exchange rate is high or vice versa. Expensive fees could be acceptable when the exchange rate is favourable. Calculate the total amount that the recipient will receive, keeping in mind the transfer rate and exchange rates before you move forward with initiating the transaction.
The first step in a money transfer to Pakistan is to determine the conversion rate. Determine how much money you need to transfer by examining the exchange rates and the value differences between the currencies of Pakistan and the European country where from you wish to send a remittance. Never pick a service before weighing it against alternatives that are provided by rival remittance-sending services. It won't take long, but it will definitely prove to be of help to figure out which company is the best option. The three comparable features are exchange rate, lowest transfer costs, and most reliability.
Avoid several transfers of smaller amounts and do it only if it’s inevitable. Experts advise that expats should make one large transfer rather than several smaller ones to save. This will cut down the transfer costs due to frequent transactions.
Read the terms and conditions of your chosen service provider carefully so that you can request a refund if something goes wrong or there are technical difficulties.
Online platforms offer competitive rates and are less expensive than banks and other financial institutions. Additionally, using an online service saves you a ton of time and is fairly simple and quick to use.
Since 2002, ACE Money Transfer has been working on a global network. Millions of users have benefited from it worldwide, and it has offered a high standard of reliable service even in the least developed areas.
Speed is one of the characteristics that set ACE apart from its rivals. Most money transfers, when there are anticipated delays, can take days to reach the receiver. Your transfers will be handled quickly through ACE without delays. If you send money to Pakistan online via ACE’s services, the funds are transferred within just 7 seconds, which is exceptionally fast.
Every user's needs have been taken into consideration when designing the ACE Money Transfer application and website. Hence, the website and app of ACE Money Transfer are extremely simple to use.
Here are the three most important features of ACE that allow you to save when sending money to Pakistan.
You can compare the transactional fees of most reputed money transfer firms, and you won’t find a competitor for ACE. It often has many promotional offers throughout the year that offer zero transfer fees for money transfers to Pakistan and many other countries.
Unlike other financial institutions, ACE does not aim to profit from currency exchange. The forex market fluctuates throughout the day. You can observe the market and buy your desired currency at a rate that seems suitable to you. This feature benefits, especially when sending a large amount to your family in Pakistan.
There is nothing more frustrating than thinking that you have paid all the necessary fees only to be given another amount to pay as fees. Many banks use this tactic and hide actual costs from users. Some even charge a receiving fee from the recipient.
ACE Money Transfer has a transparent system and does not have any sort of hidden fees.
Keep in mind that when it comes to international money transfers, even slight variations in exchange rates and fees can greatly impact the outcome. To ensure you get the maximum value for your transfers and maximise your savings on international money transfers, consider the aforementioned advice. You get the highest exchange rates and the lowest transfer costs on every online money transfer to Pakistan through ACE Money Transfer. Besides, the firm offers exceptional promotions and rewards that further add to your savings. So, don’t wait and join ACE today!