11 Jan 2023
Pakistan is a low-income developing country, most of whose people travel to developed countries to find better employment opportunities. These Pakistani expatriates have to send money to Pakistan from overseas since their families depend on the financial aid they send back. But since a majority of the expatriates belong to the poor strata of society, they wonder how to transfer money to Pakistan without incurring extra charges, including any hidden fees.
This blog will shed light on how you can transfer remittances to Pakistan as an expatriate with the least fees.
According to the Overseas Pakistani Foundation (OPF), approximately 9 million Pakistani expatriates reside in different countries for various reasons. The primary reason, of course, is to support the families financially as expatriates travel to other countries since they find it difficult to earn a decent living to sustain a financially viable life.
Over the years, their cumulative financial contribution to the Pakistani economy has only increased through remittances, and in Financial Year (FY) 2022, Pakistan received more than $31 billion in remittances. In 2022, the remittances were up 6.1% over the preceding year.
In September 2022, however, remittances fell by 12.3% to $2.4 billion for several reasons, including the high base effect and post-Covid travelling resumption.
The State Bank of Pakistan (SBP) stated that the remittance inflow had gone up to $2.78 billion in September 2021.
These statistics alone are enough to show the dire need for Pakistan's people to find income streams abroad that help them lead a financially viable life.
Several Pakistanis like other low-to-middle-income countries move outside their homeland to seek better employment. Many Pakistani overseas workers settle in foreign countries and help support their families back home with a money transfer to Pakistan every month. While reasons can be many and diversified, most people from countries like Pakistan cannot afford to travel abroad unless the reasons are critical, such as discussed below.
These are some of the critical reasons that drive many people out of the country as expatriates to find better work opportunities to earn a living and send money to Pakistan to support their families financially.
Bear in mind that these reasons are not unique to Pakistan only. Rather, these are largely shared by most developing countries and their residents and serve as factors driving them to other countries.
This question is worth a detailed answer, particularly for the expatriates whose purpose in going abroad is to support their families financially.
Because there are several service providers whose fee is high, you end up paying more to them than the intended beneficiary. Banks are a case in point in this regard.
Making an online money transfer to Pakistan via ACE Money Transfer remains the best option since the firm charges extremely low fees while offering the highest exchange rates. The following tips will help you find services that charge lower fees for your money transfers from abroad.
Several companies launch promotional campaigns that are time-bound and country-specific. These campaigns offer different benefits. While some campaigns may offer prizes, others may offer fee-free money transfers to a specific country from overseas. Keep looking for these campaigns.
ACE Money Transfer offers its customers a fee-free money transfer on first sign-up as a welcoming gesture. So, you don’t have to pay any cost at all if you send money via ACE’s remittance solutions for the first time. Besides, you can also win exciting rewards if you refer your friends to use ACE’s services, which you can learn through the firms’ “Invite Friends Offer”.
Several companies offer transfers that are fee-free by default. For example, there are certain transfer limits below or above which you can have a fee-free transfer. It exists, albeit rarely, as most of the service providers do not follow this. They will charge you a fee regardless of the amount you wish to transfer.
You want to save money by transferring funds to Pakistan with the least fee. Right?
For this purpose, it is important to consider currency exchange rates. Many service providers will offer fixed and static exchange rates that are mostly not linked with the international market, where they keep fluctuating.
Banks, again, are a case in point. Their rates are fixed for one business day, if not more. But several companies link their exchange rates with the fluctuating international market. It allows you to initiate a transaction when currency exchange rates are in your favour. It is also a great way to save money in your transfer of remittances.
These simple tips can help you find a service provider that offers a fee-free money transfer to Pakistan.
You can make highly economical funds transfers with the highest exchange rates if you use ACE’s remittance solutions. If you send money to Pakistan online via ACE Money Transfer, you benefit from live and competitive currency exchange rates, safety, around 375,000 pickup locations in over 100 countries worldwide, 24/7 service access, and a transfer speed of just 7 seconds from anywhere in the world.