20 Jun 2023
The trend of digital transactions is increasing every day. It has made life and processes very easy and feasible as much as you can do almost everything with a smartphone in your hand. Like the overseas workers and expatriates from other developing countries, more than 9 million Pakistanis live abroad, out of which above 2.2 million reside across European countries. Most of these earn there and typically send money to Pakistan online to ensure financial support back home. In 2022, almost 489.1 million were transferred to Pakistan through digital channels, which is 80% higher than in 2021. It indicates that digital remittances are growing 75% every year by value.
Despite the several benefits, you must ensure certain dos and don’ts when using digital channels to transfer funds. This guide aims to highlight the dos and don'ts of online money transfers from Europe to Pakistan, ensuring safe, efficient, and cost-effective transactions.
Before discussing the dos and don’ts of digital transactions across borders, let’s glance over how important these channels are.
In our ever-connected world, the ability to transfer money internationally with the click of a button has become a basic necessity. With millions of people working abroad or having business interests overseas, online money transfers provide an essential lifeline, connecting economies and supporting families.
Europe, with its strong economy and job opportunities, is home to a large diaspora of more than 2.2 million Pakistanis who regularly send money back home. These remittances play a crucial role in the Pakistani economy, contributing to its GDP and helping millions of families meet their financial needs.
Let’s now discuss the dos and don’ts of using online platforms to send money home from Europe or any other foreign country.
There are so many steps that you can take to avoid falling prey to scamming. You can also focus on the following list of tips to improve your transaction and get better services. After reviewing the factors, you can choose the best for you, considering exchange rates, fees and reliability of the service provider.
Doing so requires careful consideration. Established institutions such as banks or dedicated money transfer services like ACE Money Transfer have a proven track record of reliability. Most overseas Pakistanis trust ACE’s remittance solutions for a quick, secure, and economical online money transfer to Pakistan from Europe and other foreign countries.
Don't just go with the first service you find. Compare rates, fees, and transfer times among various services. Look for user reviews and ratings to gain insights into customer experience and satisfaction.
Most online services provide tracking options. Utilising them allows you to know where your money is at any given time and ensures it reaches the intended recipient.
Exchange rates fluctuate frequently. Transferring money when rates are in your favour can result in significant savings. It’s one of the most critical factors to consider when sending money across borders.
ACE Money Transfer enables you to constantly check live currency rate updates on an interactive exchange rate calculator available on its website and mobile app. You can also request the firm to send you regular rate updates so you can decide the best time for you to transfer funds back home from abroad.
Though traditional banking methods also had the risk of stealing and scams, the percentage has increased in online banking. There are so many threats that keep the user at high risk of scamming. As the transfers are virtual and digital, it is easy for scammers to hack your accounts and steal your remittances.
To avoid getting stolen, it is advised to use a high-quality anti-virus or security system. Always maintain the security of your funds, or you will lose it all. If you are transferring using an online service provider, check their security systems and privacy policies. Make sure they provide you with the tracking facility so that you can always have a look at your funds. Never trust easily without doing the proper research and reading reviews.
Registering with the first bank you see online is not okay. Just like traditional banks, online banks also have different rates and services. You should first analyse what services you need. Select a bank according to your need and the services they provide. When you survey the online market, you will see what makes online money transfer companies different.
Make a priority list. If you want the fastest and most immediate transfer, you have to pay extra fees for the luxury. Look at the quickest way to send money to Pakistan from Europe.
Just like some actions can save you, certain activities can contaminate your money transfer and put you at significant risk. If you do not avoid this, you may fall prey to scamming. So it is better to analyse your activities to prevent fraud. Here’s what you need to avoid when you send money to Pakistan from Europe through a digital platform.
Online transactions carry inherent security risks. Always ensure you're using a secure connection and the service has robust security measures in place. For this purpose, using only a regulated and reliable platform like ACE Money Transfer is recommended.
While some services may offer better exchange rates, they might make up for it with higher transfer fees. Always compare all costs before making a transfer. If you want to get competitive exchange rates yet at the lowest transfer fees, ACE Money Transfer is the best solution, given its prices are lower than what you find in the market. The firm offers speedy 7-second transfers to Pakistan at exceptionally low fees.
In case of any issues, responsive customer service can be invaluable. Prioritise services that offer excellent customer support. If you ignore this essential aspect, you’ll like put yourself in trouble when some issues occur in transferring money, or you face. any other relevant problems.
Always ensure to keep your credentials safe and secure and avoid sharing your information with anyone. The information you share online remains at a high risk of getting hacked or stolen by hackers.
Besides, always remain aware of various scams, frauds, and virus attacks that can potentially harm your online activities. Phishing is the most common type of online scam these days. Hackers manipulate you and get all the information out of you. It may seem unreal, but it happens. You are made to trust the hacker so much that you share your account details and passwords yourself.
The ways to scam people are also progressing like the world. Hackers study the behaviour and trends of the world and design the web according to it. If you are unlucky to fall prey to any fraudster, they will first gain your trust and then break it, causing you a significant loss. It can be true for people you meet online. They will treat you in a way that you agree to share sensitive information. One moment you give them your details; the next moment, you are blocked and never see them again. Their target has been achieved.
Hackers often send you mail pretending to be from an authorised bank and asking you to sign in to their banks. When you do that, all your information goes to the hackers, who will perform unauthorised transactions from your bank account.
After consulting a known money transfer company, you should always send money to Pakistan. These emails can also use fake logos and profiles to manipulate your mind so that you may enter the information without any doubt.
Therefore you must enter the websites of your relevant banks using the website from their browser. In case of abnormal emails, contact the bank before making any transaction.
Sometimes rather than trying hard, you still fall prey to a cyber attack because this world is well for devils. In that case, you do not have to worry. It is easy to come out of every situation if you act right. You should first contact your bank as soon as possible and tell them about the cyber attack. They will immediately block your account, and the fraudster cannot do further unauthorised transactions.
You can also contact the cybercrime centre and report the crime immediately. They will ask you the necessary questions about the mishap and get the hacker.
Online money transfer is the need for everyone. Whether you are a student or worker in Europe, you will be responsible for supporting your family in Pakistan. So it is better to know everything about online money transfers to Pakistan rather than doing it wrong. The list of the dos and don’ts of online money transfers from Europe to Pakistan must have made you the pro of remittance transfer by now. There is a way and respectful manner of using technology. If you need to make a secure and quick money transfer to Pakistan, keeping in view the above-provided points, you will never fall prey to scamming.
Which is the best service for online money transfers from Europe to Pakistan?
The "best" service can depend on various factors, such as exchange rates, transaction fees, transfer speed, and customer service. It's recommended to do thorough research and choose a service that best fits your needs.
How long does an online money transfer from Europe to Pakistan take?
The transfer time can vary depending on the service used. Some services offer instant transfers, while others may take a few days. Using ACE’s services, you can send money to Pakistan in just 7 seconds.
What are the common fees associated with online money transfers?
Fees can include transaction fees, conversion fees (depending on the exchange rate), and sometimes additional charges depending on the service used.
Are online money transfers from Europe to Pakistan secure?
Yes, as long as you use a reputable service and follow good security practices, online money transfers can be very secure.
What can I do to get the best exchange rates?
Monitoring exchange rates regularly, comparing different services, and timing your transfers for when rates are most favourable can help you get the best rates.