07 Dec 2022
The UK is home to more than 9.5 million overseas-born people, where above 181,000 are Pakistanis. People who want to send money to Pakistan from the UK have several options for making efficient transfers. The technological era of the twenty-first century has made life more reachable than ever. Because of the accessibility of modern technologies like smart devices and high-speed internet, it is now possible to order groceries, call a cab, pay bills, and transfer money online.
Before sending money to Pakistan from the UK, let's discuss the information you should have.
Converting one currency to another is necessary for cross-border currency transfers. The current value of one currency concerning another, such as GBP to PKR, is known as the exchange rate. The more Pakistani rupees your recipient receives in exchange for your pounds, the higher the exchange rate.
The different transfer companies offer different exchange rates. Always compare the exchange rates offered by various money transfer companies. You can create alerts for your preferred GBP/PKR exchange rate with ACE Money Transfer.
The two main expenses when sending money abroad are transfer fees and exchange rate markups. Some companies may impose a flat fee or a percentage of the transferred funds. Banks may charge higher rates, and you might also incur additional expenses due to special offers or correspondent bank fees.
You must select transfer companies with affordable upfront costs and reasonable exchange rates. Transfer costs will change based on payment, speed, delivery method, and other elements.
Faster transfers will cost more. For instance, transfers to a bank account, which can take several days for the money to be deposited, are more expensive than instant cash pickups. Credit card transfers are faster, but they may be more expensive.
When comparing the offers from various money transfer providers, look for an economical option if you are not in a hurry. ACE Money Transfer is the only provider to offer a fast, secure, and economical online money transfer to Pakistan at affordable costs yet at the highest exchange rates. The firm has recently collaborated with the renowned Bank Al Habib of Pakistan to offer fee-free transfers to encourage the use of regulated channels.
The best time to send your next transfer from the UK to Pakistan is difficult to predict due to the high volatility of foreign exchange rates. The abundance of options you have, including those from your bank, well-established operators, numerous startups and businesses that specialise in remittances, and multi-currency bank accounts, adds another layer of complexity.
An automated method would be ideal for keeping up with the constantly shifting remittance landscape. One way to save time when making GBP to Pakistani Rupee money transfers is to register for the ACE Money Transfer daily rate alert. You won't need to look up and evaluate service providers yourself.
Banks are one of many ways to send money. Online money transfer services are also options to consider. This is the best option for making online transfers. International transaction fees are typically higher, and an exchange-rate fee may apply to transfers made in a foreign currency.
ACE Money Transfer mobile app is the best way to transfer money. ACE provides similar services, such as sending money to another city, state, or country.
They charge a flat and transparent rate for the transfer, which is determined by the speed of the transfer, the destination location, and the amount being sent. It helps to know the live exchange rates updated with the interbank currency rates, so you get the most transparent services.
This money transfer service has no false offers or hidden exchange rates. They consistently make sincere offers to help their customers financially.
Remittances are necessary to Pakistan's economy because they bring in much-needed dollars to increase foreign exchange reserves. With $31.2 billion in remittances received in FY22, Pakistan holds the fifth position worldwide. Remittances make up almost 8.69% of the country’s overall GDP, thus proving to be a lifeline for millions of Pakistanis. Because they make up nearly half of the country's import expenditure and balance the trade shortage, remittances are crucial in stabilising Pakistan's external sector.
Remittances to Pakistan increased from $23 billion in 2019-20 to $29.4 billion in the fiscal year 2020-21. Most remittances to Pakistan are sent from Saudi Arabia, the United Arab Emirates (UAE), the United States, and the United Kingdom. Overseas Pakistanis who continue to send money to Pakistan online or through other methods add significant economic value to the country and its people.
Monthly remittances from overseas workers fell by 25.4% to $2.3 billion in May 2022, based on information provided by the State Bank of Pakistan, from a record high of $3.125 billion in April 2022.
British residents or citizens with Pakistani heritage are British Pakistanis (also known as British Pakistani people or Pakistani Britons). This includes people of Pakistani descent who were born in the UK, those who immigrated to the UK from Pakistan, and those of Pakistani descent who immigrated to the UK from other countries.
The Azad Kashmir (some refer to themselves as Kashmiris rather than Pakistanis) and Punjab regions have the highest concentration of British Pakistanis, while Sindh, Khyber Pakhtunkhwa, and Balochistan have the lowest. They earn and send money to Pakistan online to their loved ones.
The UK is home to more than 1.17 million British Pakistanis, making it the largest Pakistani community in Europe, according to the 2011 census. As the second-largest sub-group of British Asians, British Pakistanis are the nation's second-largest ethnic minority population. Their size is comparable to the Saudi diaspora, making them one of the essential Pakistani communities living outside Pakistan.
It is essential to research transfer options to determine how much they cost and how long it may take to receive funds. ACE Money Transfer is at the top of the list of the best and fastest money transfer companies.
Bottom Line
When transferring money to Pakistan from the UK or elsewhere, you must consider the exchange rates, transfer costs, processing speed, security, and credibility of your chosen service. If you want to make the most economical, secure, smooth, and quick money transfer to Pakistan, join ACE Money Transfer since you get all of the said features in one window from the firm.
