Best Ways to Send Money to Pakistan: Maximize Value for Expats

If you’re living and working abroad, one of your biggest financial priorities is likely sending money back home to Pakistan. Whether you’re supporting family or investing in your future, finding the best way to send money can save you both time and money. In this guide, we’ll explore the best methods to send money to Pakistan and how to maximize the value of your transfers by minimizing fees and securing favorable exchange rates.

Why It’s Important to Choose the Right Money Transfer Method

As a Pakistani expat, you want to ensure that the money you send reaches your loved ones quickly, securely, and with as little loss as possible. Choosing the right transfer service can make a significant difference in how much money your recipient receives. Here are the key factors you should consider:

• Transfer Fees: Every service charges a fee, which can vary based on the method you choose. Lower fees mean more money in your recipient’s hands.
• Exchange Rates: Small differences in exchange rates can add up over multiple transfers. Always compare rates to get the best deal.
• Transfer Speed: Some services deliver money instantly, while others take a few days. Choose the one that fits your timeline.
• Security: Trustworthy and regulated services ensure your money reaches the recipient safely.

---

Best Ways to Send Money to Pakistan

Here are some of the best ways to send money to Pakistan, each with its own benefits and considerations.

1. Bank Transfers

Sending money via a traditional bank transfer is one of the most common ways to transfer funds internationally. Most major banks in Pakistan, including HBL, UBL, and Meezan Bank, accept international wire transfers. However, this method can sometimes be slow and involve high fees.

Pros:

• Reliable and Secure: Bank transfers are considered very secure, as they are conducted between recognized financial institutions.
• Direct Deposit: The money can be deposited directly into your recipient’s Pakistani bank account.

Cons:

• High Fees: International bank transfers often come with significant fees on both the sending and receiving ends.
• Slower Processing: Transfers can take 3-5 business days to process, which may not be ideal if you need to send money urgently.

2. Money Transfer Services (Western Union, MoneyGram)

Money transfer services like Western Union and MoneyGram are well-established names for sending money internationally. These services are particularly helpful for people who want to send cash that can be picked up at various locations across Pakistan.

Pros:

• Fast Delivery: Money can often be picked up within minutes of sending, making these services ideal for urgent transfers.
• Widespread Availability: Western Union and MoneyGram have a vast network of pickup locations across Pakistan, making it easy for recipients to collect their money.

Cons:

• High Fees: While these services are quick, they tend to charge high transfer fees, especially for large amounts.
• Lower Exchange Rates: The exchange rates offered by these services are often less favorable than other methods.

3. Online Money Transfer Platforms (Wise, Remitly, Xoom)

For expats looking for a fast, cost-effective, and easy way to send money to Pakistan, online platforms like Wise (formerly TransferWise), Remitly, and Xoom are excellent options. These services offer low fees and competitive exchange rates, making them increasingly popular with expats.

Pros:

• Lower Fees: These platforms usually charge lower fees compared to banks and traditional money transfer services.
• Competitive Exchange Rates: They often offer better exchange rates, which means more rupees for your dollar, euro, or pound.
• Convenient: You can send money from the comfort of your home using their websites or mobile apps.

Cons:

• Requires a Bank Account: Both the sender and recipient generally need a bank account for the transaction to be processed.
• May Take Time for First Transfer: Initial transfers may take longer due to verification processes.

4. Mobile Wallets (JazzCash, Easypaisa)

Mobile wallets like JazzCash and Easypaisa have become increasingly popular in Pakistan. These services allow you to send money directly to a mobile wallet account, which the recipient can use to pay bills, withdraw cash, or make purchases.

Pros:

• Instant Transfer: Funds are transferred instantly, making this method ideal for quick remittances.
• No Bank Account Needed: Recipients don’t need a bank account, just a mobile phone, to receive money.
• Low Fees: Mobile wallets typically charge low transaction fees, making it a cost-effective option.

Cons:

• Limited Coverage: Mobile wallets are not as widely used as traditional bank accounts, so the recipient must be signed up for the service.
• Transaction Limits: There may be limits on how much money you can send through mobile wallets.

---

How to Maximize the Value of Your Money Transfers

Now that you know the best ways to send money to Pakistan, let’s focus on how to maximize the value of your transfers. Here are a few tips to help you get the most out of your hard-earned money:

1. Compare Exchange Rates

Exchange rates fluctuate daily, and even a small difference can add up over time. Before making a transfer, take a few minutes to compare exchange rates across different services. Platforms like Wise usually offer better rates than traditional banks, so make sure to shop around.

2. Use Promotional Offers

Many online money transfer services offer special promotions for first-time users or on larger transfers. Keep an eye out for these deals to reduce fees or get better exchange rates.

3. Choose the Right Transfer Method for Your Needs

If you need to send money quickly, opt for services like Western Union or Remitly, which offer near-instant transfers. But if you can wait a few days, using a service like Wise or a direct bank transfer could save you on fees and exchange rates.

4. Send Larger Amounts Less Frequently

Instead of making frequent smaller transfers, try sending a larger amount in one go. This can help reduce the total fees you pay, as most services offer lower fees for larger transfers.

5. Use Official Channels for Remittances

Always send money through official remittance channels like licensed money transfer services or banks. Not only is this safer, but remittances sent through official channels are often tax-exempt in Pakistan.

Please read my article on How to Invest in Pakistan as an Expat: A Complete Guide to learn the investment opportunities you may have as an expat Pakistani.

---

Conclusion

As a Pakistani expat, sending money back home is part of your financial routine, and choosing the right service can significantly impact the value of your remittance. Whether you prefer traditional bank transfers, fast money transfer services, or modern online platforms, there are plenty of options to suit your needs. By considering factors like fees, exchange rates, and speed, you can make sure your loved ones in Pakistan get the most out of every transfer.

---

FAQs

1. What is the best way to send money to Pakistan?
The best way depends on your priorities. For low fees and good exchange rates, online platforms like Wise and Remitly are ideal. For speed, services like Western Union or MoneyGram may be better.

2. How can I get the best exchange rate when sending money to Pakistan?
Always compare rates across different platforms before making a transfer. Services like Wise tend to offer more competitive exchange rates than traditional banks.

3. Are mobile wallets like JazzCash and Easypaisa good for sending money to Pakistan?
Yes, mobile wallets are a fast and low-cost option, especially for small amounts or when the recipient doesn’t have a bank account.

4. Is it safe to send money through online platforms?
Yes, platforms like Wise, Remitly, and Xoom are highly secure and regulated by financial authorities, making them a safe option for transferring money.