If this is your first time sending money to Pakistan, make sure to choose the best method. Usually, when it comes to online transfers, you have two options to choose from: the bank and the money transfer service provider.
Read on to learn more.
Choose the Right Option
You have several options to choose from:
- Bank draft
- Money transfer
- Online remittance
- Money Order
Some methods are easier than others – but – they can take longer and aren’t ideal if there is an emergency. Other methods are faster but come with higher fees. No matter what you choose regarding how to send money to pakistan, make sure to choose a reliable and trusted service provider.
If you are planning to send money to Pakistan more than one time – make sure to select a money transfer service provider that is convenient for regular use.
Assess the Exchange Rate
You have different money transfer service providers to choose from, which is why it is incredibly important to check the difference in their fees and exchange rates. You might be new to this entire money transfer system, which is why you should know that the term “exchange rate” refers to the rate that applies when one currency is exchanged into another.
The exchange rate is prone to fluctuation, and it depends on the method that you use to exchange money. Besides, global occurrences, such as earthquakes, political situations, and financial issues, also impact global exchange rates.
How to Calculate the Total Cost?
Now, when it comes to sending money to Pakistan, you must calculate the total cost of the transfer. On that note, at the time of calculating the total cost, assess the following things:
- Are you opting for the real-time and accurate exchange rate?
- Are you dealing with an upfront transparent fee?
- Are there any hidden fees that you don’t know about?
- What is the amount the recipient will receive in Pakistan?
Make sure that you choose a money transfer service provider that enables you to make the money transfer at a real-time and accurate exchange rate. The best thing you can do is to choose a money transfer service provider with no fees or minimum fees.
Also, double-check the amount that the recipient will receive after the transfer is made. Make sure to get accurate information to avoid mistakes, such as accidentally sending the money to someone else.
Assess the Time of Transfer – Avoid Holidays
Now, if you are sending money to Pakistan, you must keep in mind that time plays a crucial role, and if you send money at the wrong time, it can lead to unnecessary delays. For instance, bank holidays, as well as public and religious holidays, can affect the time of the money transfer. This aspect affects both the sender and the recipient.
Keep in mind that some Muslim countries, such as Pakistan, have a different work week than the European or American work week. Avoid sending money close to public and religious holidays, such as Eid. By choosing the right time, you can avoid unnecessary delays.
