International money transfer apps have revolutionized the way people send and receive money across borders. Pakistan, like many other countries, has a large population of expatriates who work abroad and send money back home to their families. With the advent of international money transfer apps, the process of sending money to Pakistan has become easier, faster, and more convenient than ever before.
Here are the possible ways:
PayPal is one of the most popular payment systems in the world, and it also allows you to send money to Pakistan. With PayPal, you can send money to Pakistan using a debit card, credit card, or bank transfer. Unfortunately, at this time, PayPal does not offer its full range of services in Pakistan.
– Amount of Time: In general, PayPal transfers can take anywhere from a few minutes to several business days to be completed. If the transfer is funded using a PayPal balance or a linked bank account, the transfer can typically be completed within a few minutes. However, if the transfer is funded using a credit card, the transfer may take longer to complete, as PayPal may need to verify the transaction before processing the transfer.
– Cost: PayPal generally charges a fixed fee per transaction plus a percentage of the transaction amount, which can range from 2.9% to 5% depending on the factors mentioned above. The exact fees and exchange rates for transactions involving Pakistan can vary based on PayPal’s policies and the terms of the specific transaction.
OFX, also known as OzForex, is a global provider of online international payment services for individuals and businesses. It allows users to send and receive money across borders at competitive exchange rates and with low transaction fees.
– Amount of Time: OFX typically takes between 1-3 business days to transfer funds to Pakistan. However, the exact timing will depend on a variety of factors, including local banking processes and holidays.
– Cost: OFX generally charges a fixed fee per transaction plus a percentage of the transaction amount, which can range from $0 to $15, depending on the amount being sent and the payment and delivery options selected. The exact fees and exchange rates for transactions involving Pakistan can vary based on OFX’s policies and the terms of the specific transaction.
Small World is a global money transfer service. The app allows users to send and receive money, pay bills, and top-up mobile phones in over 190 countries worldwide.
– Amount of Time: Small World offers different options for sending money to Pakistan, such as cash pickup or bank deposit. The delivery time can also depend on the location of the recipient and the availability of Small World agents in that area. In general, Small World aims to deliver money transfers within 24 hours or less to most destinations, including Pakistan. However, the exact time it takes for a transfer to be completed can vary based on the factors mentioned above.
– Cost: Small World charges a fee for each transaction, which can range from a flat fee to a percentage of the total amount being sent. Additionally, Small World may also apply an exchange rate markup to the transaction, which can increase the cost of the transfer.
TransferGo is a digital money transfer company that enables people to send and receive money internationally. It was founded in 2012 and is based in London, UK. TransferGo allows you to send money to over 60 countries worldwide, including Pakistan.
– Amount of Time: TransferGo offers different delivery options for sending money to Pakistan, which can affect the transfer time. Here are the estimated delivery times for each option:
Express Delivery: This is the fastest delivery option and the transfer can be completed within a few minutes. However, it may take longer if additional verification is required.
Standard Delivery: This delivery option usually takes 1-2 business days to complete the transfer.
Economy Delivery: This delivery option takes 3-5 business days to complete the transfer.
Please note that these are estimates and the actual transfer time may vary depending on several factors such as the payment method, the amount being sent, and any additional checks required by TransferGo or the receiving bank in Pakistan.
– Cost: TransferGo charges a small transfer fee for each transaction, which typically ranges from 0.99 GBP to 2.99 GBP, depending on the delivery method and the country you are sending money from. In addition to the transfer fee, TransferGo also adds a markup on the exchange rate, which is how they make money on the transaction.
InstaRem is a digital cross-border money transfer platform that allows individuals and businesses to send and receive money across borders quickly and securely.
– Amount of Time: In general, most transfers with InstaRem are completed within one to three business days. However, some transfers may take longer, depending on the specific circumstances of the transaction.
It’s also worth noting that InstaRem offers an “Express Transfer” service, which guarantees faster transfer times for an additional fee. With Express Transfer, some transfers can be completed within a matter of hours.
– Cost: InstaRem fees for sending money start from as low as 0.25% of the transfer amount, with a minimum fee of USD 1 or equivalent in the sending currency. Fees may vary based on the currency pairs involved, and there may also be additional fees charged by intermediary banks or the recipient’s bank.
InstaRem also offers a “Zero-Margin FX Rate” option for certain currency corridors, which means that they don’t mark up the exchange rate, and the rate you see on their website or app is the same rate you get when you complete the transfer. This can save you money on currency conversion fees.
WorldFirst is a global currency exchange and international money transfer company that allows individuals and businesses to send and receive money across borders in multiple currencies.
– Amount of Time: In general, WorldFirst aims to complete transactions within 1-4 business days after receiving the funds from the customer. However, this timeframe can be longer or shorter depending on the specific circumstances of the transaction.
– Cost: WorldFirst charges a small margin on the exchange rate, which is usually between 0.5% and 2% of the total transaction amount.
Payoneer is an online payment system that provides a digital payment platform for businesses, freelancers, and online sellers to receive and make payments globally. Payoneer is a popular payment solution for freelancers and online sellers, as it allows them to receive payments from marketplaces such as Amazon, Upwork, Fiverr, and Airbnb, among others.
– Amount of Time: The time it takes to complete a task with Payoneer depends on several factors such as the type of transaction, the country involved, and the payment method used. In general, Payoneer aims to deliver payments within 2-5 business days to most destinations, including Pakistan. However, the exact time it takes for a payment to be completed can vary based on the factors.
– Cost: Here are some general fees that you can expect to encounter when using Payoneer:
- Receiving payments from other Payoneer users is free of charge.
- Receiving payments from companies or individuals outside of Payoneer can range from 0% to 3% depending on the payment method used.
- Withdrawing funds from a bank account can cost between $1.50 and $10, depending on the country and currency involved.
- Withdrawing funds from a prepaid card can cost between $1.50 and $3.00, depending on the country and currency involved.
- Currency conversion fees can range from 0.5% to 2% depending on the currency and payment method used.
Western Union is a financial services company that provides money transfer services to individuals and businesses. Western Union allows customers to send and receive money through various channels, including in-person at agent locations, online through its website or mobile app, or through bank transfers.
– Amount of Time: In general, sending money through Western Union can take anywhere from a few minutes to several business days. If you’re sending money in person at an agent location and paying with cash, the recipient can typically pick up the funds within minutes. If you’re sending money online or through a bank transfer, it may take a few business days for the funds to be processed and reach the recipient.
– Cost: Western Union’s fees are typically a combination of a flat fee and a percentage of the transfer amount. The flat fee can range from a few dollars to several dollars depending on the country and the payment method. The percentage fee can range from 0.5% to 3% or more depending on the countries involved and the amount of money being sent.
Azimo allows users to send money via its website or mobile app, with transfers typically taking only a few minutes to process. Users can pay for their transfers using a bank account transfer, debit or credit card, or Apple Pay.
– Amount of Time: For example, if you choose to send money to a Pakistani bank account using Azimo’s bank transfer service, it can take between 1-3 business days for the funds to be credited to the recipient’s account, depending on the recipient bank’s processing times.
– Cost: Azimo’s fees vary depending on the specific transfer details, but the company generally charges a flat fee or a percentage of the transfer amount, whichever is higher. In addition to the fees, Azimo also applies a markup on the exchange rate used for the transfer. The fees and exchange rates offered by Azimo are generally competitive compared to other money transfer services.
TransferWise is a popular international money transfer app that is used by millions of people around the world. The app is known for its low fees, fast transfers, and excellent exchange rates.
– Amount of Time: The amount of time it takes for a transfer with TransferWise to be completed depends on several factors, such as the currencies involved, the payment method used, and the processing times of the recipient’s bank. However, TransferWise typically completes transfers within one to four business days. For some currency routes, such as transfers between USD and EUR, TransferWise can often complete the transfer within a few hours. In general, transfers that are funded using a debit card or credit card are processed more quickly than those funded by bank transfers.
– Cost: The cost of using TransferWise to transfer money internationally depends on several factors, such as the amount of money being transferred, the currencies involved, and the payment method used.
For example, for a transfer of $1,000 from USD to EUR, TransferWise’s fee is currently 0.52% of the amount being transferred, or $5.20. This fee includes the exchange rate markup, so customers know exactly how much they will pay upfront.
It’s worth noting that if the transfer involves a currency conversion, TransferWise may charge an additional fee for converting the currency. This fee varies depending on the currency pair involved, but it is typically around 0.35% of the amount being converted.
Remitly is an online money transfer service that allows people to send and receive money across borders. Remitly has received positive reviews from customers and has been recognized as one of the fastest-growing companies in the United States. The company has also received numerous awards for its innovative technology and commitment to customer service.
– Amount of Time: In general, Remitly offers two services: Express and Economy. The Express service typically takes between a few minutes to 24 hours for the money to be delivered, while the Economy service may take up to 3-5 business days. However, the exact time frame can vary depending on the specifics of the transfer.
– Cost: For example, if you are sending $1,000 to Pakistan using Remitly’s express service, the fee will be around $9, while the fee for the economy service will be around $0, as they offer the first transfer free of charge. However, the exact fees can vary depending on certain factors
WorldRemit is a global online money transfer service that allows people to send money to family and friends in over 130 countries around the world. Recipients can receive money in various ways, such as bank deposits, cash pickup, mobile money, and airtime top-up. The service is available through a website and mobile app.
– Amount of Time: In general, most WorldRemit transfers to Pakistan are processed within minutes, although some transfers may take up to 24-48 hours to be completed. If additional security checks are needed, the processing time may be extended. It’s important to note that bank holidays and weekends may also affect the processing time of a WorldRemit transfer in Pakistan.
– Cost: Generally, WorldRemit’s fees for sending money to Pakistan range from around USD 2.99 to USD 14.99 per transaction, depending on the transfer amount and payment method used. In addition to the transaction fees, there may also be other costs involved in the transfer, such as currency exchange fees or bank fees.
Xoom is an international money transfer app owned by PayPal that allows you to send money to Pakistan. The app is known for its fast transfers and competitive exchange rates. With Xoom, you can send money to Pakistan using a debit card, credit card, or bank transfer.
– Amount of Time: Generally, Xoom transfers to Pakistan can be completed within minutes or a few hours, but some transfers may take longer depending on the circumstances. It’s worth noting that Xoom may also have cut-off times for transfers, meaning that transfers initiated after a certain time may not be processed until the next business day. Additionally, Xoom may also delay or hold transfers for security or compliance reasons, which could further delay the time it takes for a transfer to be completed.
– Cost: Xoom charges a transaction fee for each transfer, which can range from $0 to $4.99, depending on the payment method used and the transfer amount.
Ria Money Transfer
Ria Money Transfer is a global money transfer service provider that allows individuals to send and receive money from over 160 countries worldwide. Ria offers various money transfer options, including bank transfers, cash pickups, and mobile wallet transfers.
– Amount of Time: Generally, Ria Money Transfers can be completed within minutes for cash pickups, while bank transfers and mobile wallet transfers may take up to 3-5 business days. However, transfer times can also depend on factors outside of Ria’s control, such as local banking hours, public holidays, and any required verification processes.
– Cost: Ria Money Transfer fees typically range from a few dollars to around 5% of the total transfer amount. Cash pickup transfers generally have higher fees than bank transfers or mobile wallet transfers. However, Ria is known for offering competitive exchange rates, which can help offset the fees.
MoneyGram’s money transfer services allow customers to send money to over 200 countries and territories around the world, in various currencies. The company also offers online and mobile money transfer services, making it convenient for customers to send and receive money from their mobile devices.
– Amount of Time: MoneyGram offers different options for sending money, such as:
Same-day service: This option allows the recipient to receive the money on the same day the transfer is initiated, as long as the transfer is completed by a certain cutoff time and all required information is provided.
Economy service: This option is usually cheaper than the same-day service, but it may take several days for the recipient to receive the money.
– Cost: MoneyGram’s fees for sending money from the United States to Pakistan can range from $0 to $50, depending on the amount being sent and the payment and delivery options selected. However, the fees and exchange rates may vary based on the country where the transaction is initiated and the currency being used.
- ACE Money Transfer