Making a money transfer today will seem like an easy process today. You
can log online onto your bank website and input the amount you need to
send. You can even approach a money transfer institute and opt for the
money transfer you want to make.
However, there is more to
clicking a button or approaching a money transfer institute to make the
required transfer. Are you aware you can spend more on your transfer
fees over your transfer amount, or that you may have to pay extra
charges depending on the pick-up location and method?
these factors, there are plenty more that can influence you money
transfer. Therefore, if you are going to make a transfer, here are a few
factors you need to take into consideration. They include:
rate: This is one of the most important factors if not an imperative
one when it comes to opting or making a money transfer. Whether you are
making a money transfer to India or any other country, you must first
check the exchange rate of the value you are sending. Exchange rates can
change in a matter of hours. Therefore, today's value will not be the
same as tomorrow. Therefore, to avoid the possibility of overspending on
your transfer, check the exchange rates.
Transfer fee: Each
institute charges a service fee for making a transfer. Plenty of banks
and financial institutes mostly offer rates and discounts on this
factor, so it is a good idea to take a look at it. In most cases, the
transfer fee depends on the amount that is being transferred or the
location that it is being transferred to.
Pick up method: Some
receivers prefer to collect their transfer through particular modes or
even have them deposited at particular locations. If the bank or
financial institute does not offer the standard pick up methods, they
will offer additional charges for any other drop op service.
method: There are different ways you can make a money transfer in Pakistan. This
can differ from the online transfer, cash deposit or even cheques. Each
of these options will attract different fees or payments. Therefore, it
is crucial that you check each available option before you make the
Transfer time: The transfer time can vary depending on the
payment and collection methods. It can also differ in the location you
want it to be sent to.
Therefore, if you need to make an urgent
money transfer to India or any other country abroad, you will need to
take into consideration the transfer time that will suit your needs, or
you want to reduce it.
Apart from these factors, there are plenty
more that need to be taken into consideration before you make your
decision. It is best to compare all the available factors before
settling on one option.
Currency in Pakistan?
The official currency of Pakistan is the Rupee (PKR) which is made up of smaller change known as paisa (paise plr.) 100 paise are found within 1rupee and the currency is available in both note and coin formats. As the PKR is not considered a major currency, money transfer lengths may be slightly longer than for other areas. Using a broker will help people to get the best possible service and usually quicker transfer rates can be provided at an additional fee.
Notes cover the following denominations: 10.00 Rupees, 20.00 Rupees, 50.00 Rupees, 100.00 Rupees, 500.00 Rupees, 1000.00 Rupees and 5000.00 Rupees
Coins cover the following denominations: 1 Rupee Paisa, 2 Rupee Paise, 5 Rupee Paise, 1.00 Rupee, 2.00 Rupees and 5.00 Rupees.
Banks in Pakistan?
Banks in Pakistan will typically be open Monday to Saturday between the hours of 0900 and 1730 . However, certain exceptions will apply to this and smaller banks may have different times of operation. Religious holidays, such as Ramadan, will typically see banks closed for the period or open only within restricted hours.
Importing currency and commodities in Pakistan?
Exchanging to Pakistan may also be done in some hotels and other establishments, however this can be very limited. A number of other restrictions apply to a money transfer to Pakistan and it is important people are aware of these:
When importing foreign currency through cash or travellers cheques, visitors are not limited by the amount of money they can bring. They are, however, obligated to inform customs authorities when certain amount thresholds are breached such as exports of 100PKR or import of 100PKR in denominations of 10PKR or less.
Gold, silver and jewellery can also be exported from Pakistan but these will be subject to other conditions and limitations.
Forms of Money Transfer to Pakistan?
Some people will transfer money more often than others and therefore different levels of services may be required. Those looking to send money to Pakistan on a regular basis should seek the advice and services of brokers as this will help them attain the best exchange rate. This will help them to make the most of their currency transfer to Pakistan and could see them benefit from fixed exchange rates depending on their situation.