Once upon a time, people used to turn down several profitable projects due to the lack of money transfer options from the USA to Pakistan. However, those days are gone now. Are you a freelancer from Pakistan? Or are you someone who has been working in the USA and has a family in Pakistan? Whatever the case, you have come to the right article.
In this article, we have mentioned several methods to send money to Pakistan from the USA. Moreover, we discussed the cheapest and fastest ways to adopt safe and secure online money transfers to Pakistan.
We will discuss everything in detail, whether you choose a bank account or an online money transfer platform. Which delivery method is the most suitable, and how can you avoid transfer fees? The answers to all these questions are discussed here. So, let us dive into the article.
Factors to Consider Before Sending Money Abroad
Since we have been discussing several platforms and payment methods for transferring money to Pakistan from the United States, what are the essential things to consider, and how are they involved in transfers? Let us find answers to these questions below:
Money Transfer Fees
To send money online, you must consider the transfer fees upfront. All platforms earn their profits this way by acting as a third-party resource between you and the receiver. Thus, choose the method which offers the most nominal transfer fees.
The foreign exchange rates vary from instant to instant, and it will not be wrong to say that the rates fluctuate in the blink of an eye. So, you must be careful when making a move and which platform to trust, and there should be no risk involved here. Moreover, always go with the one that constantly updates the exchange rates with the market values.
If you are going for an online application like Payoneer, Western Union, or TransferWise, you must register first. The online application is usually simple and gets cleared within a few days till the verification process completes. However, it might sometimes ask for extra details or documents, making it complicated. Thus, choosing a platform with a simple and straightforward application procedure is recommended to avoid confusing yourself.
Safety is the most critical factor among all money transfer methods, and if it neglects the user’s safety, it is not worth trying. Moreover, when registering, you provide all your details to be encrypted and kept confidential. Therefore, do not compromise on safety by prioritizing low fees or exchange rates; that is the last thing that matters.
Why Do People Transfer Money to Pakistan from the USA?
The first question is why people need to send money to Pakistan. We all require cash in one way or another. Whether it is sending to family and friends or receiving money from a loved one, thus, you could be one too. So, for several people, the answer is that they belong to Pakistan, and it is their homeland.
Likewise, those who have shifted to the USA for studies or work need to transfer money to their relatives. Also, people like to secure a house in their homeland. Therefore, you may need to transfer money for real estate payments as well.
The most recent and popular cause is sending money to a charitable organization in Pakistan. So, even if you are residing in the United States, there are several different causes you may want to send money to Pakistan.
What are the Most Inexpensive Ways to Send Money to Pakistan?
When it comes to transferring money, you will find several options that are not affordable. Every platform involves transaction charges that may cost you more than the money you wish to send abroad.
Several platforms offer low fees and have reasonable exchange rates that are much similar to the market rates. A few famous examples that everyone might be familiar with include Xoom, TransferWise, Western Union, and Remitly. Although they offer transparent rates, they are not safe options. Moreover, the money transfer process is also somewhat complicated.
Sending Money Via an Online Platform
Most people prefer using a bank account for foreign money transfers. It is a direct and convenient method, and you may have to pay high transaction fees upfront. Likewise, there are a few other platforms like PayPal and Payoneer that offer safe money transfers abroad. Some are available in Pakistan, while others are still yet to come.
Therefore, we have discussed all available options for online money transfers to Pakistan. Moreover, we evaluated them based on many factors like exchange rates, transfer fees, etc.
Payoneer – The Best Option for Sending Money to Pakistan from the USA
So far, we have discussed several options for sending money online from the USA to Pakistan. In addition, we have also looked into the factors that play a significant role in deciding whether the platform is worth trying. So, what is the most reliable option for a money transfer to Pakistan?
Considering the convenience, hassle-free delivery, and low transaction fees, it leaves us with the only platform, Payoneer. It offers an extensive range of payment methods through email addresses, the company’s website, and a local account. Moreover, you can make payments via a debit card or send money directly to a bank account.
Several banks in Pakistan and the United States have collaborated with Payoneer to improve the money transfer process. Therefore, you do not have to worry about having your money stuck with the platform. It also provides options via e-wallets like EasyPaisa and JazzCash in Pakistan.
Regarding transfer fees, Payoneer offers a free money transfer from Payoneer to Payoneer. Therefore, no extra charges are involved, and it does not have a specific limit. Nevertheless, you must pay their transaction charges when withdrawing from a local bank account or an e-wallet. Thus, Payoneer is the safest and cheapest way to transfer the amount without additional costs. So, start sending money today to your loved ones in Pakistan with a safe and secure method now!
Sending Money Via a Bank Account
Transferring money from one country to another is the safest if done through bank accounts. All you need are your bank details and the recipient’s bank account details to complete the process. You do not need to go around signing up on different online applications or including third-party sources. However, it is not as steadfast as it seems.
The major drawback that comes with bank transfers is the high transaction fees. Moreover, you might be satisfied after making a payment, but the delivery time is unknown. Most banks operate on business days and do not care about delaying payments for over a week. Therefore, a bank transfer is not convenient if you need to make an urgent payment.
Another drawback is the issue with currency and exchange rates. Almost all banks charge for converting from one currency to another. Hence, you will have to pay their currency exchange and transaction fees.
Unfortunately, the exchange rate is not similar to the market rate. Thus, suppose the dollar rate is 220 rupees in the Pakistan open market, and the bank’s exchange rate is 216 rupees. You will have to pay for this loss. Therefore, considering all these factors, we recommend not choosing a bank transfer when sending money abroad.
Alternatives You Can Use to Send Money to Pakistan From USA
If you have not heard about Xoom, that is alright, but you would know about PayPal. Xoom is another brand that the famous company PayPal runs. It allows you to transfer from as low as ten dollars to ten thousand dollars. However, it charges high fees, so it is not very economical.
Next, we have TransferWise. It is also a known brand for sending online money and offers a low transaction fee of around seven dollars for every transaction of 50 dollars. So, that saves you 42-43 back. However, the registration process is not easy and takes a lot of time for verification.
Western Union offers an easy way to apply for a bank account and a mobile wallet. Moreover, it also has an option for cash pickup. You can choose your payment method from a credit or debit card and receive a confirmation email. However, their customer support is not credible, and people often complain about that.
Wrapping It Up
Are you struggling to find the correct way to send money to Pakistan from the USA? Money transfer can be tricky, especially when you have never done it. For countries like Pakistan, we have a limited set of options available.
However, this article elaborates on sending money to Pakistan bank accounts or an e-banking platform. Moreover, we have also discussed the best, cheapest, and fastest ways to transfer money.
So, go through the guide, sign up on Payoneer and send money safely.
For more info on how to send money check out our ecom resource library.
Paul Martinez is the founder of EcomSidekick.com. He is an expert in the areas of finance, real estate, eCommerce, traffic and conversion.
Join him on EcomSidekick.com to learn how to improve your financial life and excel in these areas. Before starting this media site, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.