London is the financial capital of the world - home to all things finance (including money transfer services.)
The United Kingdom is home to many leading money transfer companies offering competitive pricing to send money across international borders. If you are looking for ways to send money to Pakistan from the UK, there are many options, whether you want to send money in cash or make a direct bank deposit at one of the major banks in Pakistan.
But there is no size fits all. While your local banks may offer convenience because they are often the first option available to send money to Pakistan, online money transfers offer better exchange rates, lower fees, speed, and a variety of payment options (bank account transfer, credit card, or debit card) and delivery methods (bank account, mobile wallet, cash-pickup, home delivery, etc.)
The best approach is to compare your options and decide the best one for your transfer needs.
Sounds confusing? We got you! Simply compare the offers from top money transfer service providers on CompareRemit.com and choose the option that is best suited to your needs.
Remittances sent home by overseas Pakistanis constitute the single largest source of foreign currency for the country ahead of export. Remittances consistently finance the country's trade deficit and contribute to forex reserves.
Pakistan is on track to receive a record $32 billion in remittances in the current fiscal year 2021-22. Pakistani overseas remittances surged to $15.8 billion during July-December, 11.3% more compared to the remittance received during the same period the previous fiscal year, according to the State Bank of Pakistan (SBP).
Pakistan received $29.4 billion in remittances during the financial year 2020-21 compared to $23 billion remittances received in 2019-20.
Major countries sending remittances to Pakistan are Saudi Arabia, United Arab Emirates (UAE), the United States, and the United Kingdom.
Exchange Rates
Cross-border currency transfers require you to exchange one currency for another. The exchange rate is the value of one currency to another, such as GBP to PKR today. The higher the exchange rate, the more Pakistani rupees your recipient gets for your pounds.
Exchange rates offered by various many transfer companies vary. Always compare the exchange rates provided by multiple money transfer companies. Set alerts for your preferred GBP/PKR exchange rate on CompareRemit.
Transfer Costs
Exchange rates markups and transfer fees are the two main costs while sending money internationally. Some may charge a flat fee or a percentage of your transfer amount.
Banks tend to charge more and may have correspondent bank fees or other hidden charges that can cost you more money than you anticipated. Go for transfer providers with upfront fees and competitive exchange rates. The transfer fees will vary depending on the mode of your payment, transfer speed, delivery method, etc.
Transfer Speed
Faster transfers will come with a higher cost. A case in point is that instant cash pickups are more expensive than transfers to a bank account, which can take a few days for the money to get deposited. Transfers funded by credit cards are quicker but may charge more. So if you are not in a rush, look for a cheaper option when comparing the offers from the various money transfer providers.
Azimo is an online remittance service provider headquartered in Amsterdam, Netherlands. The service is available in Europe, Canada, Australia for instant or one-hour money transfers to 80+ countries. Your first two transfers have zero fees.
With Azimo, you can make a bank transfer to an account in any major bank in Pakistan using their website or mobile app. Or opt for cash pick-up at one of 6,500 pick-up locations. Instant mobile wallet transfer is also available.
Payment can be made with a bank account, credit card, or debit card. If you pay with a credit card or debit card, the money transfer will be done in minutes.
The exchange rate that they offer can be locked in advance. The marked-up can range between 0.05% and 2.50% of the transfer value. And the transfer fees can be either fixed or a percentage depending on the currencies and the pay-in and pay-out method.
Azimo is a cheaper and faster way to transfer funds from the U.K. to Pakistan.
PassTo is a cheap and quick way to send money to over 60 countries worldwide from the UK. They offer an easy-to-use, secure platform that only takes a few minutes to download and sign-up for.
Some of PassTo’s benefits include:
Send money from the UK with PassTo today!
Skrill Money Transfer
Skrill is one of the cheapest options to send money to a bank account in Pakistan. With Skrill, you can send money to a bank account for free, either from its website or mobile app.
You can pay with a bank transfer (direct ACH) or debit or credit card. Payment via credit card will come with a fee. The money arrives in minutes.
Your recipient won't be charged with any fee for receiving the money you sent. They also have an excellent referral program.
Skrill also offers cryptocurrency exchange services. Sign up for an account and start sending money at the cheapest cost.
You can transfer an unlimited amount to Pakistan with Xe money transfer.
Xe is an online international money transfer provider that allows you to make wire payments via their website and mobile app. You only need to provide your recipient's name, address, bank name, account number, and SWIFT code. The money gets deposited into your recipient account in 24 hours or less.
You only pay a small margin on the exchange rates and third-party charges. Sign up with Xe to get a real-time exchange rate quote.
Your transfer can be funded by your bank account, debit, or credit card.
Wise is a London-based online and mobile payment service. It provides one of the cheapest ways to transfer money online to Pakistan from the U.K.
With Wise, you get the mid-market exchange rate and no markups, along with upfront fees. However, your recipient will need to have a bank account to receive your money.
Transfer funded by the bank is cheaper but slower. Faster transfer (in minutes) is available for payment via credit card or debit card. You can also pay via SWIFT (Society for Worldwide Interbank Financial Telecommunications) or PISP (Payment Initiation Service Provider). The SWIFT method will take longer and be more expensive as there will be a bank fee and sometimes correspondent banks fees.
Remitly is a leading digital remittance service provider that provides faster, affordable, and efficient money transfer services.
You can transfer to more than 35 banks like Bank Alfalah, UBL MCB, Habib bank or send cash for pick-up at 9,000+ locations in Pakistan.
There are no fees when you send GBP 200 or more. You are allowed to send as little as GBP 2.99 and the sending limit can be increased on request.
Remitly provides competitive pricing so that you get low transfer fees and great exchange rates for your transfers. Send online on their website or via their app for a bank deposit or cash pick-up for your loved ones in Pakistan.
Normally, it takes 3-5 business days for the money to reach your recipient in Pakistan. If you are in a rush, pay via debit card or credit card that will get your money delivered within a few hours, if not minutes.
WorldRemit, an online money transfer service, is one of the cheapest and fastest ways to send money to Pakistan from the U.K. 90%, and more of the transfers get delivered in minutes.
With WorldRemit, you have many options: bank account transfer, cash-pickup, airtime top, and mobile money networks. Bank transfers are completed on the same day, while cash-pickup is the fastest method, with delivery done in 3 minutes.
Money transfers from the UK to Pakistan can conveniently be done on their website or mobile app conveniently.
WorldRemit charges a fixed fee which is convenient when sending a larger sum of money on top of getting better exchange rates.
Sometimes, you may be asked to verification and check your name and address or even the purpose of your transfer if needed. It is part of their regulatory obligations.
In conclusion, the Pakistani economy has received critical support and help through a consistent upward remittances trend. The sustained inflows have been the consequence of the government's efforts to incentivize the use of formal payment channels, and altruistic transfers to Pakistan amid the global pandemic.
That said, online money transfer providers are generally the cheapest options available in the market. These providers are safe and are well regulated by the financial authorities. They are a better choice than a direct transfer from your bank account in the U.K. because banks have high fees, hidden charges, and slow delivery time.
It is important to compare these money transfer specialists side by side on fees, exchange rates, the amount receivable by the recipient, transfer speeds to get the best deal so that you save more money and your recipient gets more rupees for your pounds.