Pakistan is one of the easiest countries to send remittances. In 2016, the State Bank of Pakistan, Ministry of Overseas Pakistanis and Ministry of Finance launched a joint initiative to enhance the flow of remittance. They called their program Pakistan Remittance Initiative (PRI). Goals are to make the remittance flow faster, cheaper, easier and more convenient for foreign migrants to send to families and relations in Pakistan. The program also seeks to create investment opportunities in Pakistan for overseas Pakistanis so that they get more return from their remittance funds.
Pakistan continues to be one of the top 10 countries in the world to receive an attractive amount of remittance from migrant workers in key countries including the U.S mainly for the purpose of professional and business engagements. According to the State Bank of Pakistan (SBP), expatriate Pakistanis remitted $19.9 billion in 2015-16, an increase of $1.2 billion to the $18.7 billion received 2014-15.
On the whole, remittances in Pakistan averaged 2466.57 USD million from 2002 until 2016, reporting a slump of 906 USD million in the third quarter of 2003 and a peak of 5529 USD million in the second quarter of 2016. Reasons for the increase in remittance flow can partly be traced to improved banking channels that provide quick and free money transfer services to overseas Pakistanis.
Helps remittance users to find the best way to send money abroad to their loved ones, friends and family
Makes it easier & more profitable for businesses to make international payments & global transfer
Creates a marketplace for money transfer providers to reach out to a highly valuable remittance audience
Every morning, the first thing I do is refresh the CompareRemit page on my phone browser. It used to be a search for "dollar rate in India today" on Google. After CompareRemit, I have registered to half a dozen online services and choose the best one on pay day to remit money to India.
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