Whether you’re sending money to family, for business, or other purposes, it’s essential to know the most reliable and cost-effective methods to transfer money from Pakistan to the UAE. The process can be simple if you know your options and understand the associated costs, exchange rates, and requirements.
This guide will walk you through the various methods available for transferring money from Pakistan to the UAE, along with the steps, tips, and things to consider.
Using Bank Transfers
Bank transfers are one of the most secure and reliable ways to send money internationally. Almost all banks in Pakistan provide international remittance services that allow you to transfer funds directly to an account in the UAE.
Steps to Transfer Money via Bank:
Step 1: Visit your local bank or use online banking if available.
Step 2: Provide the recipient’s details such as the IBAN (International Bank Account Number) and SWIFT code of the UAE bank.
Step 3: Fill out the transfer request form, including the amount to be sent.
Step 4: Pay any associated fees for the international transfer.
Step 5: Confirm the exchange rate and ensure you are getting a fair deal.
Banks may take 1-3 business days to process the transaction, depending on the specific bank and the amount being sent.
Fees and Exchange Rates:
Banks typically charge a service fee for international transfers, which can range from PKR 1,000 to PKR 3,000, depending on the amount and destination.
Exchange rates offered by banks are generally lower than those from money exchange services or remittance platforms.
Using Money Transfer Services
Several global money transfer services operate between Pakistan and the UAE, offering a fast and often cheaper alternative to bank transfers.
Popular Money Transfer Services:
Western Union: A well-known and reliable service that allows instant cash pickup or bank deposit in the UAE.
MoneyGram: Similar to Western Union, MoneyGram also provides fast transfers that can be picked up at any of their locations or deposited into a bank account.
RIA Money Transfer: Offers competitive rates and allows both online and in-person transfers.
ACE Money Transfer: A popular service used for remittances from Pakistan, offering fast transactions and competitive rates.
Steps to Send Money via Money Transfer Services:
Step 1: Visit a local branch of your preferred money transfer service or use their online platform.
Step 2: Provide the recipient’s details and choose the amount to send.
Step 3: Pay the transfer fee and confirm the exchange rate.
Step 4: You will receive a tracking number (for cash pickups) that you can share with the recipient.
The transfer typically takes minutes to a few hours for cash pickups or 1-2 business days for bank deposits.
Fees and Exchange Rates:
Transfer fees for services like Western Union and MoneyGram can range between 1.5% and 3% of the transaction amount.
These services often provide better exchange rates compared to banks, making them a popular choice for remittances.
Using Online Money Transfer Platforms
Online money transfer platforms are becoming increasingly popular due to their convenience and competitive rates. They allow users to send money directly from a mobile app or website, eliminating the need to visit a physical branch.
Top Online Platforms for Sending Money:
Wise (formerly TransferWise): Known for offering transparent fees and real exchange rates, Wise is an excellent choice for sending money to the UAE.
Xoom: A service by PayPal that provides fast transfers to banks or for cash pickup in the UAE.
Payoneer: Frequently used for business transfers, Payoneer is a great option for larger transactions.
Remitly: Offers both fast and economy options depending on how urgently you need the money delivered.
Steps to Send Money Online:
Step 1: Create an account on your preferred platform and verify your identity.
Step 2: Link your Pakistani bank account or debit/credit card.
Step 3: Enter the recipient’s bank details or choose the cash pickup location.
Step 4: Pay the transfer amount along with any associated fees.
Step 5: Monitor the transfer status online.
Online platforms typically offer transfers within a few minutes to a few hours, depending on the service level chosen.
Fees and Exchange Rates:
Online platforms often charge a lower fee (1% to 2%) compared to traditional banks and money transfer services.
Exchange rates are generally more favorable, but it’s crucial to compare rates across different platforms to ensure you get the best deal.
Using Mobile Wallets
Mobile wallets have grown in popularity, providing an easy way to transfer money internationally. Both Pakistan and the UAE have introduced digital payment services that allow cross-border transfers.
Popular Mobile Wallets:
JazzCash: One of Pakistan’s largest mobile wallets, it offers international transfers to bank accounts and other wallets.
Easypaisa: Another major mobile wallet in Pakistan that supports remittances to the UAE through partner services.
UAE Mobile Wallets: Services like Payit and eWallet offer easy access to remittances from Pakistan.
Steps to Transfer Money via Mobile Wallet:
Step 1: Register for the mobile wallet service and top up your account.
Step 2: Choose the international transfer option and enter the recipient’s details.
Step 3: Confirm the transfer amount and pay any associated fees.
Step 4: The recipient can receive the money in their bank account or mobile wallet.
Transfers through mobile wallets are usually fast, taking a few minutes to an hour depending on the service.
Fees and Exchange Rates:
Mobile wallets generally offer lower fees compared to traditional banking services.
Exchange rates may vary, so it’s advisable to check before making a transfer.
Key Considerations When Sending Money
Exchange Rates
Exchange rates can significantly impact the amount the recipient receives. It’s always best to compare rates between services before making a transfer.
Transfer Speed
The speed of the transfer depends on the method you choose. Online platforms and mobile wallets typically provide the fastest options, while bank transfers might take longer.
Transfer Fees
Fees can vary widely across different services. While banks often charge higher fees, online platforms and money transfer services offer competitive pricing.
Security
Always choose a trusted service with a strong reputation. Avoid services that don’t have proper security measures, as you may risk losing your money.
Sending money from Pakistan to the UAE has become easier and more efficient thanks to the various transfer options available. Whether you prefer traditional bank transfers, online platforms, or mobile wallets, it’s important to compare exchange rates, fees, and transfer speeds to get the best deal. Make sure to select a trusted service that fits your specific needs for a smooth and secure transaction.
