Sending money from the UK to Pakistan in 2024 should be simple, yet doing so can sometimes pose a challenge. Factors like regulatory environment, compliance, AML requirements, and more can often make it difficult to complete what is supposed to be a simple transaction.
Fortunately, some services work in the UK and Pakistan, such as Wise, TorFX, or Currencies Direct, among others. This guide will help you find the best service for sending money to Pakistan without breaking the bank.
Top Money Transfer Providers to Send Money to Pakistan
Money Transfer Provider | Fees | Deposit Methods | Regulator(s) |
|---|---|---|---|
Wise | £0.45 + 0.62% | ACH, wire transfers, debit/credit card | FCA, FinCen, MAS, BSP, and many others |
Western Union | Free for first transfer | Pay in-store, bank account, credit/debit card, mobile app, phone call | FCA and other global regulatory bodies |
WorldRemit | £1.99; first 3 transfers free | Bank deposit, debit card, credit card | Regulated by the FCA in the UK |
Wise is considered to be one of the best money transfer services across the board, with the top total rating out of all available services that let you send money from the UK to Pakistan. You can send transfers to Pakistan in a matter of seconds.
Wise may be beaten on fees by providers that offer your first transfer free, but the provider’s exchange rate still puts it ahead of much of the competition. Unfortunately, Wise imposes a maximum pimit of 980,000 PKR (roughly £2,750), so you’ll need to look elsewhere for large transfers.
However, it is regulated in numerous markets, and it supports multiple deposit and withdrawal methods. Wise’s multi-currency account, card, and array of business features mean it’s also a popular choice with travellers and employers.
- Transparent fees
- Real exchange rates
- Multi-currency accounts
- Cash deposits not accepted
- Operates at bank transfer speed
Western Union is considered to be one of the money transfer services with the greatest reach. The platform offers an integrated calculator that will let you know how much you need to pay for a particular transaction. It is regulated, it operates worldwide, and it features multiple deposit and withdrawal options.
Western Union also provides a tracking number, so it’s easy to keep tabs on where your transfer is, whether you’re the sender or receiver. You can transfer online, in person, or through the Western Union app. Unfortunately, there is an upper limit of £4,000 on transfers to Pakistan.
- Global reach
- Diverse delivery options
- Fast transfers
- High exchange rate margins
- High transfer fees for some methods
WorldRemit is one of the fastest and cheapest money transfer services available, with very low fees, a licence to operate in the UK and Pakistan, and some of the most popular deposit and withdrawal methods supported.
WorldRemit provides some interesting options, such as instant mobile money transfers and airtime top-ups. It also facilitates larger transfers up to a limit of £100,000.
- First three transfers are free
- User-friendly platform
- Global reach
- Limited transfer methods
- Limited customer support
How to Send Money to Pakistan Using a Money Transfer Provider
The process of sending money to [country] by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!
Step 1: Compare Providers to Find the One That Best Fits You
Step 2: Sign Up with the Chosen Provider
Step 3: Transfer Money
What Are the Fastest Ways to Send Money to Pakistan?
Finding the fastest money transfer provider involves considering several factors, including the transfer method, payout options, and destination country. However, the fact is that fast payments often require you to pay for the speed.
Money Transfer Provider | Transfer Speed | Fees | Get Started |
|---|---|---|---|
Wise | Seconds | £0.45 + 0.62% | |
WorldRemit | Minutes | £1.99; first 3 transfers free | |
Remitly | Minutes to hours for Express | £0.99 or £2.99. Free for 1st transfer or over £200 |
The providers listed above are among the fastest and cheapest methods of sending money from the UK to Pakistan. They also offer a variety of deposit and withdrawal methods, enabling users to choose faster options if they wish.
What Is the Cheapest Way to Send Money to Pakistan?
If your top priority is sending money at a lower cost rather than at great speed, you might be interested in one of the following services. The fact is that most of the time, having cheap transfers means having slower speeds, so your choice of a service will depend on where your priorities lie.
Money Transfer Provider | Fees | Transfer Speed | Get Started |
|---|---|---|---|
XE | Free | Minutes | |
Remitly | Free for 1st transfer or over £200. £0.99 or £2.99 otherwise | 3-5 days for economy | |
Western Union | Free | 1 business day |
According to our research, all of the listed services allow users to send money from the UK to Pakistan for free. There is still an exchange rate that might make users favor one service over others, and it is worth noting that some of these services may charge fees for other countries.
What Is the Safest Way to Send Money to Pakistan?
The most important thing when it comes to sending money from the UK to Pakistan is to remember that safety comes first. That means choosing a reputable and reliable money transfer service, verifying the recipient’s details in order not to lose the money by entering the wrong data, and monitoring your transactions.
Remember also to be wary of scams and phishing attempts, as scammers often target those who look for ways of sending large amounts of money, but are not tech-savvy and aware of potential pitfalls. This is why educating yourself about common scams can go a long way in helping you avoid them, and ensuring that the money ends up where it’s supposed to.
What Are the Best Apps to Send Money to Pakistan?
If your main concern is not the speed of transfers, the cost of sending the money, or even the exchange rate, but the user-friendliness of the service’s app, then the following are the best services to use.
Money Transfer App | Transfer Time | Fees | Download Now |
|---|---|---|---|
Wise | Seconds | £0.45 + 0.62% | |
WorldRemit | Minutes | £1.99; first 3 transfers free | |
Remitly | Minutes to hours for Express; 3-5 days for Economy | Free for 1st transfer or over £200. £0.99 or £2.99 otherwise |
The services listed above mostly require a similar time to deliver the funds from the UK to Pakistan, but their fees can vary from none to nearly £2. However, they are all known for user-friendly apps that are easy to navigate, even for first-time users who have no prior experience with sending money internationally.
Things to Consider When Sending Money to Pakistan
If you need to send money to Pakistan, there are several things you need to consider first. This will largely depend on the reasons why you are sending money.
However, some things are a common factor for everyone, regardless of their reasons, such as:
Local Authorities
The State Bank of Pakistan (SBP) is the primary regulatory authority overseeing money transfers in Pakistan, including the AML and CTF measures in the country. According to SBP, there is no restriction on receipt of remittances from abroad either in foreign currency or by debit to non-resident Rupee accounts of banks’ overseas branches or correspondents.
However, for recurring remittance, citizens need to obtain a permit which can vary depending on the type of permit that is needed, which in turn depends on how often the money arrives, how much money is transferred, and more.
How Much You Are Sending Abroad
The amount you are sending abroad also plays a large role in Pakistan. Pakistan increased the limit on the maximum amount of money you can receive from abroad in 2023, which currently sits at the rupee equivalent of $100,000 (~£78,383).
Meanwhile, there is also a limit of 500,000 PKR per transaction. An amount larger than that might be rejected, or held by the bank while it examines the transaction, its purpose, origins, and other details.
The Cost of Money Transfer
The amount of money you send to Pakistan using some money transfer services could also affect the transfer costs. With services that charge transfer fees, often, the more you send, the more you pay.
As we have seen, some services allow you to send money to Pakistan without transfer fees alone. However, you must still keep the exchange rate in mind, as that will be charged no matter which money transfer service you use.
Some transfer providers have features that let you reduce fees, such as forward contracts offered by Wise or a guaranteed rate - an exchange rate guaranteed for a specific period.
Payment Type and the Reason for the Transfer
Payment type and reason play a significant role in international fund transfers. Providing a detailed purpose of payment can often help avoid unnecessary delays.
There are different implications depending on whether you are sending money to Pakistan for business purposes, personal payments, gifts, or salaries. The biggest implications concern the tax that you may have to pay. However, our research has not found any rules that obligate citizens in Pakistan to report the funds they receive manually.
Tax Regulations in Pakistan
The person receiving the funds in Pakistan will have to pay taxes on the money received. This is due to the regulations imposed by the Pakistan Income Tax Ordinance 2001. The document says that any money received from overseas is considered taxable income. However, the amount and purpose of the transfer dictate the tax rate.
Pakistan’s government also says that the payment source must be explained, as remittances exceeding 5 million PKR are not added to taxable income. However, if the source of foreign remittance is not explainable, such an amount will be added to income chargeable to tax.
The funds received in the form of a foreign-source salary by a resident individual are exempt from tax in Pakistan if the individual has paid foreign income tax with respect to that salary.
What Do You Need to Send Money to Pakistan?
If you wish to send money to a recipient based in Pakistan, you will need certain details. However, this depends on the payment method that you choose.
By far the most information is required for bank transfers. To make a transaction, you need:
Recipient’s full name
Address
Bank name
Account number
IBAN code
Swift/BIC code
Transaction purpose
Your identification details
Transfer amount and currency
Paying transfer fees
However, if both you and a recipient have accounts with one of the money transfer providers, the process could be much simpler, as all you need is their account number.
What Do You Need to Receive Money in Pakistan?
If you are a citizen in Pakistan receiving an international transfer, the requirements may vary depending on the payment method. If you and the sender hold accounts within the same money transfer provider, you can likely find the funds in your account.
If you receive the money via bank, you may need the following information:
Account holder’s name
Account number
An ID card
Transaction purpose
Contact information
Transaction reference or confirmation code
Specifying the currency in which you are expecting to receive the funds
