WorldRemit introduces fee free transfers to Pakistan
Blog post by Hamza Islam, Country Director for Pakistan at WorldRemit
Remittances provide a lifeline for millions of Pakistani families so, at WorldRemit, we’re always looking for ways to help make your money go further. To support the Pakistani diaspora community and their loved ones, we have recently introduced zero fees on transfers of $210+ or equivalent* to Pakistan.
The Impact of Remittances to Pakistan
International remittances are often described as the backbone of our country’s economy and are a vital source of income for millions of Pakistani families. The World Bank estimates that Pakistan received over $20 billion in 2018, representing nearly 7% of its GDP. The majority of remittances are sent from Overseas Pakistanis living in the Middle East, United Kingdom, United States, Canada and Singapore.
Remittances stimulate growth and investments, and have been credited for helping to balance payments towards imports. At a household level, remittances help families pay for essential needs such as healthcare and education. Recent research by WorldRemit found that 450,000 Pakistani children are in school as a result of receiving international remittances.
However, experts estimate that a significant portion of remittances sent to Pakistan go through informal channels including friends, relatives or other non-recorded sources such as hawala. Sending money through unregistered third parties is risky as they do not have any legal systems in place to protect you against fraud and there are no guarantees that your money will arrive in your recipients’ hands when they need it most.
WorldRemit has waived fees on transfers to Pakistan so we can offer our customers living in over 50 countries fast, secure and fee free money transfers to Pakistan.
How to send money to Pakistan with WorldRemit
Sending money with us is easy. Customers can send money in a few taps from their phones and we offer a wide variety of pay-out options including bank transfer (which takes 2 working days), instant cash pickup, airtime top-up and mobile money.
The fee waiver will be applied automatically on transfers of $210+ or equivalent*, and we’ll send confirmation to both you and your recipient by SMS and email once your money is sent and received. You can also use our ‘Track your Transfer’ function to track your money’s journey in real time. Through waiving our fees to Pakistan, we hope to further support our Overseas Pakistani customers and enable more of their hard-earned money to reach those that matter most.
*For customers sending in currencies other than USD please see WorldRemit website for fee waiver threshold.