Consider Fees, Legality And Speed Of Service Before You Transfer Money To Pakistan

One of the oldest ways to send money to Pakistan is the hawala

. Based largely on the honor system and Islamic law, this money transferring service is now considered illegal and outdated, thanks to terrorists using it launder money. Some still use it today illegally, which involves the hawala broker implementing a fee for the service, then calling the broker closest to the recipient's location and promising to pay them back after finishing the transaction. Though there are those out there in the Pakistan area that still use the hawala method, since it is no longer legal, you should consider other ways to transfer money to Pakistan.

If you expect your family to need money at some point, you should be prepared. Sending them a prepaid debit card is one good way to do so. It will take days for your family members to receive the card in the mail, particularly overseas to Pakistan, so you should send them one as soon as you move away. That way, if they have an emergency, you can simply call or use the Internet to add funds to the card, which will be available instantly. Fees are small, usually about $5, and if they never use the card, you never have to add money to it. Clearly, this method is fast, but only once your family has received the prepaid debit card.

For situations in which your relatives need money within a day or so and do not have a prepaid debit card, you can go through your bank. National Bank of Pakistan, based in New York, is one financial institution that allows you to remit funds fast. Fees are a percentage of what you send. If you need to transfer $100, expect to pay about $12, while a $500 transfer requires a fee of $23. The most you can send at once is $7500, which carries a fee of $226. You can send US dollars, which will be exchanged into rupees, in which case you should know that $1 equals 80.50 rupees. If your recipient has a U.S. dollar account at a National Bank of Pakistan branch in their country, they can receive U.S. dollars instead of rupees. You do not have to have an account with this particular bank to send money.

Other banks perform the wire transfer as well, most with flat fees. Habib American Bank will transfer money to Pakistan within two days for $25 if you have an account with them, while Citibank will transfer $500 instantly for $20. If you are sending a lot of money at once and want to save some money on fees, make sure you select a bank that will transfer money to Pakistan for a flat rate. However, if you plan on sending a smaller amount, such as less than $100, a bank with either a percentage-based fee or a low flat fee should work.

Your final choice when it comes to remittance to Pakistan will likely either depend on how much it costs or how long it takes. It depends on your particular situation. No matter what is more important to you, it's good to know you have options when it comes time to transfer money to Pakistan.

by: Peter Frampton

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