Transferring money to Pakistan
As two members of the Commonwealth, the UK and Pakistan have a rich collective history. And, with over one million people of Pakistani origin living in the UK, it's no surprise that billions of pounds worth of trade is undertaken between the two nations every year.
However, where there's trade, there's money, and getting the best deal on exchanging and transferring money is key to business success. Of course, it's also essential if you want to ensure your friends and/or family get the maximum value of any money you choose to send them. So, how do you get the biggest bang for your buck - or Rupee for your quids?
There are a number of ways you can transfer money abroad. Perhaps, the common method is to request your business/personal current account provider undertake your transfer. Most UK banks have partnerships that will enable them to complete this task seamlessly. However, given that many people use their bank without a second thought, the banks themselves tend not to compete for money transfer business. And, because they don't compete, they are not competitive.
If you want to maximise your transfer, you need to compare businesses that are fighting for your custom. International money transfer services are businesses that are primarily focused on arranging transfers (including transfers into Pakistani Rupee accounts), there is a reasonably large market for their services, and they therefore compete aggressively on price and value.
Who offers PKR transfers?
Most money transfer businesses can undertake transfers in a multitude of currencies. However, outside of the core currencies they all tend to offer (USD and EUR) their coverage of particular currencies becomes more patchy. There is still ample supply to ensure good competition between providers, but some of the businesses who offer PKR transfers are not household names, including:
- Central FX
- FC Exchange
How secure are transfers to Pakistan?
Unlike UK bank accounts, the FSCS rarely protects money transfers, so how do you ensure your money is protected if your money transfer supplier becomes insolvent?
The FCA oversees money transfers in the UK, but their oversight varies depending on the risk to the public. Aside from being registered, larger money transfer supplier must also be 'authorised' by the FCA, and authorised suppliers are required to ring-fence client money. This means that, if they become insolvent, their client's money is protected from liquidators and will be returned.
Of course, protection is one thing, but having money tied up and waiting to be returned is frustrating, and could be very costly in terms of loss of business. Of course, no one can predict which (if any) businesses will fail, but we can see how stable they are relative to their peers based on publicly available data like their business credit report. This is why we sort the suppliers featured on our main money transfer page by their credit score, as determined by independent credit report supplier, Creditsafe.