Since May 2019, Pakistan has been in the headlines as it grappled with the weakening of its currency. Over the last two months, the economy has been witnessing a dynamic shift in the value of the Pakistani Rupee. This has led to a surge in remittances as expats choose to send money to Pakistan now to gain higher value on their money transfers.
How can you benefit if you send money to Pakistan?
Affordable and best ways to send money to Pakistan
The weakening of the rupee coupled with government backed initiatives like the Pakistan Remittance Initiative has contributed to high remittance flows to the country. Recently the State Bank of Pakistan reported remittances surged to $20.2 billion in the first 11 months (July-May) of the current fiscal year, reflecting an increase of 10.42% from the same period of preceding year. Expats could opt for best ways to send money to Pakistan by using cost-effective and competent money transfer services like Xpress Money.
Extensive cash payout network
According to the World Cash Report 2018, cash is considered to be the most commonly used payment throughout the world. To this end, Xpress Money meet the remittance needs of beneficiaries in Pakistan by providing an expansive network of over 11,000 cash payout locations in rural as well as urban locations.
Convenience of ‘any bank account credit’ services
In a bid to meet the money transfer needs of Pakistani expats and their families Xpress Money has fostered meaningful partnerships with trusted financial institutions in Pakistan. This is to enable remittance beneficiaries to receive their money transfers in any of the banks in Pakistan.
The Pakistan Remittance Initiative (PRI) has played a key role in strengthening banking services to facilitate efficient remittance flows. Initiatives like introduction of Cash over the Counter (COC), ‘Pardes’ card and special NRP accounts make money transfers more convenient for expats and their families.
Socio economic value of remittances
Expats around the world look out for exchange rates to ensure they receive value on their money transfers. Remittance behaviour of the last two months reflected that economic headwinds in Pakistan have strengthened remittance inflow thereby reinforcing the value of remittances in sustaining individual households as well as economies during difficult times.
Tags: expat, financial inclusion, international money transfer, money transfer, remittance, remittance services, send money, transfer money, xpress money, money transfer services