Pakistan receives boost from money transfers

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Pakistan’s ailing economy is benefitting tremendously from money which is being sent from the United States to the country by Pakistan natives.

The State Bank of Pakistan has stated that money which is wired home by Pakistanis, otherwise known as remittances, has increased by 23% for the most recent 4 month period, compared to the same period in 2010.

According to the bank, overseas workers transferred a total of $4.32 billion back to Pakistan between July and October this year. The bank has attributed the increase largely to a new incentive scheme which offers financial incentives to Pakistanis who transfer money through official channels.

Transferring money abroad

If you are looking to send money abroad, you should avoid making the transfer at the last minute.

Failing to plan properly will mean you have no choice but to accept the exchange rate available at the time.

It is also worth keeping a close eye on the rates and how they are fluctuating, this will allow you to make your move at the optimum time.

The amount you get in return for your money will change according to the exchange rates, so do not underestimate the value of preparation in this area.

Also, you can expect to pay a fee to the company carrying out the transfer. This charge is at the discretion of the company and varies widely.

Anybody looking to send money internationally should first consider all the factors involved in the transfer. What kind of rate am I getting? How much am I sending? How far does it need to travel?

Transfer Money to Pakistan

If you are looking to invest in Pakistan, think carefully about how you will be transferring money to Pakistan. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Pakistan – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Pakistan receives boost from money transfers

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