Sending and Receiving international online payments always a big problem in Pakistan, here i will tell you that how to send and receive wire transfer in Pakistan. We have alternative in the shape of Wire Transfer. There we have various international payment options out there for Pakistani bloggers and Internet user community. If you ever wanted to receive a payment from online companies are not located in Pakistan. Here we bring another option to send and receive your payments in Pakistan by Wire Transfer. This is the method by which you can get you payment via Wire Transfer in Pakistan in just 3 to 6 working day. But before going toward topic you must have to know that;
What is SWIFT Wire Transfer?
SWIFT stands for “Society for the Worldwide Interbank Financial Telecommunication”. As mentioned in the name that; SWIFT is the method for sending and receiving the payments to every country of the Planet Earth. Below you can read the Wikipedia Wire Transfer Definition;
Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
I hope you understand that simple words, that any bank from anywhere in the world send and receive the wire transfer. That payment you can get anywhere in Pakistan within 3 to 6 working days.
How to Receive Wire Transfer in Pakistan?
SWIFT of Wire transfer is also known as T/T commonly pronounced in Pakistan. This method is one of the safest method to get international payments. Simply go to your bank where you have account, meet to the customer servicer person to help you to get the full details of your account;
- SWIFT Code (BIC)
Keep in mind if you are receiving wire transfer from a single person, you can collect you money in the shape of real currency like Dollar or Euro. On the other side if you are receiving the payment from company you currency will be automatic convert to Pakistani Rupees. In the condition of company some of them also need your account’s full details like;
- Full Name
- Bank Account Title
- Bank Account Number
- Type of Account
How to Send Wire Transfer from Pakistan?
Well above was the method of Receiving Wire Transfer to Pakistan, but Sending Wire Transfer from Pakistan is quite different. You need to send it through currencies exchange and only need the receivers account number and name. Some of banks also need the full details I mentioned above for sending the money but it’s not difficult you can ask your money receiver person for the following details.
How much is the Cost of Wire Transfer?
The cost for an International Wire Transfer is $15 to $25 dollars per transaction. Amount which is less than $5000 will charge only $20 extra charge, the amount greater than $5000 you should receive it in separate transactions. The other alternatives of receive payments is via eCheck, but it is not easy to deposit that eCheck to your local currency account, this should require that open an account in Euro or Dollar currency, it takes long time for processing and also much expensive as compare to your local currency account.
Thanks for reading the article of “Send and Receive Wire Transfer in Pakistan”. Have you ever send and received Wire Transfer in Pakistan? If you have experience and done transactions so then do share your experience in the comment section, if you have any question related to this post then also post your question in the discussion below. I’ll be glad to answer your queries.