The best way to transfer money overseas depends on the source and destination of the transfer. In any case, you need to find a service that’s fast, affordable, and easy. But more than anything, the transfer service must be safe because you don’t know about the ins and outs of the transfer industry, the regulations, and the hangups, and it’s your money on the line, not anybody else’s. That’s why in this article, we’ve picked out the top three safest ways to send money to Pakistan.
Banks
When you hear of international transfers, the first thing you think about is a bank. It’s the oldest method to send money overseas. All banks are part of an established global system and naturally have to comply with strict regulations. It’s a plus since it assures you that your money is in safe hands.
However, you must be willing to accept the heavy cost trade-off because banks charge a fortune (+£40 fee for every single international transfer). Also, you need to provide a lot of financial details (such as the account number, branch address, etc.) about yourself and the recipient for every transaction. So while the heavy regulations are a blessing, they can also be an affliction because they inevitably put you through a lengthy paperwork process that can be a drag.
PayPal
PayPal has been around long enough to be a safe method for international transfers. The waiting time for transfer is minuscule, and its paperwork load pales in comparison to banks. Once you set up an account, you just have to enter the amount, the email address of the recipient, hit send, and you’re done.
However, this kind of service is not cheap. PayPal charges a regular fee and a 4% fee for the recipient, higher than most other options. Of course, as the figure exceeds a specific limit (usually £500), the fees exponentially rise as well. Moreover, as you may already know, PayPal imposes strict limits on new customers that can be a real handicap.
Money Transfer Service
The third option is a money transfer service. Out of all the options available, this is the most optimal all around because the exchange rates and transfer fees are much more reasonable, and more often than not, you don’t have to get involved in a lengthy sign-up process or deal with stringent limitations. But, of course, you must proceed with caution since not every company can offer all of these benefits.
One of the safest options to send money to Pakistan is Lycaremit. Lycaremit is an affordable money transfer service providing you sensible Pound to Pakistani Rupee rates and charges minimum fees. A significant advantage of Lycaremit is transparency, meaning that there are no fees buried in the exchange rate margin. Moreover, Lycaremit’s RSA 256-bit encryption ensures that your money is in safe hands.
Bottom Line
With the growing role of technology, you have a vast number of options right at your fingertips. All of them have particular merits, but their disadvantages are significant and shouldn’t be overlooked. The services of PayPal and banks have exceptional advantages, but exorbitant fees and severe limitations are a turnoff. That’s why it’s advisable to go with a money transfer company and choose one that fits your requirements.
Lycaremit is one of the few companies primarily focused on transferring money to exotic countries like Pakistan. It offers competitive rates and fees for Pound to Pakistani Rupee and can deliver the funds to Pakistan in 48 hours or less.
