Online money transfer services

Which online money transfer services do you use? I am specifically looking for an online service usable/accessible from Pakistan from which funds can be sent to bank accounts in USA, Europe, Far East, China, and even Pakistan itself via wire transfer. Do you have any online service in mind or in your use which can serve this purpose at reasonable charges?

I tried looking up details for Skrill and Payoneer but wasn't able to ascertain their use for the purpose specified above. Paypal is obviously out from the get-go since their services aren't available here.

I look forward to your suggestions.

I'm afraid too much paperwork is involved for even small amount transfer, especially when its abroad you're talking about. Only way to get it done within reasonable amount of time is you know "what".

In Islamabad, go to any reputable money agent, and they can assist. It is legal, and usually quick.

Once I sent money to a Singapore bank acocunt from one located in G-6 markaz, almost adjacent to HBL. It was not a big amount, but the process was hassle free.

I don't think there are any such services available for Pakistan that would let you send wire transfers using internet to anywhere in the world. Such services are available in countries abroad via Western Union (and perhaps Moneygram) as well online.

Skrill is more like Paypal. You can receive funds and send funds to others' Skrill accounts; you cannot just deposit in just about anyone's account. As far as Payoneer is concerned, they do offer a service where you CAN become the payment distributor and deposit money in users' Payoneer cards, again, not direct wire transfer option. That involves a lot of risk and fraud checks.

Not sure you are looking for such a service but Currency Exchanges' can wire transfer amount anywhere abroad legally, that would show your name as sender with some paperwork involved and 2-3 Rupees higher exchange rate. Another option is to open account with HBL for foreign currency, I think they let you operate in three currencies from a single account and you will be able to wire transfer money abroad. Again, via internet is not possible yet in Pakistan. You'd have to visit the Branch.

[quote=“jDk, post:2, topic:22398”]

I’m afraid too much paperwork is involved for even small amount transfer, especially when its abroad you’re talking about. Only way to get it done within reasonable amount of time is you know “what”.

[/quote]

You-Know-What could be problematic for some transactions. Under current SBP regulations, person-to-person wire transfers can be done against provision of specific justification/reason (e.g. for studies of someone related, etc) but why and where you are sending your own earned and already significantly taxed money should not be under the government’s purview. If transferring money from here to some company abroad, one has to open LC which adds significant headache.

[quote=“SupMA5TER, post:3, topic:22398”]

In Islamabad, go to any reputable money agent, and they can assist. It is legal, and usually quick.

Once I sent money to a Singapore bank acocunt from one located in G-6 markaz, almost adjacent to HBL. It was not a big amount, but the process was hassle free.

[/quote]

True. However, when issues arise out of such transfers due to intermediary banks or any other reason, it can take quite a while to get it resolved. Also, they obviously charge their profit which adds to overall transaction cost.

[quote=“Joker, post:4, topic:22398”]

I don’t think there are any such services available for Pakistan that would let you send wire transfers using internet to anywhere in the world. Such services are available in countries abroad via Western Union (and perhaps Moneygram) as well online.

Skrill is more like Paypal. You can receive funds and send funds to others’ Skrill accounts; you cannot just deposit in just about anyone’s account. As far as Payoneer is concerned, they do offer a service where you CAN become the payment distributor and deposit money in users’ Payoneer cards, again, not direct wire transfer option. That involves a lot of risk and fraud checks.

Not sure you are looking for such a service but Currency Exchanges’ can wire transfer amount anywhere abroad legally, that would show your name as sender with some paperwork involved and 2-3 Rupees higher exchange rate. Another option is to open account with HBL for foreign currency, I think they let you operate in three currencies from a single account and you will be able to wire transfer money abroad. Again, via internet is not possible yet in Pakistan. You’d have to visit the Branch.

[/quote]

Payoneer’s lower ceiling for mass payment options is US$10000 which is too high for occasional transfers involving lower amount. Also, Payoneer is not usually available for use independently and is expensive with its fees. One has to go through partners to acquire and use account.

[quote=“Asad, post:, topic:”]

Which online money transfer services do you use? I am specifically looking for an online service usable/accessible from Pakistan from which funds can be sent to bank accounts in USA, Europe, Far East, China, and even Pakistan itself via wire transfer. Do you have any online service in mind or in your use which can serve this purpose at reasonable charges?

I tried looking up details for Skrill and Payoneer but wasn’t able to ascertain their use for the purpose specified above. Paypal is obviously out from the get-go since their services aren’t available here.

I look forward to your suggestions.

[/quote]

Money Transfer can be made vis Swift Wire Transfer to non business/company account, Other options are Western Union/ Moneygram.

Skrill, Payoneer are also good options if you have available funds in account.

[quote=“makhan, post:6, topic:22398”]

Money Transfer can be made vis Swift Wire Transfer to non business/company account, Other options are Western Union/ Moneygram.

Skrill, Payoneer are also good options if you have available funds in account.

[/quote]

Nope. No transfers to company accounts are currently allowed from Pakistani banks. Funds can only be transferred to personal accounts. When paying companies, they don’t make accounts on third party websites just for you. Some only accept wire transfers.

AFAIK, even western union doesn't offer transfers to company accounts either. You can only transfer to individuals upto a limit of 300k, for which you will be charged a sum of 12,000 PKR. I often use Western Union from time to time for sending transfers abroad, as its the legal and straightforward way of sending payments without any hassle or headaches. I also utilize the "hawala" service offered by some, as it is the cheapest but somewhat delay is inevitable in payment transfer.

I'm attaching the service charges for Western Union in case anyone's interested.

I have no experience with Skrill or payoneer however, so I'd suggest to pick whatever option suits you best.

EDIT: Just to add, wire transfers to company accounts aren't offered here in Pakistan. Its the reason why most traders send hawala to Dubai, from where the wire transfer is made to the company accounts. This is an inconvenience that needs to be addressed in a very professional manner, something that's obviously beyond the capabilities of this government.