Looking for a way to send money to family, friends or a business in Pakistan (or even to your own bank account overseas)? According to MoneySmart, you should avoid Australian banks and go with a money transfer specialist to get better PKR exchange rates and lower fees on international transfers.
Based on the providers we've compared, Xe Money Transfers is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Rocket Remit can get money to your recipient in Pakistan within minutes.
As reported by the ACCC, bank transfers are typically the cheapest way to get your money to Pakistan. Xe Money Transfers and Remitly have some of the lowest bank transfer fees of the brands we've compared.Remember, it's more important to look at the overall cost of your transfer to Pakistan and this has a couple of elements:
Certain providers may give the mid-market rate but add fees on top and others will have low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Pakistan rupees your recipient will end up with.
Actual transfer times from Australia to Pakistan can depend on several factors including transfer amount, payment method and currency.Here are some of the fastest average transfer speeds to Pakistan:
The safest way to get your money to Pakistan is using a provider registered with Australia's industry regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both Australia and Pakistan.
A great way to dive deeper is by reading our reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Pakistan, consider using a provider such as Xe Large Transfers or OFX to secure a better PKR exchange rate and benefit from its expertise handling larger transactions.Using a large transfer specialist can have the following advantages:
To send money to Pakistan, you'll need the necessary documentation, your recipient's details and a way to pay.
Muhammad is working in Australia as a doctor and he stays in regular contact with his elderly parents back home in Pakistan. His parents need some funds to help pay off a mortgage, so Muhammad plans to send them $2,000 from Australia.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
|Bank||Money transfer company|
|Exchange rate||1 AUD = 184.47 PKR||1 AUD = 186.92 PKR|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 - 5 working days||Next day|
|Amount received||367,102.87 PKR||373,364.56 PKR|
The money transfer company enables Muhammad to send an extra ₨6,261.68, which is transferred straight to his parents' Habib Bank Limited account.
When selecting a provider to transfer money to Pakistan, here are the main factors to consider:
Compared to a month ago, the Australian dollar is stronger against the Pakistan rupee. Currently, $5,000 is worth ₨939,276.00, whereas a month ago, $5,000 was equivalent to ₨923,855.00. That's an increase of 1.67% over the past month.
Similarly, compared to a year ago, the Australian dollar is again stronger against the Pakistan rupee. A year ago, $5,000 was equivalent to ₨756,028.00. That's an increase of 24.24% over 12 months.
So based on those two data points, yes, it's a relatively good time to send money to Pakistan, and your Australian dollars will go further than they would have. But what's more important, however, is the strength of the Australian dollar against the Pakistan rupee and where it goes from here – which is harder to call.
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