With the widespread fear of terrorists ever-present, the rules of sending money transfers to Pakistan have changed drastically. Of the many ways to wire money, some are of course a smarter choice than the others.
Politics in the country of Pakistan have had a drastic affect on businesses that were once prosperous. What were once reliable options now appear inconsistent. And with the country’s current conditions, the best method of transferring money is through a credible institution.
One of the more reliable options is through the S.W.I.F.T. wire transfer system, or the Society for Worldwide Interbank Financial Telecommunication. S.W.I.F.T. does not store and manage accounts as banks do, instead the sole responsibility of S.W.I.F.T. is to move data from bank to bank. All transactions are on file with both banks involved, and are at times monitored by governmental agencies. A huge drawback of wire transfer systems is that both parties are required to have a bank account with that particular institution. The sender must have an account in the country the money is being sent from, and the recipient must present their account number. This method is reliable and only takes about two or three days depending on the bank, but can cause some big problems if the person you need to get the cash to does not have a bank account.
If your recipient does not have a bank account, another feasible option is a location-based service. These businesses are found all over the world and charge a fee based on the amount transferred. Unfortunately, there is a restriction in place as to how much money you can wire. And although you might be able to send multiple transfers, it would significantly dent your wallet and some services allow no more than one transfer to the same person on any given day.
The most ancient form of money transfer to Pakistan is the hawala. With roots in Islamic law and the good old-fashioned honor system, this method is now outlawed after terrorists began using it for money laundering. With this option, the sender would pay a hawala broker a small fee, and in turn the broker would call the location where the money was to be sent, then promise to reimburse the other hawala broker for completing the transaction. This form is still being used today, but is no longer seen as a legitimate, legal form of money transferring.
As it stands, the most practical way to send cash remains through online money transfers or a specialized wire transfer service.
