Sending money to your family in Pakistan for the first time can be pretty exciting. It gives you a feeling of accomplishment you will probably remember for a long time.
Although you’ll be making this a monthly or bi-monthly practice for years, your feelings of achievement and excitement won’t dwindle or change.
However, you can’t let your enthusiasm make you skip key steps that’ll guarantee your lovedones will receive the remittance you’ll be sending them.
When you send money to Pakistan, follow the right steps and tips to avoid losses and ensure your family receives the amount you remitted within the expected timeframe.
Best Practices for Sending Money Safely to Pakistan
Whether you’re sending remittances to Pakistan for the first time or have already been doing this for years, follow these tips and practices to go through the process safely and ensure your peace of mind:
1. Send your remittances using an official channel.
Sending money through an acquaintance going back to Pakistan may be a tempting option, since it’ll be free. However, you may want to rethink this option since there’s a chance your loved one won’t receive it.
After all, your acquaintance may misplace or lose the cash while they are in transit. And even if they have the money in their account, they may encounter some challenges or delays withdrawing it.
You can avoid these difficulties by sending your remittances directly to the recipient through a registered and regulated channel.
One of the safest ways to send money internationally today is through formal money transfer operators or MTOs.
These companies provide fast and reliable remittance services that can safeguard your money amidst the risks involved.
When you use an MTO to send money to Pakistan, you get a receipt and confirmation message of your transaction. The MTO will give you a remittance control or tracking number, which you can use to track the amount you transferred.
If your loved one needs to collect the money you sent from a remittance service provider or bank, they can only do so when you give them the control number issued to you during your transaction.
By using an MTO, you go through the remittance process safely and with no or fewer risks.
2. Ensure the MTO is regulated.
Money transfer operators and other companies offering remittance services are regulated by banks and other financial regulatory bodies.
To ensure your remittance is in good hands and your family will receive it, check if the company is authorized to provide money transfer services and if they have the permits and licenses required to operate and carry out those activities.