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PROCEDURE TO TRANSFER MONEY OVERSEAS:

There are several methods through which money can be transferred overseas listed as follows:

  • Money Gram
  • Western Union Money Transfer
  • SWIFT Wire Transfer

MONEY GRAM:

Money Gram’s network has more than 334,000 agents in 200 countries makes it easy to find a location near you to send or receive money.

Send money - five easy steps

Review the simple steps below, to learn how to send money.

Step 1 - Estimate the cost to transfer money

Step 2 - Find a Money Gram agent with our locator

Step 3 - Visit your local Money Gram agent - Bring one or more forms of government issued identification+, such as:

  • Passport
  • Driver's license
  • National identity card
  • Government issued ID

Step 4 - Complete a simple money transfer form

  • Hand the completed form to your Money Gram agent along with the money you want to send, plus fees. +
  • You'll receive a receipt and reference number for the transaction.
  • Save both for your records and share with the person receiving the money transfer.

Step 5 - Contact the person receiving your money transfer

  • Let the person to whom you are sending money know the transfer has been sent and provide the Reference Number.

WESTERN UNION MONEY TRANSFER:



It’s a convenient and easy way to transfer money as well as fast and safe. Money can be send easily from an agent location nearby.

  • After approval, money arrives in minutes.
  • After showing ID, receivers can pick up the money right away (depending on the hours their Agent location is open).
  • Send money around the world.
  • Money transfer can be tracked online by providing tracking number (MTCN)

Restrictions and Special Notes

Sending from Pakistan

  • Maximum principal send amount is $3,000 US dollars or local equivalent per person, per day.
  • Send Money Transfers are available at Zarco Exchange Company, Pakistan Currency Exchange Company and AA Exchange Company locations only.
  • Commercial or trade related send money transfers are not permitted. Personal transfers only are allowed.

General Information

  • For customer inquiries over the phone, the Zarco Exchange CSC will be open 24 hours.
  • If Sender or Receiver is illiterate, the acceptable Pakistani forms of ID presented must either include both the client's signature and fingerprint (thumb impression) or at least his/her thumb impression.
  • For Afghan refugees only. For Home Delivery Service, Afghan Refugee Cards and National Alien Registration Cards will not be acceptable forms of ID.
  • Test question is not allowed.

SWIFT WIRE TRANSFER:

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is an encrypted messaging standard used to transmit wire transfer instructions by banks around the world. Using the SWIFT system you can transfer money to almost any country on the planet.

Procedure for SWIFT wire transfer

Each bank in the SWIFT network has its own alpha-numeric Bank Identification Code (BIC). In Pakistan this is commonly referred to as the SWIFT code and is one of the critical pieces of information that you will need to give the sender before he can remit your money.

Go to your bank branch and ask the customer service personnel to help you obtain the following information about your bank:

  • Name
  • Address
  • SWIFT code (BIC)

Most banks in Pakistan are connected to the swift network via a correspondent bank. This correspondent bank acts on their behalf. If your bank has a correspondent bank then obtain this information about it:

  • Name
  • Address
  • SWIFT code (BIC)
  • The number of your bank’s account with them.

If the sender is an individual you can receive the money into a foreign currency or rupee account. But if the sender is a company then according to State Bank of Pakistan rules your earnings must be credited to a Pakistan rupee account. So keeping this in mind, note down your own details:

  • Full name
  • Address
  • Bank account title
  • Bank account number
  • Type of account

The most critical pieces of information are your bank’s name, swift code and your own name, account number and account title.

Once the information is collected send the details to remitter, so that he can collect the cash from his bank account.

FINANCIAL SYSTEM:

Financial Sector in Pakistan possesses a wide spectrum of financial institutions -Commercial banks, specialized banks, national savings schemes, insurance companies, development finance institutions, investment banks, stock exchanges, corporate brokerage houses, leasing companies, discount houses, micro-finance institutions and Islamic banks. They offer a whole range of products and services both on the assets and liabilities side. Financial deepening has intensified during the last several years but the commercial banks are by far the predominant players accounting for 90 percent of the total financial assets of the system.

Financial markets facilitate the flow of funds in order to finance investments by corporations, governments and individuals. Financial institutions are the key players in the financial markets as they perform the function of intermediation and thus determine the flow of funds. The financial regulators perform the role of monitoring and regulating the participants in the financial system.


At present there are 41 scheduled banks, 6 Development Finance Institutions (DFIs), and 2 Microfinance Banks (MFBs), operating in Pakistan whose activities are regulated and supervised by State Bank of Pakistan. The commercial banks comprise of 3 nationalized banks, 3 privatized banks, 15 private sector banks, 14 foreign banks, 2 provincial scheduled banks, and 4 specialized banks.

Among the commercial banks, 12 foreign and 20 domestic banks together hold 80 Percent of the banking system assets - a feat that is unparalleled among developing countries. Foreign banks enjoy the same facilities and same access as the domestic banks and there is no preferential treatment for domestic institutions. Unlike many countries, foreign banks can have 100 percent ownership, can open their branches or establish local subsidiary with full ownership. Foreign companies are also provided level playing fields as they can raise finances of all types and tenures from the domestic banking system.


STATE BANK OF PAKISTAN:

Banking Sector

BANKING SECTOR
  • Public sector banks
  • Private Banks
  • Foreign Banks
NON-BANKING SECTOR
  • Investment Banks
  • Development Banks
  • Micro finance Banks
  • Islamic Banks
  • Discount Houses
SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN
  • Insurance Companies
  • Stock Exchanges
  • Leasing Modarba
  • Mutual Funds

Banks

Banks are financial intermediaries. The role of a financial intermediary is to sell its own obligations and to buy the obligations of others. By endowing its obligations with attractive features, an intermediary can sell its obligations at a higher price than it has to pay for the obligations it buys. Or to say the same thing in a different fashion, it can market its obligations at a lower interest rate than it can command the obligations it buys. The spread between the interest rate it pays on its own obligations and the one it receives on the obligations of other expenses of doing business must then be deducted. The net profit after these other deductions represents the return to the shareholders for their participation in the activity of a financial intermediary.

A central bank is responsible for the monetary policy of the country in which it operates. 'Central bank is an institution which is responsible for safeguarding the financial stability of the country. It holds the ultimate reserves of the nation, controls the flow of purchasing power, whether in form of credit or currency and it acts as bankers to the state.


Pakistan’s Banking Sector can be classified under the following broad categories

CATEGORY DESCRIPTION
State Bank of Pakistan Central Bank and the Autonomous and Governing Body for all banking operations in the country.
Nationalized Scheduled Banks These deal primarily in industries of banking and capital markets. They offer a host of unique policies, banking training, services and products which include loans, credit cards, savings and consumer banking
Private Scheduled Banks Banks engage in channeling funds from depositors to lenders against the primary objective of acquiring profit i.e. Bank Spread
Foreign Banks These concentrate primarily on International Trade Finance, Innovative Credit Orientation and Plastic Money
Development/ Cooperative/Investment Banks Investment Banks act as underwriter or agent serving as intermediary between an issuer of securities and the investing public
Specialized Banks These banks are created with specific interest thus specializing and catering to a particular sector industry.

NON-BANK FINANCIAL INSTITUTIONS:

Non-bank financial institutions (NBFIs), such as insurance companies, housing finance providers, pension funds and investment funds mobilize savings, provide market-based safety nets, and fund long-term investments to support growth and job creation.


Housing Finance

The housing finance group aims to establish sustainable, efficient, secure and market-based housing finance systems, to create mechanisms allowing lenders to raise long-term resources for lending in local currency, and to support increased access to housing and housing finance for the poor.


Pensions

The pension group aims to assist countries in building sustainable and fair pension systems, in coordination with the HD network, to put pension funds to work, and to bridge the knowledge gap between policy work and academia.


Investment Funds

The investment fund group is a joint group between the NBFI and Capital Markets and Corporate Governance Service Lines that aims to support the development of mutual funds, private equity funds, infrastructure funds and sovereign wealth funds


Microfinance banks

A type of banking service that is provided to unemployed or low-income individuals or groups who would otherwise have no other means of gaining financial services. Ultimately, the goal of microfinance is to give low income people an opportunity to become self-sufficient by providing a means of saving money, borrowing money and insurance.


Islamic banks

A banking system that is based on the principles of Islamic law (also known Shariah) and guided by Islamic economics. Two basic principles behind Islamic banking are the sharing of profit and loss and, significantly, the prohibition of the collection and payment of interest. Collecting interest is not permitted under Islamic law


Discount House

A discount house is a money dealer that participates in the buying and discounting of bills of exchange and other financial products such as money markets, certain government bonds and bankers acceptances.


SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN:

Insurance Companies

The insurance group aims to develop insurance market infrastructure and new products, to strengthen regulatory and supervisory capacity in particular move to risk-based supervision, support initiatives to improve consumer protection, and support the development of professional capacity through training.


Leasing Modaraba

Leasing Modaraba is a perpetual, multipurpose and multi-dimensional Modaraba incorporated under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. It is listed on all Stock Exchanges in Pakistan. The Modaraba is providing Islamic solutions to credit needs.


Mutual Funds

A Mutual Fund is a pool of money that gives investors access to a well-diversified portfolio of stocks, bonds, and other securities. Each shareholder participates in the gain or loss of the fund. Shares are issued and can be redeemed as needed (in the case of an open-ended fund).


Stock Exchanges

Organized and regulated financial market where securities (bonds, notes, shares) are bought and sold at prices governed by the forces of demand and supply. Stock exchanges basically serve as primary markets where corporations, governments, municipalities, and other incorporated bodies can raise capital by channeling savings of the investors into productive ventures; and secondary markets where investors can sell their securities to other investors for cash, thus reducing the risk of investment and maintaining liquidity in the system. The Pakistan Stock Market (KSE100) increased to 31690.10 Index points in December from 31197.98 Index points in November of 2014. Stock Market in Pakistan averaged 6977.83 Index points from 1990 until 2014, reaching an all time high of 32148.78 Index points in December of 2014 and a record low of 538.89 Index points in June of 1990.