Fact checked
When you’re wanting to send money to family or friends in Pakistan, it’s important to be on the lookout for cheap exchange rates, low fees and a simple transfer process. Compare a range of international money transfer providers here with Savvy to help you find the best exchange rates and lowest fees available. Consider a range of options with us before getting your international money transfer underway today.
OFX |
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Special Offer: 5 fee free transfers (saving you up to $75 in fees) + preferential rates for international money transfersMore details |
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Enjoy $40 bonus on your first money transfers of $250 & above! Use code*: SAVVY20X2 (Minimum transfer of AUD 250 Valid till 31st August 2023)More details |
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Xe |
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Xe is a 2021 Canstar Award Winner and offers the best exchange rates, low to no fees so customers save the most moneyMore details |
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Western Union Money Transfer |
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Send money to over 200 countries and territories across the world onlineMore details |
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Wise Money Transfer |
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Send money cheaper and easier with Wise with no hidden fees.More details |
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TorFX |
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Excellent exchange rates with no transfer fees. Trusted by over 325,000 customers. Awarded Canstar’s 5 star rating 2018-2021.More details |
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Currencyfair |
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Send money overseas at better exchange rates, with no hidden fees.More details |
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Remitly |
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Remitly offers fast, safe and secure money transfers with excellent rates to over 100 countriesMore details |
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Revolut |
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Fast and easy, with super competitive rates across all major currencies. Join 25+ million customers saving on global transfers.More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
There are many ways to send money to Pakistan. Which method is the best one for you will depend largely on how urgent your transfer is, the size of your transfer, and whether your recipient has a bank account to use. Some of your options include:
International money transfer providers
Using a specialist online provider to complete your international money transfer will be your quickest and cheapest option to send money to Pakistan. These companies charge lower fees and will give you a better exchange rate than most banks. Since they don’t use the traditional SWIFT international banking system, they can transfer money from Australia to Pakistan faster and at less cost.
Cash transfers
If your transfer is urgent and you’re prepared to pay higher fees, you can send money to some cities in Pakistan almost instantly with a cash transfer. Some (but not all) providers can get a cash transfer to many places in Pakistan for your recipient to collect in person. This might be a good option if your recipient doesn’t have a bank account, although the exchange rate you receive may not be as good as a standard transfer and the higher fees can make this an expensive option.
Traditional banks
International transfers through a bank are usually one the slowest and most expensive options when sending funds overseas. If you use a bank transfer, it’ll often take between three and five days to arrive and your bank could charge fees of up to $30 or more to complete the transfer. You won’t get the best exchange rate either. Transfer specialists are a cheaper and faster option, so Savvy has a panel of reputable money transfer services for you to choose from and compare.
Phone top-ups
Another option for recipients without a bank account is to send money using a pre-paid phone top-up (also known as a phone recharge or reload). Again, the exchange rate you’ll receive when you send your recharge will often be much lower compared to a transfer through an international transfer company, plus the fees charged can be expensive. In addition, money sent to recharge a phone card can’t be used as freely as cash.
In general terms, it often takes up to two days for an international money transfer to arrive. However, many transfers arrive the same day, if not within a matter of seconds, at your destination. The time involved will ultimately come down to the provider you choose. International money transfer providers are specialists in sending money overseas 24/7, so they’ve developed very efficient processes for transferring funds quickly.
Sending your money from Australia to Pakistan via a bank will probably take far longer, as it has to go through the Australian banking system and international banking system before arriving in Pakistan. How long your money takes to arrive can be impacted by banking delays at multiple points in its journey. For example, if a bank’s head office is in Karachi, but you wish your transfer to be delivered to Islamabad or Lahore, the extra distance involved can cause additional delays. Other factors which will impact how long your transfer takes include:
Exchange rates
Even a small difference in the exchange rate you’re quoted can have a big impact on the amount of money you end up sending overseas. That’s why it’s so important to compare exchange rates with Savvy before making your transfer decision.
Look for a company that offers an exchange rate as close to the mid-market rate as possible to get the best deal on your international exchange. The mid-market rate is the ‘true’ international exchange rate, so the closer your rate is to the mid-market rate, the more rupees you’ll be able to buy with your Australian dollars to send to Pakistan.
It’s important to compare the margin being added to the mid-market rate when looking at different transfer providers, which is the difference between your quoted price and the mid-market price. For example, say the mid-market rate between one Australian dollar and Pakistani rupees is 169 PKR. Banks may exchange their funds at this rate, but they may quote you only 162 PKR, meaning they keep the additional 7 PKR as their ‘markup’ or margin.
See the table below to see how the exchange rate margin affects how much money your recipient in Pakistan will receive when you’re sending $500 and the mid-market rate is 169 PKR:
| Exchange rate on offer AUD to PKR | Amount received in PKR | Difference between exchange rates | |
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Provider #1 |
157 |
78,500 |
N/A |
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Provider #2 |
162 |
81,000 |
PKR 3,500 |
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Provider #3 |
169 |
84,500 |
PKR 6,000 |
* Note: calculations do not include transfer fees. Exchange rates aren’t necessarily representative of current market rates.
Fees
Next, look at the fees being charged to transfer money. There are three ways that international money exchange companies can make their money:
Any of these charging methods will probably be cheaper than using your traditional bank, as banks charge higher fees plus a greater markup on the exchange rate. When comparing transfer providers, look for one which has the cheapest fee structure for the amount you wish to transfer and which offers an exchange rate as close to the mid-market rate as possible. In general terms, set fee charges are the best for larger transfers and percentage charges are more economical for smaller transfers.
Transfer limits
Some companies have minimum and maximum transfer limits. Minimums range from $1 up to $250, while maximum limits range anywhere from a daily limit of $5,000 up to maximums of $50,000 all the way up to $500,000. Make sure your provider can facilitate the size of transfer you need to make to Pakistan.
Payment methods
Decide how you want to pay for your transfer from Australia to Pakistan. You could pay by direct debit from your bank account. You could use a credit card, although this is often an expensive option as your credit card provider could charge you high transfer fees of 3% to 5% of your transfer amount. Alternatively, use a debit card with EFTPOS, BPAY or PayWave. You could also choose to send your money using a digital wallet such as Apple Pay or in cash. Which method you choose will also determine which transfer company is best for you, as not all companies will accept credit cards or Apple Pay.
How your money will be received
How do you want your transfer to be received? Do you want it transferred into a bank account, collected in cash, or paid into a mobile app or digital wallet? A transfer from one bank account to another is the cheapest option if you want your recipient to be able to access the transfer as cash. When comparing, check the transfer service you choose offers the transfer method you’re after.
There's no need to pay a dollar to compare money transfer services with Savvy, as you can do so for free at any time.
You can compare offers with competitive exchange rates, fees and transfer speeds in minutes with us.
We're partnered with trusted and licensed money transfer companies to bring more quality to your comparisons.
Compare your options with Savvy
Look at all the variables discussed above and compare your options with us to help decide which transfer company is your best choice. You may want to research several companies before making your final decision.
Visit their site and start the process
Click through to your chosen transfer company’s website, where you’ll need to provide your name and email address to sign up for an account. When you receive a link to open your account by email, follow the prompts. This may involve you downloading a mobile app or following a link to a website where you’ll be prompted to set up your account.
Supply your ID and set up your account
You’ll need to be aged over 18 years to sign up for most transfer companies and will need to provide ID details from a government-issued source of identification (such as a driver’s licence or passport). The process to open an account is usually quick and easy and should take less than five minutes. You’ll only have to go through the set-up process once, as once you’ve got your account established, you won’t need to provide details of your ID every time you want to send money (unless you’re sending over $10,000 and need to go through the AUSTRAC compliance process).
Log into your new account and enter recipient details
Once you’ve set up your account, you’ll need the details of the person you wish to send the transfer to. You’ll need their bank details, email address or possibly phone number, depending on which transfer method you choose. If you’re sending an instant cash transfer, make sure you get the recipient’s exact name as it appears on their official government ID, otherwise there may be delays and difficulties when they try to pick up their cash.
Select transfer amount and send
Select your transfer amount, check all details are correct and send your transfer off. After completion, you’ll be given a receipt or reference number. Keep this information safe in case there are any queries or your transfer is delayed. You may be able to track the progress of your transfer depending on which provider you choose. Most specialist money transfer services are trustworthy and reliable and will get your funds to their destination fast.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
