Paypal is something, but it’s not everything. There are many international payment options out there for Pakistani users. If you ever wanted to get a payment from an online company then you can use several options to receive your payments such as Payoneer in Pakistan and Payments Methods Explained Here. But today, we will be telling you a different story, which is how to get your payment via Wire Transfer in Pakistan just within 5 working days.
It is always better to have alternative options for a freelancer for receiving money. That’s why Online Ustaad team tries to cater as much information as it can for its users. Let’s learn more on How to Receive a Wire Transfer in Pakistan?
What’s Wire Transfer?
Instead of telling you myself about what’s Wire Transfer, I’m quoting Wikipedia’s explanation on this here:
Wire transfer, bank transfer or credit transfer is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
So yes, it’s that simple thing. Any bank from anywhere in the world can send you a Wire Transfer and as I mentioned in the first paragraph, you’ll receive it within 5 working days in Pakistan.
How does it work?
I recently had to receive a Wire Transfer from one of the US Banks, I wanted to receive it in my UBL bank account which is just a normal current account. The company needed my IBAN (International Bank Account Number), SWIFT Code and other details such as Bank Name, Address etc. I found the online link of UBL Bank where I converted my normal account number to IBAN, and then added that to the company website, and I got the SWIFT code from my account manager. The rest details I added were also attached to my account.
This was a very simple process, and after 5 working days, I received the payment straight in my UBL account. I wanted to share this method with you so whenever you see a Wire Transfer option then don’t worry, that will arrive in your Bank Account without any hassle. Secondly, do provide the exact details of your account, because any small mistake can create delays in processing.
How Much it Cost?
The cost for an International Wire Transfer is only $20 dollars per transaction. Any amount which is less than $5000 will cost you only and only $20, if the amount is greater than that then you should receive it in separate transactions. Furthermore, the conversion rate to local currency depends on the market of that day, and the conversion rate might make you sad sometimes, but don’t worry, that’s not too much PAIN.
You can also receive your payments via eCheck, but that’s not very easy to deposit in your local currency account, that will require you to open a Bank Account either in US Dollars or Euros and then you’ll be able to deposit that eCheck into your account, and the fee is higher, also the processing time is longer.
Have you ever received Wire Transfer or eCheck from any bank around the world while you are staying in Pakistan? if so then do share your experience in the comment section, if you have any question related to this post then also post your question in the discussion below. we will be glad to answer your queries. Thanks for reading!