Karachi, October 25, 2022 (PPI-OT):ACE Money Transfer and Bank Al Habib have joined forces to provide secure and free money transfers to Pakistan. The partnership is in line with Pakistan Remittance Initiative’s (PRI) vision where both partners have ramped up their efforts to promote legal channels of remittances by offering free, easy, faster, and secure transfers from the UK, Europe, Canada, Australia, and Switzerland. In this regard, a mega awareness campaign – including more than 950 buses across the UK, over 100 roadside posters, and 25 underground tube stations across London – is ongoing, educating the expat community on the kerb (hawala/hundi) market’s downsides that lead to risky and undocumented transfers. The campaign is set to bring awareness among customers on the benefits of using a legal and reliable remittance channel.
Pakistan is the 5th largest remittance recipient worldwide in the list of low-to-middle-income countries. The country received over $31 billion in FY22, which helped run millions of households and aid its economy simultaneously. Typically, international money transfer is a time-consuming process, a pressing concern for expatriates worldwide. A vast network of more than 1,050 Bank Al Habib branches across Pakistan, combined with ACE Money Transfer’s state-of-the-art technology, has addressed this concern effectively, making transfers to Pakistan possible as fast as 7 seconds. Moreover, the solution is developed to provide an immersive, user-friendly digital platform that offers convenience to customers.
People can send money back home from anywhere worldwide as a bank deposit or cash pickup, and their recipients can withdraw funds around the clock, over the weekend, and even on public holidays. Besides hidden charges, high transfer fees impose an additional financial burden on expats. With this campaign, FREE Money Transfers on cross-border transactions are being offered regardless of the amount of money sent back home.
A customer typically turns toward the kerb (hawala/hundi) market, considering that the regulated channels would involve high taxes and unusual costs. However, they end up losing hefty sums due to hidden charges, low exchange rates, and various other fees that unauthorized services usually demand. On top of that, this practice puts their hard-earned money at risk of being lost, with no accountability.
On the other hand, regulatory bodies like FCA-UK, AUSTRAC-Australia, and FINTRAC-Canada, and the State Bank of Pakistan ensure strict compliance policies are implemented; creating a secure remittance eco-system for more than 4 million Pakistani expats living across the UK, Europe, Canada, and Australia. Money Transfer companies, banks, and regulatory bodies are playing their part in curbing the unregulated remittance market. Continuous development in remittance technology and incentives offered by the State Bank of Pakistan facilitate increased remittance inflows to banks in Pakistan.
For more information, contact:
Bank AL Habib Limited
2nd floor, Mackinnons Building,
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-32412421
Fax: +92-21-32419752
Email: feedback@bankalhabib.com
Website: www.bankalhabib.com