Mar
10
Osama bin Laden’s Pakistan ‘hideaway’ goes on the market.
Source: Osama bin Laden’s Pakistan ‘hideaway’ goes on the market
May
31
How to Send Money To Pakistan
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With the widespread alarm of terrorists ever-present, the regulations placed on money transfers to Pakistan have changed drastically. Of the many ways to wire money, some are of course better than others.
Politics in the country of Pakistan have had a drastic affect on businesses that were prosperous at one point. What were once reliable options now seem inconsistent. And with the country’s current conditions, the best plan is to transfer money is through a credible institution.
One of the more reliable options is through the S.W.I.F.T. wire transfer system, or the Society for Worldwide Interbank Financial Telecommunication. S.W.I.F.T. does not store and manage accounts as banks do, instead the sole responsibility of S.W.I.F.T. is to move data from bank to bank. All transactions are on file with both banks involved, and are at times monitored by governmental agencies. A big drawback of systems like this is that both people are required to have a bank account with that particular institution. The sender must have an account in the country the money is being sent from, and the recipient must present their account number. This method is reliable and only takes about two or three days depending on the bank, but can bring on a dilemma if the person you need to get the money to does not have a bank account.
If your recipient does not have a bank account, another feasible option is a location-based service. These businesses are found all over the world and charge a fee based on the amount transferred. Unfortunately, there is a restriction in place as to the amount you are allowed to send. And although you could possibly send multiple transfers, it would significantly dent your wallet and some services allow no more than one transfer to the same person in one day.
The most archaic form of cash transfer to Pakistan is the hawala. With roots in Islamic law and the good old-fashioned honor system, this way of transferring is now banned after terrorists began using it for money laundering. With this option, the hawala broker charges a fee, and in turn the broker would call the location where the money was to be sent, then promise to reimburse the other hawala broker for completing the deal. This method is still being used today, but is no longer seen as a legitimate, legal form of money transferring.
As it stands, the most practical way to send money remains through online money transfers or a specialized wire transfer service.