Transfer money to Pakistan

AKAAF Online Exchange Center

The AKAAF online exchange center allows for manual remittance payments to Pakistan and deposits into accounts in various cities, including Karachi and Islamabad. You can send and receive Pakistani rupees and dollars. Manual transfers to Pakistan can be easily made through the AKAAF online payment platform.

Financial Transfers to Various Cities in Pakistan

• Karachi
• Islamabad
• Hyderabad
• Punjab

According to Independent Urdu on March 7, 1401, between July and October 2022, the remittance of foreign currencies by Pakistani citizens living abroad to Pakistan decreased by $9.9 billion, which is 8.6 percent less than the same period last year.

According to this report, the largest remittances of foreign currency to Pakistan come from four countries: the United States, the United Kingdom, Saudi Arabia, and the United Arab Emirates, which account for about 67% of the total currency sent to the country.

Currency sent from the UK decreased by 8.3% during the mentioned period, and one possible reason for this is the unusual inflation in the UK. Due to the shortage of skilled and specialized Pakistani labor in the UAE, only 81,118 people traveled to this country as labor in 2020 and 2021, while in 2019, the number of Pakistani laborers in the UAE was 211,000. As a result, the currency sent from the UAE decreased by 9.2%.

Currency sent from Saudi Arabia decreased from $2.785 billion to $2.459 billion between July and October 2022. In 2019, the number of Pakistani workers in Saudi Arabia was 332,764, which decreased to 292,153 in 2020-2021. The lack of Pakistani experts is the main reason for the reduction of the labor force in Saudi Arabia. Additionally, the Qatari government allocated a quota of 200,000 Pakistanis for the World Cup, but Pakistan sent only about 50,000 people to Qatar.

Mr. Zafar Paracha, the Secretary General of the Exchange Companies Association of Pakistan, points to another problem besides the decrease in Pakistani labor abroad. He says: Pakistanis abroad do not want to send dollars through banking channels and other legal means due to the significant difference in exchange rates between the open market and the banking network.
The rate for sending dollars through unofficial means is 245 rupees, and through interbank transfer, it is 223 rupees. Additionally, money transfer companies buy dollars at a rate of 216 rupees and charge a fee of about 10 to 20 dollars per transaction.
The government should provide a special exchange rate for overseas Pakistanis to send money to Pakistan through the Roshan Digital Account. If the government increases the rate for sending dollars through the Roshan Digital Account by just three rupees compared to the market, it will prevent the unofficial transfer of currency.