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Together, ACE Money Transfer and Bank Al Habib will offer safe and cost-free money transfers to Pakistan

Together, ACE Money Transfer and Bank Al Habib will offer safe and cost-free money transfers to Pakistan

Together, ACE Money Transfer and Bank Al Habib will offer safe and cost-free money transfers to Pakistan

Together, ACE Money Transfer and Bank Al Habib will offer safe and cost-free money transfers to Pakistan

Together, ACE Money Transfer and Bank Al Habib can offer safe and cost-free money transfers to Pakistan.

The relationship is in keeping with the goals of the Pakistan Remittance Initiative (PRI), where both parties have increased their efforts to promote legal remittance channels by providing free, simple, quick, and secure transfers from the UK, Europe, Canada, Australia, and Switzerland.

In this regard, a massive awareness campaign is currently underway to inform the expat community of the drawbacks of the kerb (hawala/hundi) market that result in risky and illegal transfers. The campaign includes more than 950 buses throughout the UK, over 100 roadside posters, and 25 underground tube stations throughout London.

The goal of the campaign is to educate consumers about the advantages of utilising a safe and trustworthy remittance channel.

According to the list of low-to-middle-income nations, Pakistan is the fifth-largest receiver of remittances worldwide. In FY22, the nation got almost $31 billion, which boosted its economy and kept millions of people afloat.

International money transfers are typically a time-consuming process, which is a major issue for expats everywhere.

This issue has been successfully handled by a broad network of more than 1,050 Bank Al Habib branches throughout Pakistan combined with the cutting-edge technology of ACE Money Transfer, enabling transfers to Pakistan to happen as quickly as 7 seconds.

The system is also designed to provide clients a convenient, user-friendly, immersive digital platform.

From anywhere in the globe, people may send money home as a bank deposit or cash pickup, and its recipients can take money whenever they choose, including on weekends and public holidays.

High transfer costs place an extra financial strain on expats in addition to hidden fees. No of how much money is sent home with this campaign, FREE Money Transfers are available on cross-border transactions.

When a client considers that the regulated channels would include large taxes and unexpected fees, they frequently turn to the kerb (hawala/hundi) market.

However, individuals wind up losing significant amounts as a result of unlicensed services’ common hidden costs, poor exchange rates, and other expenses. Additionally, there is no accountability with this approach, which puts their hard-earned money at danger of loss.

A safe remittance eco-system for the more than 4 million Pakistani expats residing in the UK, Europe, Canada, and Australia is created by regulatory organisations including the State Bank of Pakistan, the FCA-UK, AUSTRAC-Australia, and FINTRAC-Canada.

Banks, regulatory agencies, and money transfer businesses all contribute to reducing the uncontrolled remittance sector.

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