[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]When it comes to sending money internationally, PayPal is well-known. Through wallet-to-wallet transactions, it was one of the pioneers in international money transfers online.
However, not all nations have access to it at the moment. Also, they sometimes cost more than other available online solutions.
Before diving deeper into the topic it is important that the readers understand that PayPal is not available in Pakistan.
But, Xoom can be used to send money to bank accounts in Pakistan if you reside outside of Pakistan and have a PayPal account.
XOOM:
The PayPal subsidiary Xoom offers online international money transfers.
With the help of Xoom online, senders from outside Pakistan can make payments straight to local bank accounts in Pakistan.
It permits transfers to practically all banks in Pakistan, including: Allied Bank, UBL Bank, and Alfalah MCB.
In order to pick up cash at nearby bank locations, Xoom also permits transfers to Pakistan.
As long as the transaction is finished by 4:30 pm PKT, most transfers made through Xoom arrive the same day or in a matter of minutes.
You can therefore use your PayPal account to pay for a transfer if you live outside of Pakistan, or you can sign up for Xoom as a new user and send money using a bank account or debit/credit card.
Even though PayPal does not work in Pakistan in order to receive payments through Xoom you need an account. Here is how you can do that:
How to send money with Xoom is as follows:
- Access the Xoom website.
- Enter your PayPal login information here, or click Sign Up to enter your name and email address in the registration form.
- Put in the amount you want to send to Pakistan.
- The information about your receiver.
- Decide whether or not your receiver should get the money in cash or via a bank transfer.
- Use your PayPal account, bank account, credit card, or debit card to complete the transaction.
- Send in your business
With the Xoom app or by visiting the website, you may follow the progress of your transaction to Pakistan.
PayPal does not let citizens of Pakistan keep a PayPal wallet and make cash withdrawals.
But, native Pakistanis can use Xoom to receive money either straight into a bank account or as a cash transfer that they can pick up at a nearby bank.
The recipient’s mobile or phone number must be entered when transferring money from abroad using Xoom.
When a cash pickup is available or the money has been deposited to the recipient’s local Pakistani bank account, they will be informed.
The recipient will not need to take any additional steps to receive the funds when transfers are made directly to a bank account.
Using PayPal’s Xoom service, there are no costs associated with receiving money in Pakistan. Yet with Xoom, hefty fees may result in recipients receiving less.
The transaction fee is the initial charge. This represents the average cost for finishing the service from Xoom. The exchange rate fee is the second charge.
This is a cost that is not disclosed and is included in the exchange rate. The currency rate used by Xoom is less favorable than the mid-market rate, which may be found on Google or Reuters.
The corporation is able to smuggle in a fee on every dollar or Euro that is converted because of the discrepancy between the rate Xoom gives consumers and the mid-market rate.
Although it may seem insignificant, these little things may pile up quickly.
Below is an overview of how much it can cost to send money to a Pakistani bank account using Xoom as opposed to sending it using Wise’s mid-market exchange rate:
| WISE | XOOM | |
| Amount to send | $1000 | $1000 |
| Fee | $9.67 | $4.99 (bank deposit) |
| Exchange rate to $1 USD | Rs 223.25 | Rs 217.1766 |
| Amount received | Rs 221,091 | Rs 217,176 |
Also Read: How to earn money online in Pakistan step by step guide
4 Best PayPal Alternatives:
In Pakistan, there are additional ways to send and receive money from outside. Here are a few PayPal substitutes for Pakistanis:
- Wise
- Payoneer
- SimSim
- EasyPay
Let’s analyze each one for Pakistani recipients. Choose the one that best meets your transfer needs by keeping in mind that costs, convenience, and time can vary across each.
1. Wise:
Almost 12 million people utilize the online money transfer service Smart. With Wise, receiving transfers in Pakistan from senders abroad is free and simple.
Wherever they are, senders can join up for a free account and send money using their computer or mobile device.
Recipients can lose less in fees and receive more in their bank accounts with Wise thanks to a cheap transfer fee and a genuine mid-market exchange rate on every transfer.
Even if Smart transfers do not allow for cash pickup, you can quickly get money in your bank account through well-known international channels.
2. Payoneer:
Online services like Payoneer make it easier for freelancers and small businesses to collect payments from all around the world.
Payoneer is used to handle payments to Pakistan on well-known freelance platforms like Upwork and Fiverr.
Payoneer, however, charges fees for both client and marketplace payments as well as additional fees for withdrawals.
For real-time payouts into your bank account utilizing the HBL app, Payoneer just collaborated with HBL bank in Pakistan.
Read also: Earn online without investment (easy guide)?
3. SimSim:
International transfers from outside the country are supported by SimSim and Finca Microfinance Bank into their mobile wallets.
In order for Pakistanis living overseas to transfer funds to the Finca bank accounts in Pakistan, they have teamed with ExpressMoney.
You can then move the funds from the Finca bank account to your SimSim wallet, retain them in your bank account, or use an ATM to withdraw cash.
But, in order to accomplish this, you must first authenticate your identification at a Finca bank branch.
4. Easypaisa:
Residents of Pakistan may receive, transfer money, and make purchases using their EasyPaisa mobile bank account.
With EasyPaisa, you may send money domestically and add money from a bank account or receive transfers.
EasyPaisa has the advantage of being free to open with a cellphone number and a valid CNIC. When money is deposited into an EasyPaisa account, there are fees involved.[/vc_column_text][/vc_column][/vc_row]
