Featured image by FreePik
Introduction
Living in a linked global village and conducting business across the globe, we are no longer restricted to transferring payments by geographical boundaries. Freelancing and working with overseas clients have led to an increase in digital banking and payments.
However, some newbies may find it difficult to trust one provider, or some freelancers haven’t adequate background information regarding online payment services, their terms and conditions, and the benefits and downsides keeping in mind Pakistan’s financial regulations.
This post will assist you on how to receive international payments in Pakistan, providing insights and our top suggestions, their advantages and disadvantages, and some key considerations you should keep in mind before opting for any service.
After reading this article, you should have the necessary information to successfully negotiate the challenges of making foreign payments. Additionally, you will get a good understanding of which payment method to take advantage of.
Methods To Receive International Payments
Wise – TransferWise
Wise, previously known as TransferWise, has revolutionized traditional banking by providing clear, affordable currency conversion rates and does not cost you any hidden costs that frequently follow foreign transfers. In particular, Wise offers Pakistanis a dependable substitute for conventional banking techniques when accepting payments from clients abroad.
Wise is a leading digital wallet since it offers fast transfers straight into users’ local bank accounts and immediate currency rates. Whether you own a startup, are a freelancer, or are just handling your finances internationally, Wise provides a simple, safe solution that puts ease and integrity first.
Down below are quick steps to follow to receive your international funds via Wise:
- Firstly, make sure you have installed the Wise app on your smartphone and set up your account by inserting your required information and correct identity.
- Wise will send you local bank account information in several currencies (USD, GBP, EUR, etc.) as soon as you register.
- Once you have set up the account and it registered, share your account number and name and required currency account details, for example, USD to the sender.
- You will receive the payment within 1-2 working days as the sender initiates the payment.
- Funds can be sent to your local bank account in PKR or retained in your Wise account for later usage. When contrasted against traditional banks, Wise offers lower costs and favorable exchange rates.
| Pros | Cons |
|---|---|
| Wise offers you a low exchange rate and clear fees. | The convenience and speed of transactions in Pakistan might be affected by following local laws and banking norms, which might result in extra restrictions or delays. |
| Payments are received quickly within a day from anywhere in the world into your digital wallet. | Wise endorses major currencies, but some currencies may be restricted. |
| Upon signing up for the Wise account you can earn 500 GBP. | |
| Received funds can be easily transferred into your local bank account in Pakistani currency. | |
| It offers you the local and global bank details. | |
| Through Wise international account, you can select stocks to invest in the top listed companies. | |
| Connect Wise account details with your PayPal. |
Western Union
If you require an immediate cash payment, this simple process will assist you in receiving international payments from Western Union in Pakistan. The process involves straightforward steps given down below:
- Ensure the sender has all the details they need from you, such as your full name for identification, your current address, and the city where you will pick up the cash.
- Request the Western Union Receive Code from the sender and save it safely. This code is crucial as it facilitates transfer (payment) tracking.
- Find the location of a Western Union agent in your area. Western Union has multiple agent sites in Pakistan’s largest cities and towns. Those locations are frequently available in banks, post offices, and other financial centers.
- To receive the payment, you may visit the location and pick up the cash.
- Complete the “Receive Money” form that the agency has provided. Make sure all of the data matches the information sent and is valid.
- The agent will provide you with the money in Pakistani Rupees (PKR), depending on the current exchange rate in Pakistan, when your identity and details are confirmed.
| Pros | Cons |
|---|---|
| Available to pick up the money after a few minutes of transaction. | Sometimes Western Union may be hard to find in remote areas in Pakistan. |
| Physical cash can be withdrawn easily at any time from local banks that have Western Union. | High fees. |
| The hurdle of going and visiting the location. |
SadaPay
Conventional banking practices are changing in today’s fast-paced digital world to satisfy the demands of an interconnected society. For Pakistan, SadaPay is a new advancement in banking, providing a smooth digital wallet experience that makes managing your money easier.
With just a few taps, you may use it to send and receive money to friends and family, safely maintain finances, and make payments online and in physical locations. In addition to its convenience, SadaPay aims to empower you with instant access to financial freedom.
To receive international payments in your digital wallet follow the steps provided below:
- Make sure you have an account with SadaPay initially. Through their iOS and Android mobile app, you can register. You will receive your SadaPay account details, which include your account number and other essential data after your account has been set up.
- Give the individual or business sending you the foreign payment your SadaPay account credentials. Your account number, name, and other details needed for overseas transfers are usually included in this.
- Upon initiating the payment from overseas, the money will be deposited straight to your SadaPay account. The SadaPay mobile app lets you access the funds that you have received. After that, you can use the money for local and online transactions, to get cash out of ATMs that allow SadaPay cards.
| Pros | Cons |
|---|---|
| Payments are quick to transfer and receive once initiated. | SadaPay might not be accepted everywhere, particularly on websites or in physical locations that only take credit cards or cash on delivery as a means of payment. |
| SadaPay protects your account and transactions with sophisticated encryption and security protocols. | Funds might be impacted when withdrawing cash or transferring finances from your SadaPay account to a local account. |
| A personal SadaPay wallet card is provided which can be used in any ATM that supports it. | SadaPay might restrict how much money can be received in a single transaction or over an extended time, which could be problematic for people or businesses handling larger amounts of money. |
| Convenient to use and handle your account. | SadaPay restricts some kinds of international transactions or doesn’t support direct international transfers from all nations. |
Payoneer
Payoneer stands out as a reliable system with simplified payments that allows freelancers and clients to transfer and receive finances across borders. It also provides the users with a paid Mastercard which they can use at any ATM to withdraw their money or for online purchases. Receiving payments follows easy steps explained below:
- Firstly, sign up for the Payoneer account on the website and provide all your essential information and identity.
- Once your account is registered and accessible You will receive details about Payoneer Global Payment Service. This contains information about virtual bank accounts in USD, EUR, GBP, and other currencies.
- Then you need to provide the bank account details according to the currency to your international partner.
- Once they transfer the payment you will be notified and can access the funds from the dashboard.
- Later you can withdraw your cash using the Payoneer withdrawal service to your local bank account easily. Or utilize the Payoneer Mastercard for purchases.
| Pros | Cons |
|---|---|
| It offers you a paid Mastercard for online payments or withdrawing cash from an ATM. | Payoneer costs its users fees for services like currency withdrawal and conversion fees. |
| Quick payments can be made through the Payoneer mobile app. | The exchange rates cost by Payoneer may sometimes be high impacting the funds received. |
| You can receive payments in multiple currents thus there is no need for setting up different bank accounts internationally. | |
| The Payoneer’s user-friendly system allows you to access your finances anywhere and anytime. Thus it is designed for convenient usage. |
Freelance Marketplace
Freelance Marketplace is a virtual corner that links all experienced freelancers to showcase their creativity and talent by performing different tasks for their clients or partners. Such tasks include purchasing gigs, completing projects, etc. The most popular and reliable sites in a huge marketplace are Fiverr, Upwork, and People Per Hour.
To set up your presence on these sites you also need to set up your account for receiving payments from international and local clients. Down below is the explanation given to guide you through the procedure of receiving international payments from the Freelance Marketplace in Pakistan:
- Once you sign up on any freelance marketplace platform, go to the payment methods in the setting and choose any payment method like Payoneer for receiving funds.
- Make sure you also link your bank account or Payoneer for example, with your Freelance Marketplace account by entering all the necessary details and information.
- Once you complete the client’s project on any of the above freelancing platforms they will transfer funds to your attached account and you will be notified accordingly.
- You can keep the payments in your account or withdraw them anytime by transferring them to your local account.
| Pros | Cons |
|---|---|
| Freelance Marketplace is a safe place to keep your payments or if you wish to withdraw them it is easy. | There may be delays in receiving payments due to verification issues. |
| The marketplace is a privilege for Pakistani users who can showcase their work without crossing boundaries across nations and yet do business with the clients securely. | Oftentimes, the platforms may be down due to technical problems that might delay or disrupt the payment processes. |
| It is a convenient and secure platform for anyone to use and receive payments with no need to sign up for different digital wallets |
Skrill
With Skrill, you may transfer and receive money globally via the Internet. It functions similarly to a digital wallet that you may use to store money and make online purchases and services. It’s a practical and efficient system for independent contractors, companies, and people looking to handle their finances internationally but can’t find an effective method.
Individuals in Pakistan can receive payments from clients or customers overseas with Skrill, which allows for currency conversion and gives its users the freedom to deposit money into local bank accounts or spend it with a Skrill Prepaid Mastercard.
| Pros | Cons |
|---|---|
| Skrill frequently works with well-known online platforms and freelancing markets, which facilitates the payment of foreign clients to independent contractors in Pakistan. | Some users have reported issues with Skrill customer services. |
| Users can reduce transaction costs by using Skrill, which offers attractive prices for international money transfers that are frequently cheaper than other payment platforms and local banks. | Skrill may charge fees with different transactions. |
Elevate
Elevate is a new technology that seeks to improve financial services by making digital transactions smoother and more transparent. It is an effective digital wallet for those working remotely from anywhere to receive payments with low fees in Pakistan. To get more information regarding receiving international payments follow the steps:
- Make your account by signing up on their website. Insert all your required information and documentation. Once your account is verified it’s good to go for receiving overseas transactions.
- Provide the overseas account details to the client, ie the sender. Once they initiate the transaction, you will be notified. The good news is you won’t be charged any exchange fees.
- After receiving your finances, you can transfer them to your Pakistani bank account and withdraw them anytime
| Pros | Cons |
|---|---|
| No exchange rate fees make it an affordable wallet for Pakistani users. | Technical issues may potentially impact payment processes . |
| You will also be provided a free debit card for international transactions and purchases. | Limited integration with other digital wallets. |
| The convenience and transparency make it an efficient financial system compared to other high-charging bank accounts. |
Conclusion
After going through the top digital wallets that are accessible for receiving international payments in Pakistan, we conclude that Wise is our first choice for anyone looking for a user-friendly, convenient, and safe method for receiving international payments. Upon our thorough research, most Wise users are satisfied with the performance of this system and its low and transparent exchange rates.
