Remittance services (Australia -> Pakistan)

MatrixM on 01/01/2020 - 20:29
Last edited 01/01/2020 - 21:08

So I'm looking for suggestions for services to use to transfer money (couple hundred$) from an aussie bank account to one I have in Pakistan, my banks don't do it directly. Unfortunately Skrillex doesn't do Pakistan (that $40 referral bonus would've been nice). I know of Remitly, which apparently is worth it at least for the first transaction due to the referral bonus, but are there any others? Especially with referral bonuses? I might be doing two transfers.

Thanks, never done this before.

EDIT: Oh and the cashback from Cashrewards, is that percentage based or do I somehow get a flat $12.60 no matter the amount transferred?

Financial

Comments

  • Ash-Say on 01/01/2020 - 21:06

    Try TransferWise or Worldremit

  • cauilfield on 01/01/2020 - 21:43

    +1 for transferwise, also remitly.

  • MatrixM on 03/01/2020 - 02:32
    +3

    Consolidating everything here for personal reference and to help others in a similar boat.
    Any other suggestions would be appreciated.

    Remitly
    1AUD = 107.41PKR. $2 fee
    I used a $20 referral instead of the standard $15 one, the latter would've given 112.16PKR
    cashrewards Cashback $12.60.

    Instarem
    1AUD = 107.79PKR, 1% fee
    coupon OFFER gives $20. (The 400 referral points won't help me as I'm not transferring $500. They expire so should keep an eye on it.)

    World Remit
    1AUD = 106.82296 PKR, $3.99 fee
    $35 referral
    Quidpro cashback £15 (quidpro referral gives £10)

    Transferwise
    1AUD = 108.343PKR, $3.50 fee (but with referral the first transfer is free, which I guess I'll save for Quidpro cashout)

    SydneyForex
    1AUD - 108.15PKR, $5 fee (unless >$300)

    Ones that don't do PKR
    Currencyfair
    Skrillex
    orbitremit
    OFX

    • MatrixM on 03/01/2020 - 03:53

      Western Union
      1.00 AUD = 107.8603 Pakistan Rupee (PKR)
      Looks like the european branches have a referral system but can't find one for australia.

  • zebualvi on 03/01/2020 - 02:37

    The service I use is Sydney Forex (https://sydneyforex.com.au/). They deposit directly into an account, or cash can be collected through Meezan or UBL branches. I have been using them for the last 9 years and never had an issue. Hope it helps.

    • MatrixM on 03/01/2020 - 02:41

      Thanks, I'll add it to the list. unfortunately I'm not planning on moving $300 at one time.

      • zebualvi on 03/01/2020 - 02:48

        Your edit mentioned $15 service charge for amount less than $300. It is actually $5 if you transfer using their website, which I always do. I am assuming $15 charge is for in store assistance. Money transfer via website is extremely easy - you fill out all the details on their online form, submit it, then reply to their automated email with your proof of money transfer from your bank account to theirs (ANZ I think) and then they send you a confirmation. Remittance then takes upto 2 days, but usually it's under that.

        Edit: With Transferwise transaction fee increases with the amount sent. Sydney Forex charges a flat $5 for anything under $300, and $0 for all above $300.

        Transferwise - $300 = 31,832.04
        SydneyForex - $300 = 31,904.25‬

        • MatrixM on 03/01/2020 - 03:28

          Ah, I see. I was going off of their FAQs but the pdf is a lot clearer, thanks!

  • benstella on 10/10/2020 - 02:25

    Reviews are not good for Transferwise, Instarem, Western union as well.
    https://www.productreview.com.au/listings/transferwise?sortB…
    https://www.productreview.com.au/listings/instarem?sortBy=ra…
    https://www.productreview.com.au/listings/western-union

    My recent personal experience is horrible with InstaRem. I transferred money overseas through them. Money sitting in their account for a week and they keep asking bank statements.

    I did supply them atleast 5 times in a row and they keep on making excuses about clear receipts. In the end, when I threaten them about going to authorities and report them, they ensured me that money will be refunded to my australian bank account. Still waiting for refund. I should have gone through reviews before doing any transaction :(

    Best way is to transfer through your bank account. Rates are low and they charge a lot but money will be transferred to recipients in time.

    If your bank don't do it then just open a new account and transfer money through Combank, ANZ, NAB. They generally do oversees transfers.

  • Choc83 on 12/10/2020 - 14:23

    Didn't westpac have a great little service for transferring small amounts of money offshore?

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