ACE Money Transfer, a leading UK-based international remittance service provider, and Bank Al Habib, one of the largest banking networks in Pakistan, have joined hands to promote legal channels of remittances to Pakistan.
According to recent data from the World Bank, workers’ remittances make up 8.69% of Pakistan’s overall GDP, proving them a lifeline for the country. Remittance inflows to Pakistan accelerated after COVID and saw an upward trend keeping them above USD 2 billion for the last 28 consecutive months. However, the country registered a 6% decline in remittances from July to September 2022. Experts are of the opinion that a large gap in the interbank and open market rates has negatively impacted the flow from the official channel.
Pakistan Remittance Initiative (PRI), a joint initiative launched by theState Bank of Pakistan, the Ministry of Overseas Pakistanis and the Ministry of Finance to foster more economical, fast, efficient, secure, and convenient remittance inflows to the country, has been taking significant measures to enhance remittance flows to Pakistan.
Reflecting the PRI’s vision, the mega ongoing awareness campaign by ACE Money Transfer and Bank Al Habib accentuates spreading awareness among overseas Pakistanis about using legal channels of remittances.
The awareness campaign offers entirely Free money transfers to Pakistan with the best exchange rates, an exceptional transfer speed of merely 7-seconds, and enhanced security. More than 950 buses across multiple cities in the UK, 100 roadside posters, and 25 underground tube stations across London have been utilised in educating the expat community to opt for a legal and reliable remittance channel to stimulate Pakistan’s economy by discouraging illegal and undocumented money transfers. Formal remittance channels like ACE & BAHL offer enhanced service benefits such as no transfer fee, very competitive exchange rates, the highest security standards, live tracking facility, and exceptional speed of transfer, etc.