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How to Send Money from Singapore to Pakistan?


Feeling accomplished to get settled in Singapore being a Pakistani immigrant? Well, rightly so, but gear up for its associated challenges. One of your foremost encounters is sending money from Singapore to Pakistan, and you have to go wisely in this regard as it is a financial matter. Along with the typical banking channels for sending money, money transfer services such as Speed Remit offer reliable, easy, and economical solutions for sending money. You wish to send money through an affordable and quick channel, and with this growing demand by remitters, money transfer providers such as Speed Remit strive to keep their services fast and secure. The real purpose of expatriates is to work abroad to provide their families with a better life and financial stability. 

Home remittance ensures a steady flow of funds to cover essential expenses such as housing, education, healthcare, and daily living costs of your family back home. Therefore, you have settled in Singapore, so make no compromise when selecting a trustworthy money transfer service to send money from Singapore to Pakistan. Expatriates in Singapore may have various fears and concerns about sending money to Pakistan from Singapore. These fears can stem from financial, logistical, and personal factors. Some common problems are exchange rate fluctuations, transfer fees and costs, security and fraud, transaction delays, regulatory compliance, the authenticity of providers, and data security. Therefore, plan your every transaction precisely in order to make the entire process of sending money to Pakistan from Singapore smoother. 


Few Pitfalls to Avoid while Transferring Money from Singapore to Pakistan:


Unregistered or Unproven Money Transfer Provider:  Avoid using unregistered or unverified money transfer services, especially those that seem too good to be true while sending money to Pakistan from Singapore. Stick to well-known, reputable providers with a track record of safe transactions.


Hidden Fees and Poor Exchange Rates: Be aware of providers that advertise low fees but offer unfavorable exchange rates, mainly when you send money to Pakistan from Singapore. These hidden costs can significantly reduce the amount your recipient receives.


Using Unsecured or Public Wi-Fi: Avoid initiating money transfers using unsecured or public Wi-Fi networks, as they can be susceptible to hacking and data breaches. It means that you should be careful when you transfer money to Pakistan from Singapore. Use a secure and private internet connection to protect your financial information.


Sharing Sensitive Information: Never share sensitive financial information through email or messaging apps, such as your bank account details or personal identification numbers (PINs), while sending money to Pakistan from Singapore. Use secure channels when providing such information.


Rushing the Transaction: Take reasonable time to double-check all the transaction details, including the recipient's information, the amount, and the currency exchange rate when you transfer money to Pakistan from Singapore.  Rushing can lead to errors that may be difficult to correct.


Following are the Essential Details You Require to Send Money to Pakistan from Singapore:


Sender's Complete Information: Your full legal name as it appears on your identification documents. Your current contact details, including a valid phone number and email address, for precisely sending money to Pakistan from Singapore.


Recipient's Information:  The recipient's full legal name in Pakistan. The recipient's contact details, including their phone number and address in Pakistan.


Recipient's Bank Details: The name of the recipient's bank in Pakistan. The recipient's bank account number is where the funds will be deposited when transferring money to Pakistan from Singapore. The specific branch of the recipient's bank, if applicable. The address of the recipient's bank branch.


Recipient's Identification: The recipient's Pakistani National Identity Card number or government-issued identification. The recipient's contact details, including his/her phone number and email address, to keep the process of sending money to Pakistan from Singapore error-free.  


Purpose of Transfer: Reveal the money transfer's reasons, such as family support, education, investment, or personal savings while sending money to Pakistan from Singapore. Some transactions may require additional documentation to verify the purpose.


Documentation: Depending on the amount and purpose of the money transfer to Pakistan from Singapore, you may be required to provide additional documentation, such as employment or income verification documents. You should also have the corroboration of funds’ sources like salary, tax returns, and statements to make money transfer easier. 


Receiver's Bank SWIFT/BIC Code: If you're transferring funds directly to the recipient's bank account, you may need the bank's SWIFT/BIC code to ensure the transfer doesn’t get stuck halfway. This code helps identify the recipient's bank during the international transfer money to Pakistan from Singapore. 


Elements to Consider Prior to Finalize Any Money Transfer Service:


Conversation Rates: Compare companies' exchange rates while transferring money to Pakistan from Singapore. Choose a provider that offers competitive rates, as better rates can result in more money reaching your recipient in Pakistan.


Fees & Costs: Determine the fees associated with the money transfer to Pakistan from Singapore. Look for transparent pricing with clear information on prices and any hidden costs. Some providers may offer low fees but less favorable exchange rates, so consider the overall cost.


Transfer Speed: Consider the speed of the transfer. Some providers offer same-day or next-day transfers, while others may take several business days to send money from Singapore to Pakistan. Opt for the timeframe that meets your requirements and make transfer simpler. 


Transfer Limits: Check if the money transfer company has any transaction limits for sending money to Pakistan from Singapore. Ensure that the limits align with the amount you plan to send.


Customer Reviews and Reputation: Research the company's reputation and read customer reviews and feedback when you transfer money from Singapore to Pakistan. Look for any red flags or common issues mentioned by other customers.


Regulatory Compliance: Verify that the money transfer company is licensed and regulated by relevant authorities in Singapore. Compliance with regulatory standards is essential for security and transparency.



Security and Encryption: Ensure the provider uses strong encryption and security measures to protect your financial and personal information during the transaction.


Wrapping It UP:


All the must-know details above assist in letting your loved ones grab funds safely and quickly back home, and Speed Remit understands it well. Therefore, you get a sense of security whenever you log on to Speed Remit to send money to your family back home, and right from the first phase to the last one of sending money, you find professionalism at Speed Remit.  

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Compliance

Speed Remit works diligently to prevent its systems from being used to perpetrate any unlawful activity. We protect our customers and prevent the use of our products or services by anyone for money laundering, terrorist financing, sanctions violations, scams, and fraudulent intentions. As necessitated, we work with law enforcement to apprehend and impeach offenders.

Speed Remit collect different types of personal information for legal and compliance purposes relating to you that may be Compliance information, including fraud prevention, identity verification, and sanction checks. This may further include using your personal information to validate and authenticate your identity, and utilising third parties to help us do so, using personal information needed to comply with legal and regulatory duties related to anti-money laundering and counter-terrorist financing; detection, prevention and prosecution of fraud and theft as well as preventing illegitimate or prohibited use of our services or other illegal or wrongful activity.

Onboarding customer Identity Verification

Speed Remit is a financially regulated company and required by laws to verify the information prior to onboarding customers. Below are the more information on our verification processes and policies for our onboarding customers.

1. Why does Speed Remit need to verify me?

1.1 Normally, we will only need to check/Screen your name, address date of birth and country of origin.
1.2 We may also do enhance due diligence (EDD) that will be depend on amount to comply with the sending country regulations.
1.3 We will contact you if we need anything from you, so please ensure you check your emails regularly after you’ve made your transfer. In very rare cases the funds remain undelivered in absence of any additional information required under the prevalent laws of the territories.

2. What ID is required for the country I’m registered in?

2.1As a financially regulated company we are required by laws to verify all of our customers. Part of this process is 'identity verification'. Usually this involves collecting a copy of Government issued Valid ID from you and you can upload your ID securely at any time for our screening / verification during registration process.
2.2 Please upload your ID front side and back side to complete your verification process.

3. .Is there anything I need to know before I upload my ID?

3.1 When submitting your ID, please make sure that it's a high quality photo or scan of a valid original government-issued ID card, and the image should be clearly displaying the below information:

- ID Number
- Your Photo
- Your Complete name
- Your Date of Birth
- ID’s expiry date
- The full machine readable zone (the two lines of letters and numbers at the bottom of the document) if present
- Resident Address

3.2 The complete name and date of birth must match with your details on your Speed Remit account.

3.2 If any details do not match, please contact the Speed Remit Customer Support team ([email protected]) to have your details amended. For more information on this click "My Account" option

4. What types of ID can I use?

4.1 In case the Government issued ID card is not available incidentally at the time of registration / transaction, we may alternatively accept below ID's in case it is allowed your local central bank / financial regulator. At the end of the day, you must be holder of a valid ID even if you are unable to present it at the time of transaction.

- Driving License
- National ID
- Passport - All four corners of the document must be visible and it should visibly display the vital information.

4.2 Always upload the front and back of the ID or any alternate document (if any). The document number must be visible and there should be no glare or defocused image.
* Must match the details in your Speed Remit account

5. What is address verification?

Address verification is part of our customer verification.

5.1 If we need to verify your resident address we will contact you by email. You’ll need to reply to the email with your address and any proof of Address document as an attachment e.g. Last Utility Bill etc.

5.2 When submitting your proof of address, please ensure that it is a high quality photo or scan of a valid document showing:

- Your full name
o This must match what appears on your Speed Remit account
- Your full Resident address
o This must match what appears on your Speed Remit account

5.3 The name and address on the document must match the details on your Speed Remit account.

5.4 If any detail does not match, you can update them on our app or website by visiting the My Account Option of the Speed Remit.

6. What types of document you required to accept for address verification?

6.1 ID documents we can usually accept include:

- Utility Bill
o This can be a gas, electricity, water or insurance bills.
o We can’t accept mobile phone bills
o The bill must be no older than 3 months
- Driving Licence
o This must show your address
o This must be in date – we cannot accept expired documents
- Bank / Credit card statement
o This must be no older than 3 months

6.2 If your document is not accepted, it could be for a number of reasons. Some of the reasons documents cannot be accepted are:

- The date on document
o If the document is older than 3 months, we cannot accept it
- The details on your document
o The details (including name and address) on the document are not matched with information on your Speed Remit account
o The details must be for your home residence, not a PO Box or workplace
- The document type
o The type of document may not be one we can accept (for example a mobile phone bill)

7. What happens to my personal information after I upload it?

7.1 We only use these when we are completing Know Your Customer (KYC) checks, which is an essential process.

7.2 You can read more about our privacy policy and how we use your information here.

8. Need to send us your documents?

8.1 TIf we've emailed you and asked you to send us some documents, use the link in our email to upload your photo ID or selfie, and provide your proof of address by attaching it and replying to our email.

- To provide your photo ID or selfie: use the shared link in the email, or upload them here:
o Photo ID
o Selfie
- To provide your proof of address or any other document, reply to our email with your document as an attachment

Be our Agent

Speed Remit is expanding and intend to widen our presence in order to provide our customers with remarkable services across the world. We offer a great opportunity for worldwide regulated money transfer companies/ Banks to join speed remit Network as send and receive agent, simply fill in the form below. We’ll get back to you as soon as possible.