Transfast Launches Instant Bank Deposits to Pakistan

Transfast, a global funds transfer solution, has made its service available across nine banks in Pakistan. Customers will be able to make payments via mobile and online money transfer to anywhere in the world. The transferred money will be deposited in the recipient’s account within a matter of minutes.

Since its inception in 1998, Transfast has aimed to make the process of sending and receiving money as hassle-free and efficient as possible. Money can be instantly transferred from the comfort of one’s own home throughout the year at any time or day, including bank holidays. It runs a dedicated network of over 200,000 payment points across more than 100 countries in the Americas, Asia, Europe, and Africa. Transactions are approved by the TRANSFAST account security team and anti-fraud verification systems.

Based on the World Bank’s report, a sum of $17 billion has been sent to Pakistan in the form of remittances in the year 2014. The country ranks as the seventh-largest remittance market in the world. The report also states that remittances cover-up large portions of the import bill for Pakistan, which makes them an essential component of the country’s economy.

Which banks are affiliated with Transfast?

According to the World Bank, 13 percent of Pakistan’s population has a bank account. The nine banks that are affiliated with Transfast cater to around 99 percent of the said percentage of banked customers in Pakistan. If you’re looking to send or receive money via Transfast, chances are that you already have an account in one or more of the following banks:

  • Allied Bank Limited
  • Askari Bank
  • Bank of Punjab
  • Habib Bank Limited
  • Meezan Bank
  • Muslim Commercial Bank
  • National Bank of Pakistan
  • Tameer Bank
  • United Bank Limited

How are funds transferred?

Once the user has created a free Transfast account, the actual transaction can be performed in 4 easy and secure steps. They are as follows:

  1. Enter recipient information: Enter the name and residing country of the recipient
  2. Choose transfer amount: Enter the amount to be transferred to the recipient
  3. Select collection method: Choose how the recipient will receive their money
  4. Select payment method: Select the option to pay via checking or savings account, or with debit or credit card

What are the transfer charges?

Transfast’s system will calculate the payout amount in the currency of the chosen country at the available locked-in online exchange rate. A specific fees will also be charged for your dollar to rupee transfers.

What options for collection do recipients have?

Recipients can choose from one of the following options for receiving funds:

  • Have the funds deposited into their bank account, in which case the sender will need to provide the recipient’s account information when performing the transaction
  • Receive a cash remittance from one of Transfast’s bank partners
  • Collect the payment from agent locations

A delay in the transfer of funds may occur due to the chosen method of collection. Bank transfers are subject to the availability of the banking system in the recipient country, and agents may have limited hours of operation. Similarly, Transfast’s system will perform various anti-fraud verification checks before the transfer is completed, which may take additional time.

For further information, head over to Transfast’s website or download Transfast’s free app for iOS mobile devices.

Talal is the Editor in Chief at ProPakistani. Reach out at [email protected]