Consider the Recent Trends Before You Send Money to Pakistan
Consider the Recent Trends Before You Send Money to Pakistan
The flow of remittance to Pakistan has certainly had its ups and downs in the past several years. The early 1980s experienced a peak of remittances, as the number was at about $3 billion per year at that time. Though it decreased to about $2 billion per year or less during the 1990s, the year 2002 saw a marked increase in remittances. That year, about 3.5 billion was sent to Pakistan, and it steadily increased over the years until it hit a record-breaking $5.5 billion in 2006.
Clearly, this trend of increases of people able to send money to Pakistan has not let up. 2007 experienced nearly $6.5 billion of remittances, and 2008 followed suit with $7.8 billion. Due to these changes, remittances are now being watched more closely than ever by a few companies that are curious as to the reason for the increase. More people than before are also now transferring money out of Pakistan to other countries, though the most recorded was about $10 million in 2004.
Methods for sending money to Pakistan include banks, money transfer services, and the use of a prepaid debit card. Most people in the United States have access to such programs, though most other countries also offer these methods. Additionally, the traditional method of sending money through a middleman, called Hawala, still exists. Unfortunately, since much of this method is off record, there are few statistics that help keep track of the number of people using this technique. However, newer methods, especially the prepaid debit card, are typically cheap and easy enough to use that many people opt for those instead of the once thriving Hawala procedure.
If you need to send money to Pakistan, whether to your bank back home or to your family to help them pay bills, there are several options. Remittances to this country may not be widely discussed like they are when they deal with closer countries, but they are quite popular. Statistics show that they are actually increasing in popularity, which could signify more available methods to send money Pakistan in the future.
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