Sending money across borders is a common financial transaction, especially when it comes to family support, business dealings, or emergencies. If you’re in Nigeria and need to send money to Pakistan, understanding the exchange rates and finding the best services to facilitate this transaction can save you both time and money. In this article, we’ll explore the best NGN-PKR exchange rates, tips on sending money efficiently, and the top services to use for sending funds from Nigeria to Pakistan.
Why Sending Money to Pakistan from Nigeria is Important
Pakistan and Nigeria share robust cultural, economic, and familial ties. Many Pakistani nationals live in Nigeria for business or work, and likewise, Nigerian expats often send money back home. These remittances play a vital role in the economies of both countries. According to recent reports, remittances are a major source of foreign exchange for Pakistan, making it essential for Nigerians to find the most affordable way to send funds.
The Current State of NGN-PKR Exchange Rates
The exchange rate between the Nigerian Naira (NGN) and the Pakistani Rupee (PKR) fluctuates based on several economic factors, including inflation, supply and demand, and geopolitical events. As of the most recent data, 1 NGN equals approximately 3.5 PKR, though this can vary significantly depending on the service you use.
It’s crucial to note that when sending money abroad, the exchange rate is not the only factor you need to consider. Transaction fees, speed of transfer, and customer support also play significant roles in determining which service will be most efficient for your needs.
Top Ways to Send Money from Nigeria to Pakistan
There are several ways to send money from Nigeria to Pakistan. The method you choose will depend on several factors, including speed, fees, and convenience. Below are some of the most reliable and cost-effective services for sending money to Pakistan:
1. Bank Transfers
Bank transfers are a reliable way to send money internationally, but they are often slow and can come with hefty fees. Most Nigerian banks offer international transfer services to Pakistan, but the exchange rates may not be as competitive as those offered by dedicated money transfer services.
Additionally, bank transfers typically take between 3 to 5 business days, which can be a disadvantage if you need to send money urgently.
2. Online Money Transfer Services
Online money transfer services such as TransferWise (now Wise), Remitly, and WorldRemit offer competitive exchange rates and faster transfer speeds compared to traditional banks. These platforms allow you to send money directly from your Nigerian bank account, debit card, or credit card to a Pakistani bank account, mobile wallet, or for cash pickup at partner locations.
These services are generally faster, with transfers often completing in 1 to 3 days. They also offer competitive exchange rates, sometimes better than what you would receive at a bank. One key advantage is the transparency of fees, as these platforms provide a breakdown of all costs involved before completing the transfer.
3. Mobile Money Transfer
For those who prefer mobile-based transactions, services like PayPal, Western Union, and Xoom offer mobile money transfers. Western Union, for example, has a long history of facilitating international transfers, and their mobile app makes sending money from Nigeria to Pakistan quite simple.
Mobile transfers are a great option for those who want to send smaller amounts of money quickly. With PayPal or Xoom, you can also take advantage of their vast network in Pakistan, ensuring that the recipient can receive their money in various ways such as direct bank deposits or cash pickups.
4. Cryptocurrency Transfers
In recent years, cryptocurrency has become a viable alternative for sending money across borders. Using platforms like Bitcoin or Ethereum, Nigerians can transfer money to Pakistan without dealing with the typical barriers of banks or traditional money transfer services.
Cryptocurrency transfers are fast, usually completing within an hour, and fees are generally lower than traditional services. However, the volatility of cryptocurrencies means that the amount the recipient receives can fluctuate significantly, depending on the market value at the time of transfer. This method is best suited for those familiar with digital currencies and looking for an efficient way to send money.
Tips for Getting the Best NGN-PKR Exchange Rates
When sending money from Nigeria to Pakistan, it's essential to get the best possible exchange rate to maximize the value of your transfer. Here are some tips for ensuring you get the most favorable NGN-PKR rate:
1. Compare Rates Across Platforms
Before making a transfer, compare the exchange rates offered by various money transfer services. Platforms like Wise, Remitly, and WorldRemit allow you to view exchange rates in real time, helping you choose the one that offers the best deal for your money.
2. Watch Out for Hidden Fees
Some services may advertise low exchange rates, but they make up for it with high fees. Always check the total cost of the transfer, including any service or processing fees, before proceeding with your transaction. A seemingly low exchange rate could result in a high total cost once fees are added.
3. Use Multi-Currency Wallets
If you’re a frequent sender, consider using a multi-currency wallet such as Revolut or Payoneer. These wallets allow you to hold both NGN and PKR, which can help you avoid unfavorable exchange rates when transferring money. These wallets also tend to offer better exchange rates than traditional banks.
4. Transfer Larger Amounts at Once
Some services offer better rates for larger transfers, so if you plan on sending a substantial amount, it might be worth consolidating your payments into one transfer rather than sending multiple smaller ones. This strategy can help you save on both fees and exchange rate margins.
Conclusion
Sending money from Nigeria to Pakistan has become easier and more affordable thanks to the rise of online money transfer services, mobile platforms, and cryptocurrency. By comparing exchange rates, choosing the right service, and being mindful of hidden fees, you can make your transfers faster and cheaper, ensuring that your recipients in Pakistan get the most value from your hard-earned Naira.
While the best NGN-PKR exchange rates may vary, platforms like Wise, Remitly, and Western Union offer some of the most competitive options available, making them great choices for anyone looking to send money to Pakistan from Nigeria.
Personal Experiences: Sending Money to Pakistan from Nigeria
Having personally sent money to Pakistan from Nigeria several times, I can attest to the importance of choosing the right service. Initially, I used traditional bank transfers, but the long processing times and unfavorable exchange rates quickly became a hassle. Switching to online services like Remitly and Wise made a significant difference. I could see the exchange rate upfront, and the transfer took only a couple of days.
One of my most memorable experiences involved sending money during an emergency. The recipient needed funds for a medical procedure, and I didn’t have much time to spare. I decided to try cryptocurrency for the first time. Using Bitcoin, I was able to send the funds in less than an hour, and the fees were minimal. While cryptocurrency can be volatile, it was the perfect solution for this particular situation. I would highly recommend it for anyone who needs fast and cost-effective transfers.
Ultimately, the key takeaway is that there are many options available for sending money from Nigeria to Pakistan. By doing your research, comparing rates, and selecting the right service, you can ensure your money gets where it needs to go quickly and efficiently.