Legal and free remittance channels: ACE Money Transfer, Bank AL Habib launch awareness campaign

KARACHI: 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 percent 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 $2 billion for the last 28 consecutive months. However, the country registered a 6 percent 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 the State 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.

Rashid Ashraf, CEO of ACE Money Transfer, said, “Expats sending remittance consider many factors, but the transfer cost, exchange rates, speed, and security are a few primary concerns. With the help of Bank Al Habib’s vast network and state-of-the-art technology and systems, we can address them all and offer an experience our customers love. Financial institutions are responsible for educating the expat community about how using non-regulated channels like hawala and hundi could impact Pakistan’s economy and put their hard-earned money at risk”.

Aun Ali, Group Head – Business of Bank AL Habib on the occasion commented, “I would like to congratulate both Bank AL Habib and ACE Team on this affiliation, which will help both organizations in serving Pakistani expatriates for instant, simple and secure transaction processing. Bank AL Habib continues to play a vital role in routing remittances through official channels and feels immense pleasure to provide our services in collaboration with ACE Money Transfer.”

Expats can now make free money transfers with the best exchange rates for Pakistan from the UK, Europe, Canada, Switzerland, and Australia to any Bank Al Habib account as a bank deposit or for cash pickup from any branch of Bank Al Habib across Pakistan within seconds.

Copyright Business Recorder, 2022