21 Dec 2022
Currency exchange whether it is:
Rates are essential not only when you're planning a foreign trip and need to ensure you have a ready supply of local banknotes. When you need to send money to Pakistan from Europe or another country, compare the latest exchange rates, transfer cost, speed, and security to transfer EUR to PKR quickly and easily.
Getting a reasonable exchange rate is critical when transferring money to your loved ones from overseas since it decides how much money your beneficiary will receive. How can you avoid being stung by excessive fees and less-than-generous PKR rates? Here's what you should know before converting Euros to Pakistani rupees.
Finding the best exchange rates for converting Euro to PKR is challenging as interbank currency rates keep fluctuating. So, stay updated about the live exchange rates, as it can make a significant difference besides other factors, which you can find below. Keep the following in consideration before sending money from Euros to Pakistani rupees:
The value of your money will increase if you send money to Pakistan from Europe, and the recipient will receive more amount in PKR. This is because any flat fee is only a tiny portion of your transfer amount. Many companies let you bargain for a better exchange rate margin when sending significant amounts.
Money transfer providers charge a small percentage to generate revenue on top of mid-market exchange rates. Mid-market exchange rates are dynamic and keep changing due to several factors, including the differences in currencies according to various countries and origins. Every remittance company offers special rates under the influence of such differences. However, ACE Money Transfer offers the highest exchange rate with the lowest transfer fees, ensuring a little margin for the company.
Before you choose a provider for a money transfer to Pakistan, double-check that there are no hidden fees. Conventional methods like the Kerb market, hawala, or hundi demand extensive fees and hidden charges on global money transfers. Sending money online to your loved ones is recommended as you get a transparent fee structure, the best exchange rates, and the facility to track your transactions. ACE Money Transfer is one of the most reliable names in the remittance sector since it serves millions of expatriates across the UK, Europe, Canada, Australia, and Switzerland. The firm is currently offering free money transfers to Pakistan to boost the remittance inflows to the country in line with the Pakistan Remittance Initiative (PRI) by the government of Pakistan.
Assume you want to send 100 EUR, and 1 EUR equals 315.11 PKR in interbank currency rate at present (the rates keep changing, so you must ensure checking updated rates when transferring funds). This would be calculated as follows:
100 EUR * 315.11 PKR = 31,511 PKR
With an exchange rate of 1 EUR = 315.11 PKR, you'd get 31,511 PKR from 100 EUR.
After calculating this, you can subtract costs such as fees and taxes to see how much you'd get for your money. If your bank or remittance company charges a €20 fee on the transfer, the total would be 6,302.2 rupees. Subtract this from the original total to determine how much your friend or family member will receive.
31,511 PKR – 6,302.2 PKR = 25,208.8 PKR
You can avoid transfer costs and get the highest exchange rates for Euro to PKR if you choose ACE Money Transfer. Yes! You hear that right! The firm offers the highest exchange rates compared with the market and enables you to make a fee-free first transaction upon using its services for the first time.
In Pakistan, your recipient has several options for receiving your money. These will differ depending on the provider, but it is possible to find services that will:
If your recipient intends to collect or have the money delivered to them in Pakistan, they will typically require the following:
You would have to spend a lot of Pakistani rupees to purchase a euro. For example, imports continue to outnumber exports, reducing demand for Pakistani rupees on the international market.
While market forces cause PKR rates to fluctuate, the State Bank of Pakistan can intervene if the exchange rate moves too far in one direction. However, getting a cost-effective PKR conversion does not require you to become occupied in the complexities of financial markets.
Instead of worrying about market forces you can't control or waiting for the exchange rate to move in your favour, make sure your remittance service isn't charging you excessive transaction fees. Making an online money transfer to Pakistan from Europe via ACE Money Transfer remains the best option considering the benefits you get from the firm.
It is critical to understand the best exchange rates for an online money transfer to Pakistan regardless of how you choose to make the transfer. While you are unlikely to have to perform the calculations yourself, it can be helpful to do so manually by subtracting commissions and taxes to get a clear picture of how one transfer option compares to another.
This is because an automatic currency converter online will not reveal the hidden costs incorporated into the transfer. When converting Euros to Pakistani rupees, or Pakistani rupees to other currencies or Euros, you have a few options. However, they are not all the same regarding value for money.
When you've worked hard to assist the people you care about, you'll want them to receive the most rupees possible with each transfer. This is why you send money to Pakistan, and you should use a transfer service with cheap fees and a reasonable exchange rate.
An international money transfer specialist, such as ACE Money Transfer, is the best way to transfer money abroad from EUR to PKR.
If you send money worldwide through a high-street bank, you will almost certainly pay huge commission fees and receive very poor exchange rates. In 2021 and 2022, ACE Money Transfer was the cheapest money transfer service with the best EUR to PKR transfer rate.
To transfer euros to Pakistani rupees or send money to Pakistan from France, you may easily compare money transfer services in one location. Compare Euro (EUR) to Pakistani Rupee (PKR) remittance exchange rates before sending money overseas to loved ones.
Read reviews of remittance service providers and look for promotions and discounts. Transfer money online or send cash using the services provided by these companies.
Final Thoughts
Check the genuine mid-market EUR to PKR conversion rate to get the best EUR to PKR exchange rate. Choose ACE Money Transfer for the best exchange rates to send money to Pakistan online. The firm offers the lowest transfer costs, unbreakable security of your transactions, the facility to track your transactions live, and checking updated exchange rates alongside 24x7 service availability.
