13 Aug 2024
According to a Pilot Guides report, about 114,000 Pakistanis are currently working in Italy. The robust Italian economy offers multiple job opportunities to them. They, therefore, earn a living and send money to Pakistan online from Italy to offer financial support to their family.
Despite several online money transfer institutions, many people still prefer sending funds through banks. The reason? Banks still command the respect that any other financial institution only can aspire to.
Banks have always been credible sources of financial services. Millions of people still rely heavily on banks when it comes to making remittances online. But do you know how to make a swift money transfer through banks? Addressing this question is important given that innumerable financial institutions offer the same services.
Let’s delve deeper into this together!
The utility and importance of banks in the financial realm cannot be overemphasized. Whether you want to keep your money safe, make savings, or even move funds around, banks are there to serve you.
But as a Pakistani migrant working in Italy, you have certain priorities when it comes to transferring funds. These priorities vary from person to person. Different people want different features. For example:
· Do you want safety?
· Do you want to deliver funds swiftly?
· Do you wish to get flexible and competitive currency exchange rates?
· Do you look for ease and convenience in the process?
With different priorities to send money online to Pakistan from Italy, what do you do to transfer funds through banks? Is it simply to take the steps to initiate a transfer or are there many factors you should consider in the process? Let’s explore together.
The first step is to determine your remittance needs. As mentioned earlier, you have different needs when it comes to sending funds online to Pakistan from Italy. These needs are centered on:
· Service charges
· Currency exchange rates
· Speed and safety
· Currency conversion charges
· Ease and convenience of accessing the service provider
Therefore, you must determine your needs and then see if you can find a bank that offers you such services. In addition, you can also visit a bank and talk to its staff about the aforementioned concerns.
In a developed country like Italy, you can find several banks and other financial institutions, thanks to its robust economy. But does the presence of innumerable banks within a financial market make it easy for you to just randomly choose a bank?
No. Because different banks specialize in different financial operations. It is the reason why every bank cannot offer you remittance transfer services to your satisfaction. So, make sure to search the market thoroughly and then select the right bank.
You cannot just randomly walk into the bank and request to initiate a transaction. You need to have a bank account. If you do not have a bank account, the recipient of your funds has to have one. Banks cannot transfer funds otherwise.
Therefore, you need to get all the essential documents to open a bank account. Remember that the required documents differ from bank to bank. But some of the most common documents any bank will ask you to provide are:
· Your original ID
· Employment certificate
· Source of income
· A written application for account opening
The first step to using a bank for a money transfer from Italy to Pakistan is to open a bank account. Here again, you need to be careful about the bank account because account types are serving different purposes. You will most likely need a checking account which is also known as the current account. It is one of the basic account types at any bank and is easy to open. It offers immense benefits including paying bills, processing funds, financial management, and money transfers.
In Italy or any other developed country as Pakistani migrants, you essentially have to open a bank account. But are opening an account and transferring funds interconnected?
Well, not necessarily! Therefore, draw comparisons between the services of different banks and see the difference between fees, speed, safety, exchange rates, and currency conversion charges. Also, never forget to include remittance service providers in your comparisons. Because these financial institutions are designed specifically for online remittances so, chances are high that you might find a better deal elsewhere!
After you have drawn comparisons between the services of different banks, the next step is to consider other financial institutions. Other financial institutions include remittance service providers.
Since these companies specialize only in cross-border money transfers, their services are designed accordingly. Therefore, they only focus on online money transfers, unlike banks which offer a long range of financial services. Money transfers are only one of those financial services that the banks offer grappling with several risks and challenges.
Learn here all about the risks and challenges banks grapple with in their operations.
After all of the above factors, now you have to finally decide whether you want to proceed with the banks. Your decision should be based on all the factors that have been explained above, however, emphasizing more on the comparisons.
As a result of drawing comparisons between the same service providers and different service providers within the same industry, you can make rational decisions saving your time and cost. If you are looking to make transfers through banks, the following steps can help you have a seamless experience.
To transfer funds online through banks, follow these simple steps:
Use your credentials to access your account on the bank’s website or mobile app.
Look for options such as 'Transfer Funds,' 'Send Money,' or 'Payments.'
Provide the recipient’s bank account number, name, and any additional required information such as the bank’s routing number.
Enter the amount you want to transfer.
Select the type of transfer (instant, same-day, or standard) based on your needs and any associated fees.
Double-check all the details to ensure accuracy and confirm the transaction.
You will receive a confirmation message or email once the transfer is successful.
Note: If you do not have a bank account, you can still transfer funds to someone who does. Visit a local bank branch, provide the recipient’s account details, and make the transfer using cash.
When you send money to Pakistan from Italy you must focus on your financial benefits. There is nothing wrong with sending funds through banks. Banks have always been credible sources for offering financial services.
However, the advent of online remittance service providers has created a divergence for the people. Certain remittance transfer companies deliver your funds in less than 7 seconds!
Their operational excellence does not stop there. They also offer you live and market-competitive currency exchange rates that compensate you for the small fee you pay for the transaction. They deliver your funds with optimal safety in several countries worldwide.
Despite the presence of several financial institutions offering different financial services, banks still enjoy immense respect. There are several reasons. For one, you can get several benefits from the banks. Be it safe keeping of your money or valuables or managing financials or money transfers, banks offer you almost every financial service in one package.
Yes. In developed countries including Italy, opening a bank account is essential. In developed countries, people are drawn to using money in digital or virtual form. Digital or virtual currency means debit and credit cards. Therefore, to use currency in this form, you essentially need to open a bank account in a country like Italy.
With a bank account, you can enjoy several benefits. But these benefits depend on what type of account you want to open. If it’s a savings account, it will help you save money and even multiply your income with the interest you earn. In case you have a checking account, it will help you pay bills, send money online, effectively manage your funds, and so on.
In case you have a bank account, you will also have its mobile banking app. Therefore, to send funds online through a bank, log into your app, select the payment method, fill in the details of the beneficiary, select the amount, check all the details thoroughly, and proceed with the transaction. In the case of cash, just visit the branch, fill in the form, make the payment and your transaction begins.
Whether sending funds online with banks is cost-effective or not depends on several factors. These factors are the bank's charge, the currency conversion fee, types of currency exchange rates, commuting hazards and costs, the time banks take to deliver funds, and the presence of the banks in certain countries. Also, the payment options banks offer hold immense significance in determining if banks are a cost-effective means to transfer funds online or not.
