12 Jun 2023
Since there are several methods to transfer funds from one place to another, the process is different for every method. Migrants from Pakistan travelling to developed countries like Germany for want of work find it pretty confusing. Pakistani migrants find jobs in Germany, given the country’s robust economy and availability of work opportunities across several fields, and earn a living and send money to Pakistan to support those financially dependent on them, including their families.
The country’s teetering economy is one of the important reasons for Pakistani migrants to travel abroad for better employment opportunities.
According to a World Bank report, the nominal Gross Domestic Product (GDP) of Pakistan was $348.26 billion in 2021. Its GDP per capita income in 2021 was $1,505, according to another report by the World Bank.
Apart from the economy, several other issues, such as poverty, joblessness, lack of quality education, etc., also contribute to triggering migration from Pakistan.
Where the process of sending money online nowadays is fairly simple and straight, do you know why is it important to know the details?
Well, for the simple reason that the creeping in of some unscrupulous service providers in the remittance industry has made the process more complicated by painting a rosy picture of the process but only to fleece you in the name of offering services.
Because the more complex the services, the higher the chances for fraud.
This blog will shed light on some simple processes in different methods to transfer funds from across borders.
But first, let’s take a look at the German economy and a few reasons for migrants to go to Germany and find work there.
These are huge figures and show that Germany has a strong economy. And a strong economy such as Germany’s, needless to say, is synonymous with several work opportunities, attracting migrants from Pakistan, or other developing countries for that matter, to come here for work and then send money to Pakistan online.
Germany offers a minimum wage of €1,614 per month or €19,368 annually, which is pretty handsome in comparison to the wages in other European countries.
The average gross salary in Germany is around €70,754, which, like wages, is relatively greater than the average salary in other European countries.
Working hours in Germany are typically 8, but these should not exceed 10 hours in certain circumstances. The maximum work week in Germany is 48 hours, and German law makes it difficult for employers to ask their employees to work Sundays.
In case employees are asked to work Sundays, employers are bound to ensure their employees get at least 15 Sundays off per year.
Employees in Germany are required to contribute to Germany’s Public Pension Plan, with employers required to contribute half of the pension rate. Currently, the pension rate is 18.7% of the salary. But, this rate is set to increase to about 20% by 2025.
Apart from public holidays, which are, of course, paid, employees in Germany are entitled to 20 paid days off per year in a 5-days work week and 24 if the work week is 6 days.
Germany is home to some of the world’s best educational institutions. Your chances of getting prospective international jobs can increase manifold with a German degree in your hands.
Are you interested in learning more about how to get a job in Germany as a Pakistani migrant? Click here: Migrating And Finding A Job In Germany As A Pakistani Migrant.
Let’s now take a look at the process of transferring funds in two major methods of doing so.
Two methods are in vogue to move funds from one place to another for any purpose. One is through remittance service companies, and the other is through banks.
Let’s take a look at these processes separately.
Some of the steps are involved in the process of finding a service, while the transferring process itself is short, simple and easy.
Your online money transfer to Pakistan with ACE Money Transfer’s mobile app is a simple process that consists of only entering credentials as all other points the company takes care of to offer you the best money transfer deal.
FAQs
What are the different methods available for sending money from Germany to Pakistan?
There are multiple methods for sending money, such as bank transfers, wire transfers, and online money transfer services like ACE Money Transfer. You could also use mobile payment services or prepaid cards, depending on the recipient's preference and accessibility.
What details do I need to send money from Germany to Pakistan?
Typically, you would need the recipient's full name as it appears on their legal documents and banking details, including their bank name, branch information, and account number. If you're using an online service, you might also need their email address or phone number.
How long does it take to send money from Germany to Pakistan?
The duration varies based on the method used. Bank transfers may take several days, whereas online transfer services can often transfer funds within minutes or hours; ACE Money Transfer’s 7-second transfer is the best example in this regard. However, please check with the specific service you use for accurate timelines.
Are there any limits on the amount of money I can send from Germany to Pakistan?
Yes, most transfer methods have a limit, which varies depending on the provider and the specific service you choose. It's important to check these limits before initiating a transfer.
How safe is it to send money from Germany to Pakistan?
It's generally safe, especially if you're using a reputable bank or money transfer service. These institutions are regulated and use various security measures to protect your money. However, always ensure to protect your personal information and verify the identity of the recipient.
Resources
(GDP (current US$) - Pakistan | Data (worldbank.org)
(GDP per capita (current US$) - Pakistan | Data (worldbank.org)
(GDP (current US$) - Germany | Data (worldbank.org)
(GDP per capita (current US$) - Germany | Data (worldbank.org)
