7 Wise Alternatives in Pakistan

Overseas businesses, global clientele, international partnerships, and immigrants worldwide, Pakistanis have it all. Yet, there is still a question mark when they are looking for the right option for international transfers. 

Pakistanis have been looped in the news about when Paypal is arriving in the country for decades and an answer is still nowhere to be found. Worrying for a country with a high percentage of freelance workforce. Freelancers, international business owners, and people sending remittances to families live a never-ending journey of exploring new options.

One great option that has been taking leaps lately is Wise. Yes, Wise does the job, but does it always offer everything you need? Well, maybe not always. 

What is Wise and What Services Does it Offer in Pakistan?

Wise is an online money transfer service that allows individuals and businesses to send money internationally at low costs and competitive exchange rates.

In Pakistan, Wise has become a popular option because of the following reasons:

• Seamless money transfers to Pakistan from supported countries. 

• It uses competitive market exchange rates with no hidden markups. 

• Wise charges relatively lower fees than most of its competitors. 

• Wise allows account holders to hold PKR and spend using a debit card. (Wise no longer allows personal accounts in Pakistan, only business accounts for international businesses) 

However, there are still some limitations to Wise in Pakistan. While Wise can be used for transfers to Pakistan, there are account creation restrictions, ATM withdrawal limits, potential tax complexities for receiving foreign income, and limits on their remittance account specific to Pakistan.

This is exactly why you need to be aware of your options. There are Wise alternatives in Pakistan that might surprise you and make your experience of international transfers smoother. 

When money is involved, you need to be very careful with your considerations. Let’s dive into the factors you need at your fingertips when picking the perfect Wise alternative. 

Factors to Consider When Choosing Your International Transfer Partner

Once you know what to look for in a transfer service, picking one is easier. Let’s take a quick walk through the factors you need to review:

Transfer Fee

Transparency in transfer fees is important. You don’t want to see surprise deductions after completing your transaction when you can’t do anything about it. 

Transfer Speed

Transfer speed varies from 0 business days to up to 2 business days or even more among the available options. If your transfers are rather urgent, this is an important factor for you to consider. 

Supported Currencies

Think long-term. You may need support for two or three currencies now, but would you need more in the future? Try to foresee what currencies you could be dealing with in the future so you don’t have to choose a new transfer partner a few months down the lane. 

Payment Methods

Depending on your preferred methods, you need to see if the platform supports bank transfers, debit cards, credit cards, or cash pickups. 

Exchange Rates

Exchange rates are extremely volatile and can vary from platform to platform. While these platforms do not have any say over the FX rates, some offer better rates compared to the market to attract new users. 

Account Features

A linked debit card with the option to spend internationally is offered by some platforms. If this is something you can benefit from, considering this factor will work in your favor.

Customer Service 

Great customer service is crucial for payment platforms. You could be tripping over your delayed payment and only good customer service can help calm you down. Unexpected delays can happen and only quality customer support can provide you the answers you need. 

Support For Pakistan

You need your payment partner to offer country-specific support in your region. This allows smoother processes, efficient help, and more reliability. Since Wise does not offer that, you need to explore other options like Elevate Pay. 

7 Wise Alternatives You Can Use in Pakistan

Knowing your options for Wise alternatives and what they offer will come in handy for you. It will help you determine the best option at your disposal. Refer to the table below for a quick review:

MoneyGram

MoneyGram is a global transfer platform actively accessible in over 200 countries. It serves as a low-cost solution to your money transfer needs with fast and reliable services. You can use it for cash pickups, direct deposit to banks, and mobile wallets. 

Pros

• A global network with 380,000+ locations.

• Fast and reliable with multiple options for recipients.

• Retail location for you to physically visit for services. 

Cons

• High exchange rate markups. 

• Fees may vary depending on the location and method used. 

• Unsatisfactory customer service according to reviews on Yelp.

  
  

Elevate Pay

Elevate Pay is a Wise alternative that has taken everyone by surprise since its launch. Elevate Pay prides itself in being the cheapest solution to send money to Pakistan. With a virtual debit card, you can hold savings in USD. No ACH fee for receiving deposits and a minimal transaction fee with great FX rates. As USD accounts are provided by Bangor Savings Bank, an FDIC member, the accounts are FDIC-Insured making Elevate Pay a unique option.

Pros

• Elevate Pay offers freelancers and remote workers in Pakistan a free US-based USD account through their sponsor bank Bangor Savings Bank. This allows users to receive payments directly from platforms like Upwork without any withdrawal fees. 

• Your USD account comes with an account number and local rails that allow you to hold USD for as long as possible.

• Elevate Pay is focused on emerging markets like Pakistan compared to others focusing on Western countries. 

• Elevate Pay offers ultra-competitive exchange rates when converting currencies, helping maximize income for users.

• Users get a secure virtual debit card for easy online transactions and purchases in USD. Try now.

Cons

• Elevate Pay does not provide a physical card yet, which could limit certain use cases.

• As a relatively new entrant in the Pakistani market, Elevate Pay may not have the same level of brand recognition as incumbents like Payoneer or Wise.

  
  

Western Union

Western Union is a globally recognized chain with services in over 200 countries. They are one of the few platforms that not only allow transactions to Pakistan but also from Pakistan. Long before digital services, Western Union’s retail locations were operational in Pakistan and the go-to option for decades. 

Pros

• Wide network of agent locations (over 11,000) across Pakistan for cash pickups

• Partnerships with over 20 banks in Pakistan for direct bank deposits

• Fast transfer speeds, with cash pickups available in minutes

• The ability for Pakistani residents to send money abroad (up to $3,000 per day)

• Convenience of cash-based transfers without requiring a bank account

Cons

• Higher overall costs compared to digital money transfer services due to hidden exchange rate markups

• Cash pickup requires providing identification documents and MTCN (tracking number)

• Transfers from Pakistan are limited to $3,000 per day and must be done in person at an agent location

• Potential delays or issues with transfers due to regulatory or compliance requirements

  
  

Remitly

Remitly is a widely trusted source of transferring money across Pakistan, and rightly so. Remitly has strengthened its position thanks to its variable transfer options, reliable customer support, and strong word of mouth. 

Pros 

• Competitive exchange rates are generally 0.5-2% worse than mid-market. 

• Quick transfer options like cash pick-up in minutes for urgent matters. 

• Multiple delivery options including cash pickups, bank deposits, and mobile wallets. 

• A very user-friendly mobile application is often praised by its users. 

Cons

• Remitly imposes daily, monthly, and annual limits on transfer amounts.

• Requires additional verification over a certain amount of transactions. 

• Exchange rate transparency is an issue. The exact markup is not shown. 

• Along with exchange rate markups, remittly charges a high fee for certain transfer options like credit/debit card payments or express delivery.

  
  

Payoneer

Payoneer is a long-standing player in the market and has been the go-to option for Pakistani freelancers for a long time. Initially, it was easier to get your hands on a Payoneer card but now the verification process is quite tedious. Now with more options available, the trend is shifting away from Payoneer in Pakistan. 

Pros

• Payoneer Mastercard can be used for online payments or ATM withdrawals worldwide.

• Supports over 150 currencies, making it convenient for freelancers/businesses dealing globally.

Cons

• Issues with payment delays and account seizures.

• A high transfer fee of $1.50 for withdrawing USD in your bank account and charges up to 2% depending on the currency. 

• Poor FX rates.

• Lack of quality customer support. 

• High fees for using the services including an account inactivity fee. 

• Only allows a business account. 

  
  

OFX

OFX is another great option in the list with services across 190 countries and 55 currencies. In Pakistan, you can receive payments from OFX to almost any bank. OFX excels with their 24/7 customer support and transparent fee structure. 

Pros

• Personalized customer support with 24/7 availability.

• Transparent fee structures allow you to plan your transfers. 

• Ability to handle large amounts. 

Cons

• Minimum transaction of $1000.

• Only supports bank-to-bank transfers. 

• Exchange rate markups. 

  
  

Revolut

While Revolut is active in Pakistan, its services are quite limited which explains why it is not the most actively used option. There’s a lack of clarity on what services are operational in Pakistan. Revolut’s strength lies in competitive exchange rates and low/no transfer fees. 

Pros 

• Competitive exchange rates when converting to PKR using the interbank rate.

• Low or no fees for currency exchange and international spending with the Revolut card.

• Ability to hold and exchange multiple currencies in the Revolut app

Cons

• Pakistani residents cannot obtain Revolut cards.

• Limited or no cash withdrawal options from ATMs in Pakistan.

• PKR is not a base currency, so all transactions require currency conversion.

• Potential compliance issues or transaction declines when making payments to/in Pakistan

What Makes Elevate Pay the Smarter Choice? 

Bringing country-specific support to Pakistan is huge. Pakistanis have always been outliers using Western services to fulfill their needs for international transfers. Elevate Pay is changing that. 

Enjoy the benefits of a fully functional US bank account. Yes, no more e-wallets. Save your income in USD with Elevate Pay and don’t let PKR instability impact you. Use Elevate Pay and bypass the high fees, poor exchange rates, and limited services offered by Pakistani banks for receiving international wire transfers.

On top of that, Elevate Pay also implements a high level of transparency, unlike its competitors. You know every detail about what you’re paying for. 

Wrapping Up

Pakistan is an emerging market of freelancers and international business holders and demand for safe, secure, smooth payment procedures is high. This competition of payment platforms ensures that the quality of services is only going to increase. However, you still have many options and now a lot of knowledge about them to make a safe pick.