Receiving money via SWIFT wire transfer or T/T in Pakistan
SWIFT Wire transfer, or T/T as its commonly called in Pakistan, is one of the safest ways to receive payment from foreign sources. SWIFT is a secure messaging standard that bank's around the world use to send instructions to each other to make payments on their behalf. This is the basis of international wire transfer. Budding Internet entrepreneurs and freelancers may want to know how to receive money via this method so I have written this guide for them.
Obtain bank details
Each bank in the SWIFT network has its own alpha-numeric Bank Identification Code (BIC). In Pakistan this is commonly referred to as the SWIFT code and is one of the critical pieces of information that you will need to give the sender before he can remit your money.
Go to your bank branch and ask the customer service personnel to help you obtain the following information about your bank:
- Name
- Address
- SWIFT code (BIC)
Most banks in Pakistan are connected to the swift network via a correspondent bank. This correspondent bank acts on their behalf. If your bank has a correspondent bank then obtain this information about it:
- Name
- Address
- SWIFT code (BIC)
- The number of your bank's account with them.
If the sender is an individual you can receive the money into a foreign currency or rupee account . But if the sender is a company then according to State Bank of Pakistan rules your earnings must be credited to a Pakistan rupee account. So keeping this in mind, note down your own details:
- Full name
- Address
- Bank account title
- Bank account number
- Type of account
The most critical pieces of information are your bank's name, swift code and your own name, account number and account title.
Send the details to remitter
Once you have collected the above information send it to your client or employer. He will then need to go to his bank and seek assistance from the customer service personnel there. They will help him fill out a form drawing on the information that you sent. Some banks also offer this service online. Once the forms are filled the money will be wired to you.
Receiving the money
You will receive the money in 1-4 days time. Your bank in Pakistan will contact you when the money arrives.
If the remitter is a company you will be asked to fill out a declaration form. In this form you will need to specify what goods and services you supplied to your buyer in return for the money. Just specifying "IT services" may suffice.
Once the money is credited to your account you can ask your bank for a Proceeds Realisation Certificate (PRC). This document certifies that your earnings are legal export proceeds.
Comments
Ali
Which bank in Pakistan allows wire transfers? Which bank do you use?
Abdussamad Abdurrazzaq
Almost all banks in Pakistan allow it.
Zainulabedin
I have been trying to get the address of my intermediary bank [Citi Bank in New York]. My bank account is at Bank Alhabib Clifton, and they cannot provide me with the address because they say it is not necessary. They say the SWIFT Code is more than enough. How can I get this address? Can you help me?
Abdussamad Abdurrazzaq
Don't worry about it. They are right. The physical address of the correspondent bank is not a critical piece of information. As long as you have the correspondent bank's name and swift code you are good to go. See in my post above I have mentioned this in the last paragraph under "obtain bank details".
gohar ul zaman
Salam Abdussamad Abdurrazzaq,I might be have no time to read all the posts.
Can you please tell me which pakistani bank supports wire transfer and moneybooker.
Regards
Gohar
Saad
Hello,i have recetnly opened a bank account in barclays
lahore.
i have to recieve payments from comapnies in other countries.
last week a company from italy sent me a payment but said payment could not go through because of swift code error.
i called the bank. they said IBAN is sufficient for the transaction.
do you think the payment will go through?
if the payment does not go through can u recommend me a good bank in lahore for recieving payments in foreign currency.
regards
saad
Abdussamad Abdurrazzaq
I think you need the swift code for International money transfer.Go with any other major bank if barclays is not cooperating with you.
Imtiaz Akhter
I want to receive some money from Alret pay. What is the procedure use for receiving money.Which pakistani Bank received that money?
thanks
Abdussamad Abdurrazzaq
How the fuck do i know how alert pay works? Did you read the above blog post? Its about wire transfer not bloody alert pay.
jehanzeb
i want to know that which bank is directly connected to swift account. not indirectly .directly...........
Abdussamad Abdurrazzaq
That is a very good question. I have often wondered that myself. Unfortunately I have no certain answer.If you go to the swift website at www.swift.com you can search for your bank's swift code/BIC using the tool in the right sidebar. If entering your bank's name displays its BIC that should be an indication that your bank is directly connected to the swift network.
However despite the fact that my bank faysal bank does show up in the BIC search, the personnel at my branch tell me that I have to communicate the correspondent bank information to the remitter as well. So I don't know for sure whether this is an accurate test.
Ali Ahmed
I am opening an account in Faysal Bank to get money from moneybookers through Swift bank account.Abdussamad, can you please tell me that how much money you'll get in your bank account, after transfering $50 from moneybookers (note $2.8 will already be deducted by MB).
Asking this as you are not sure, Faysal bank uses any intermediary bank or not.
Abdussamad Abdurrazzaq
Wire transfer is only worthwhile for amounts of at least $1,000. I suggest you wait till the amount you have is large enough to justify a wire transfer withdrawal.Its not possible to say with certainty what amount will be deducted in bank fees. Correspondent banks can deduct nothing or they can deduct as much as $65. There is no way to say for certain beforehand.
Rehan Ahmad
I have the SWIFT Code . The sender also inisists that I sehould give him my IBAN. Why does he need an IBAN also and how do I get my IBAN Is the SWIFT code enough?
Abdussamad Abdurrazzaq
IBAN is a standard for bank account numbers that is currently only used for money transfers within Europe. Most banks in Pakistan and the rest of the world don't follow that standard. You don't need the IBAN. Swift code, account number, bank name, country name etc. will suffice. You need to make it clear to the sender that it is going to be an international money transfer using the SWIFT system.
Rehan Ahmad
Thanks . This was a very useful information.
S. M. Abbas
Hello,I recently started learning forex trading and have my account registered with a decent forex Broker i.e. FXCM (www.fxcm.com). Now I need to send deposit monet to them for trading purpose and they only accept wire transfer from Pakistan.
I opened a foriegn currency account at Habib Metropolitan Bank and requested them to remit my amount i.e. USD 2000/-. But they say that you are restricted by State Bank that any individual with personal account in Pakistan can not send money to company account outside Pakistan.
Help Please
Sincerely
Abbas
Abdussamad Abdurrazzaq
Here is the proof that you can do what you like with your money:"These accounts are free from all Foreign Exchange restrictions. In other words, account holders have full freedom to operate on their accounts to the extent of the balance available in the accounts either for local payments in Rupees or for remittance to any country and for any purpose or for withdrawals"
The above is straight from the horse's mouth - the website of the State Bank of Pakistan itself: http://www.sbp.org.pk/fca/index.htm
I suggest that you print out the above web page and show it to your bank personnel. Or you could ask them to browse to the SBP site but who knows whether they have Internet access or not? If they still refuse to let you send money you should investigate if other bank's are more understanding. Do post your experience here.
Ali
Salam Abdussamad,I am stuck with moneybookers. I have an account with Faysal bank. I withdrawn $100 from MB to my bank account but it is returned and gave me a reason that my bank account details are incorrect.
Do you have account in Faysal Bank?
Have you made any withdrawal from your MB account to your bank account?
Also, can you give me ur mail.
Will look forward for your response. I am a kind of desperate.
Abdussamad Abdurrazzaq
Never withdrawn from MB but I have successfully received wire transfers from other companies into my Faysal Bank account. What swift code did you give MB? FAYSPKKA is the swift code I use. There are also branch specific codes like FAYSPKKA123.
Rehan Ahmad
Dont use moneybookers they block Pakistani accounts on flimsy pretexts and refuse to let you take out your money after locking the account. Their low rates are compensated by the fact that they steal money by allowing you to upload and receive but locking the account when there is considerable amount in the account. They will stop replying your emails when they lock your account with your money in it.Just google for :
moneybookers account locked
before trusting your money to these tricksters who can lock account AFTER getting your money and refuse to return back the money either to you or the sender.. trust me I have lost 1000s of $s not hundreds and since I cant physically access them I can just advise my country fellows to be safe than sorry
Ali
@ RehanThanks for your reply.
Well, they locked my account once as they find two account in my name with 2 emails so they ask me to close any one and asked for the ID verification, which i provided them and they unlock my account.
Also, their customer support is very responsive and co-operative as per my experience.
@Abdussamad:
Thanks for the reply.
Yes, i have used the same (head office branch code which i enquire through their customer spport) swift code as my branch does not have any specific code.
They rejected my first withdrawal of $14 and again rejected $100 withdrawal by saying that the Bank Account information i provided is incorrect and return the money to my MB acount.
I think i was making a mistake by also entering my branch code along with my bank account number (e.g. 00001234567890, here 0000 in the first is the branch code which i also enquire from the customer support of Faysal bank).
I once again withdrawn $100 yesterday and this time it is appearing as 'processed'.
Let's see what happen and please wish me good luck or please let me know, if there is any mistake i have been making in the process.
Syed Mohammad Abbas Shah
Do you know any bank in Karachi, Pakistan which could allow me to send money via TT to a company in Switzerland.I am very tired of these all problems and need to have an instant solution.
Abbas
Ali
I have got my problem resolved, Please join me on facebook and/or orkut at 'Moneybookers Pakistan'.
waqas
Hello,I recently started learning forex trading and have my account registered with a decent forex Broker i.e. FXCM (www.fxcm.com). Now I need to send deposit monet to them for trading purpose and they only accept wire transfer from Pakistan.
I opened a foreign currency account at Bankislami and requested them to remit my amount i.e. USD 1000/-bank said to me if you submit any written document then bank transfer the amount
Help Please
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Abbas
Any body interested in Forex can take his chance and time to send money abroad anywhere legally. If you are a resident of karachi then please goto First Women Bank Boat Basin Clifton Branch. open a foreign currency account and apply for TT later on.Thats it
Regards
Abbas
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