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.
Which bank in Pakistan allows wire transfers? Which bank do you use?
Almost all banks in Pakistan allow it.
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?
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".
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
I think you need the swift code for International money transfer.Go with any other major bank if barclays is not cooperating with you.
I want to receive some money from Alret pay. What is the procedure use for receiving money.Which pakistani Bank received that money?
thanks
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.
i want to know that which bank is directly connected to swift account. not indirectly .directly...........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.
