Dubai - June 25, 2020: Transfast, a leading cross-border payments service provider with presence in over 140 countries, has partnered with Habib Bank Limited (HBL), the largest commercial bank with over 1700 branches in Pakistan, to facilitate expatriates around the globe to send money to Pakistan.
The remittance facility between Transfast and HBL is now available to the Pakistani expatriates globally. This partnership further strengthens Transfast's network in Pakistan and provides an option to customers to receive money from over 1700 branches of Habib Bank across Pakistan.
“HBL is one of the most esteemed financial institutions in Pakistan and it is an honor to partner with them. Transfast is fully committed to offer competitive pricing, fast transfer of funds and personalized customer engagement,” said Samir Vidhate, SVP & MD, Transfast. “Through this partnership we will provide our Pakistani customer base with more convenient and accessible ways to collect money from any branch of HBL in Pakistan and to send money to any bank account in the country.”
Faisal Noor Lalani, Head International Banking, HBL remarked ‘'I would like to take this opportunity to thank Mr. Vidhate for coming to Pakistan. I look forward to giving full support to the entire teams of both the institutions in my capacity, to make our partnership fruitful. This is a proud moment for HBL as this new arrangement will be beneficial to all the customers who look to make fast international money transfers to HBL Pakistan. Together, we look forward to providing excellent services to our customers with commitment to banking excellence for a better tomorrow.''
Remittances account for 6% of Pakistan's GDP and the government has offered several incentives to encourage even more cash flow into the country. According to initial estimates from the State Bank of Pakistan, the country received a record $21.84 billion in remittances in 2019. That number is expected to go up as analysts predict that more than eight million overseas Pakistanis will continue to send money back home with remittances poised to hit $23 billion.