Remittance beneficiaries facilitated under PRI

ISLAMABAD: Remittance beneficiaries' can collect their remittance payments sent from abroad using National Bank of Pakistan (NBP) Remittance Services from the Pakistan Post Office locations free of charge.

"Pakistan Post has recently entered in an arrangement with NBP under the umbrella of Pakistan Remittance Initiative (PRI)," said an official of Pakistan Post.

He said that present government was constantly looking for new ways to make it convenient for Pakistanis living at home and abroad to receive and send money.

Customers/Beneficiaries can collect their foreign remittances without paying any charges from the Pakistan Post locations by providing original CNIC of the beneficiary, PIN Code/Secret PIN number, expected amount of remittance payment and remitter's name and details.

Customers wishing to send their remittances through Pakistan Post's selected branches can visit any of National Bank's correspondents and request a cash transaction for NBP.

The booking agent will provide a secret code/PIN number to the remitter. The remitter has to share the PIN number with the customer and inform them about the exact amount send in Pakistani Rupees. The transactions can be sent free of charge (above US$200) and can be collected for free from either National Bank of Pakistan or any participating Pakistan Post Office location.

It may be mentioned here that Pakistan has the sixth largest diaspora population in the world, with approximately 7.6 million Pakistanis living abroad. Pakistan received over $20 billion in remittances in FY 2018, representing almost 7% of the country's GDP.