US-based cross-border payments company Transfast has teamed up Habib Bank to allow people across the globe to transfer money to Pakistan.
Habib Bank is the largest commercial bank in Pakistan with more than 1700 branches across the country.
Following this deal, the remittance facility is now available to the Pakistani expatriates globally.
The partnership is part of the Transfast’s strategy to strengthen its network in Pakistan by leveraging the bank’s vast network across Pakistan.
Transfast SVP and MD Samir Vidhate said: “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.
“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.”
Habib Bank head international banking Faisal Noor Lalani remarked: “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. It received $21.84bn in remittances in 2019, according to initial estimates from the State Bank of Pakistan.