NBP launches remittance service

Khalid Bin Shaheen, senior executive vice
president and group chief of NBP, who was here to witness the launch, said the
new service would help the large Pakistani community sending instant
remittances to their families. “It is an instant cash remittance delivery
product through which beneficiaries from across Pakistan can receive home
remittances in minutes from their loved ones abroad through 1,250 branches of
NBP in Pakistan,” Shaheen said. He added that Saudi Arabia and the UAE are the
major countries in the region from where Pakistan receives remittances of about
$2 billion each annually.
For cash, there is a limit of 500,000 Pakistani
rupees per transaction but for account to account transfer there is no limit.
“You can transfer the amount from any branch of Tahweel Al-Rajhi in Saudi
Arabia,” he said.
“There is no need for NBP account also. You can
just transfer the money and the beneficiary in Pakistan can receive the amount
in minutes after producing identity and secret code at any branch of NBP in
Pakistan,” Shaheen said, adding that on both sides there is no fee involved.
“It is absolutely free.”
During
the launch ceremony, Shaheen advised the Pakistani expatriate community in
Saudi Arabia to use this service and participate in national development by
sending maximum remittances to their country. “The bank is trying to create
awareness among Pakistanis residing abroad to send money in a legal way, which
also help the economy. At present, about 40 percent of total remittances go to
Pakistan illegally, he said.