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.