National Bank of Pakistan (NBP) revamped its innovative money transfer services NBP Foree Cash (instant cash delivery) and NBP Foree Transfer (instant transfer to bank accounts in Pakistan) by raising cap on the upper limit to half a million rupees in order to attract huge remittances during Ramadan and the festivity of Eid Al-Fitr.

Addressing a press conference in Riyadh on Saturday, Khalid bin Shaheen, NBP’s SVP and group chief, Global Home Remittances Management Group (GHRMG), said: “Ramadan is that time of the year when expatriates send money to their loved ones back home so that they could celebrate the festive occasion of Eid Al-Fitr. Now, Pakistani nationals living in Saudi Arabia can easily send cash up to half a million rupees and their relatives can withdraw the amount back home from any of the NBP branches/counters in Pakistan within a few minutes after sending the money without any charge.”

He added: “NBP, being truly the nation’s bank, is making all out efforts to facilitate fund transfers through its fast, reliable, secure, convenient and free of charge service."

He also highlighted some of the initiatives taken by his department, which include sending of SMS alerts to the beneficiaries and around the clock complaint resolution system.

“Being an icon of State Bank of Pakistan's Pakistan Remittance Initiative (PRI), NBP like last year will perform an instrumental role in achieving the target of home remittances for 2015-2016," he said.

NBP has aggressively extended its remittance correspondence base across the globe to facilitate overseas Pakistanis reach their money home and discourage the use of illegal hawala/hundi channel at the same time.

NBP has also tied up with major players in the remittance business in the Kingdom that include Tahweel Al-Rajhi, Samba, Enjaz and Arab National Bank to make money transfers to Pakistan very simple.