In Pakistan, there is a growing trend of people offering their skills as freelancers to clients across the globe. Receiving foreign funds, however, can be difficult for a number of reasons, including limited banking choices and restrictions on currency exchange.

In this article, we will look at the various ways Pakistani freelancers can securely and successfully receive foreign payments.

International payment refers to the exchange of money or the resolution of financial disputes between people, companies, or organizations located in several countries. In order to facilitate various international transactions, such as exchanges, investments, settlements, or cross-border services, it involves the flow of currency across borders.

There are several ways to make international payments, including:

1. EFT (electronic funds transfers)
2. Wire Transfer
3. Online Payment Solution (Apple Pay, Google Pay)
4. Credit Cards

These payments may involve many currencies, and exchange rates are often used to convert the amount.

International Payment Gateways

Pakistan offers a variety of international payment gateways. You can easily send money to Pakistan or receive payment from your international clients by using these payment methods.

Here are some popular payment methods and trusted methods to receive money in Pakistan in 2023.

Payoneer

Popular overseas payment processor Payoneer provides freelancers with a virtual bank account in the United States. Payments from clients can be made to the freelancer's Payoneer account, from which funds can be taken out and deposited into a Pakistani local bank account.

Additionally, it offers prepaid MasterCards, so independent contractors can spend their money to make purchases both online and offline or to get cash out of ATMs.

• Accessible in around 150+ countries
• All freelance marketplaces, including Upwork, Fiverr, PeoplePerHour, and Freelancer, accept it.
• Three alternative currencies are available for exchange: US, GBP, and Euro.
• You may send bills to particular clients using Payoneer; all you need is their names, email addresses, countries, and states.
• You can forward the invoice to the company's Payoneer account by providing the following details: the name of the company, website, contact name, email address, and country.
• Payoneer will set up your First Century Bank US and Barclays UK bank accounts as receiving accounts.
• When transferring from one Payoneer to another, there are no fees.
• The safest withdrawal method and minimal fees
• It is accepted at all banks in Pakistan.

Local Bank Transfers

To receive direct transfers, freelancers might give the details of their local bank account to their clients who are based abroad. However, there can be extra costs associated with currency conversion and foreign wire transfers when using this method. It is essential to inquire about your bank's foreign transaction exchange rates and any applicable rules.

These alternative payment methods are available on PeoplePerHour and Upwork.

Skrill

Skrill is an online wallet made for people and companies who want to transfer and handle money effectively.

Please be aware that the main function of Skrill is to facilitate international money transfers via online payment services. It provides a practical platform that allows people and companies to safely execute financial transactions. You are able to register online.

It is feasible, nevertheless, to keep funds in Pakistani rupees within your Skrill account. Any money you add to your Skrill wallet must be converted into one of the supported global currencies.

WiseTransfer

TransferWise, which is now called Wise, provides an easy-to-use platform for sending money overseas. Even if you don't have a Wise account, you can still receive money. During their initial setup, only clients are required to check in to wise.com and enter their details.

Wise is particularly useful for clients in the UK, but it is convenient for users globally as well because payments made through it can be directly put into your local bank account.

To begin, you should provide the following details:

1. Name (both last and first names)
2. Father's Name
3. National Identity Card Number, or CNIC
4. International Bank Account Number, or IBAN
5. Email address
6. Phone Number
7. Date of Birth
8. Country
9. City
10. Postal Code

You can also open a Wise account and manage it in Pakistan as an alternative to Payoneer. You can benefit from a fee-free transfer of up to 500 GBP by registering with Wise right now.

Westren Union

You may send and receive money anywhere in the world using Western Union, a reliable money transfer service.

In order to receive payment via Western Union, the following information will be required from you:

• Names (first and last)
• Proof of Residence

The client will provide you with a Money Transfer Control Number (MTCN) once the sender initiates the transaction. You should go to your neighborhood Western Union location and provide the following paperwork to receive the money:

1. CNIC copy
2. MTCN obtained from the customer
3. Your mobile number

Presenting these documents will allow you to simply pick up the payment at your nearby Western Union branch.

Xoom.com

PayPal offers a convenient platform for international payments through its service, Xoom.com.

It is not necessary to have a Xoom account in order to get payments. Only customers need to provide their information for the first time by logging into xoom.com using their PayPal account.

It is especially advantageous to customers in the US, UK, and Canada.

Receiving money via Xoom.com is a convenient choice because you can deposit payments straight into your local bank account.

To begin, you should provide the following details:

1. Name (both last and first names)
2. Father Name
3. National Identity Card Number, or CNIC
4. IBAN
5. Email Address
6. Phone Number
7. Date of Birth
8. Country
9. City
10. Postal Code

You can easily receive payments through Xoom.com and have them transferred into your local bank account by providing these details.

By using these methods, you can easily receive money. In Pakistan, freelancing has become increasingly popular; nevertheless, getting foreign payments might be difficult because of restricted banking choices and currency restrictions. By using safe international payment services like Western Union, Payoneer, TransferWise, Skrill, and Xoom.com, freelancers may get over these obstacles.