Pakistan Remittance Initiative

The Pakistan Remittance Initiative (PRI) is a joint initiative taken by State Bank of Pakistan, Ministry of Finance and Ministry of overseas Pakistanis. The initiative aims to facilitate the flow of remittance into Pakistan. Overseas Pakistanis or people living abroad can remit their funds through this service free of charge and free of taxes.

Following are some of the products offered by PRI:

Real Time Gross Settlement (RTGS)
In the first phase banks are also using PRISM (RTGS) to transfer and settle inter-bank transactions. This has enabled banks to transfer inter-bank transactions into beneficiaries’ accounts on the same day.

Inter Bank Fund Transfer (IBFT)
Apart from RTGS, through ATM Switch, instant A/C credit facility is also available for beneficiaries through IBFT Inter Bank Fund Transfer. Now the turnaround time has considerably reduced.

Cash Over the Counter (COC)
PRI facilitated banks to introduce cash over the counter (COC) payments of Home Remittances being a popular mode of collecting remittances in Pakistan. All major banks have already started COC payments for remittances. This is an instant service introduced by PRI and has a great impact in competing with informal channels.

Innovative Remittance Products
Special NRP accounts
Pardes Card
Internet Based Remittances

According to the official website of PRI, a call centre has been established by PRI. Overseas Pakistanis can inquire about the remittance services of banks and lodge their complaints with the call centre (0092-21-111-222-774). There are toll free numbers for overseas Pakistanis residing in 12 regions of the world.

Country - Toll Free Numbers
North America: +1 8777077714
United Kingdom: +44 08004960904
Austria: +43 80088665102
Finland: +358 800773467
France: +33 800944182
Ireland: +353 1800944348
Italy: +39 800183558
Norway: +47 80056468
Sweden: +46 201708470
Switzerland: +41 800740048
Portugal: +351 800780652
Belgium: +32 80039151

For up-to-date information and details, please visit the official website of Pakistan Remittance Initiative (PRI).

Tags: Pakistan, SBP, Remittance, Currency, Business

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