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Doing business with a company in Pakistan - best way to transfer money

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  • 09-01-2014 2:14pm
    #1
    Dgriff
    Registered Users Posts: 56 ✭✭


    Hi
    I am in discussions with a company in Pakistan about doing business potentially. I would be contracting them to do work for me. So, I'd be paying them. I'm trying to think of the best way to transfer money to Pakistan. Obviously PayPal is very expansive (but convenient). Or maybe I should think about bank transfers as a method of payment. Are there any issues I should be aware of when transferring money to Pakistan. Are there more efficient ways of transferring money that you know of? Thanks
    Tagged:


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    #2
    the_syco
    Registered Users Posts: 37,299 ✭✭✭✭the_syco


    Unless you have someone on the ground in Pakistan that you trust, ensure that whoever you use to transfer the money can get the money back for you if the company in Pakistan doesn't come through with the stock.


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    #3
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    I think I would play safe initially and go with Paypal for the reasons the_syco gives at least then you have a bit of protection.


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    #4
    Villa00
    Registered Users Posts: 4 ✭Villa00


    Western Union is very expensive. For price I found Moneygram the best value. Be very careful I've had good and very bad experiences.


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    #5
    Cianos
    Registered Users Posts: 4,850 ✭✭✭Cianos


    Because of the distance and unreliability aspects, maybe you should consider using an escrow of some sort. Adds to the cost but massively increases the security.


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    #6
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    Pakistan has an embassy here so they must have some trade officials. there are many Pakistani business people operating in Ireland, so the main banks must have relaible money movement systems in place. If all else fails you might find someone on this link to help https://www.facebook.com/PakistaniCommunityInIreland


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    #7
    Axwell
    Moderators, Business & Finance Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    What kind of business is it? If its web or development based then you would be best to go with an escrow payment and that way everything is managed and both parties have some security. Avoid western union, also with paypal digital transactions have been known to cause issues as there is no product being traded that you can track with post etc to prove it was received.


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    #8
    spinga
    Registered Users Posts: 33 ✭spinga


    I dealt with Pakistan for years , stay away from western union , paypal etc ...bank transfer is best


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    #9
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Dgriff wrote: »
    Hi
    I am in discussions with a company in Pakistan about doing business potentially. I would be contracting them to do work for me. So, I'd be paying them. I'm trying to think of the best way to transfer money to Pakistan. Obviously PayPal is very expansive (but convenient). Or maybe I should think about bank transfers as a method of payment. Are there any issues I should be aware of when transferring money to Pakistan. Are there more efficient ways of transferring money that you know of? Thanks

    Find an "ethnic" shops that serves the Pakistan community and you will find they have a money transfer service that deals with Pakistan and should be cheaper than most banks


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