Launched on June 3 2020, JS Bank allowed Remittances from overseas Pakistanis, by starting a Pakistan Remittance initiative. According to this initiative, sending remittances to Pakistan by overseas Pakistanis has been made easier. It allows more than 200 countries to send money home conveniently and in a cost-effective manner via JS Bank. This initiative is highly appreciated because COVID-19 has made it difficult for people to connect otherwise, and sending money to your loved ones has become stressful.
The Pakistan Remittance Initiative, is a joint initiative of the state Bank of Pakistan, Ministry of finance, and Ministry of overseas Pakistanis. This initiative had been brought into action by joining JS Bank, a leading Financial institution.
The objective of this initiative, as described by the CEO-JS Bank, Basir Shamsie, is
Our objective is to support the millions of Pakistanis abroad who need to get money to their family and friends in Pakistan in a simple, easy and convenient manner. The PRI initiative has made life easy and we need to ensure that people know this and get their money in the legal way.
Previously, remittance transfers were made through informal means because the process was hectic and large sums of money could not be sent directly, which disturbed the economy of Pakistan, as it’s highly dependent on inflow of dollars as it boosts our foreign exchange reserves.
Now, however, remittances can be transferred through registered PRI service providers throughout the world and the nationwide branch network of JS bank has made it easier to claim the remitted money, at great exchange rates, which is backed by a secure and swift infrastructure. Through this initiative, JS Bank will also backup SBP’s drive to decelerate illegal money transfers which cause a loss to the national exchequer.
Remittances are hard to receive and are even more complicated to keep track of. JS Bank has now made it easier to keep track of your remittances by introducing a concept of “Remittance tracker”. The tracker allows the user to track the status of their money transfer through their online tracking system. By entering your remittance code, you can access the status of your money.
Here’s a link of the remittance tracker Link
Moreover, JS Bank Ltd has partnered up with Small World Financial Services, a global money transfer operator, to enable the customers worldwide to send money home easily, and efficiently from all the 34 countries where Small World FS provides their services.
CEO of Small World FS, Nick Day, commented on partnership by stating,
Pakistani’s sent remittances abroad of over $19.9 billion in 2015-16 to support their families and friends, and to invest back into their home country. This partnership between Small World FS and JS Bank will help the community get their funds to their countries faster and at much lower cost than with existing services
The key reason of this partnership is to deliver money quickly and in a way that best suits the receiver: anywhere, in any way. Small World FS’s worldwide network enables cash payments to be made in less than 5 minutes, with bank deposits taking from 5 minutes to 24 hours depending on the geographical location of the users.