When you convert dollars to rupees you can lose money in two places: the rate and the fee. Many quotes advertise a low fee and quietly use a weak rate.
Step 1: find the market rate
Look up the current mid-market rate for US dollars to Pakistani rupees from a source you trust. This is your benchmark.
Step 2: get the quote in writing
Ask for three numbers: the rate you will be given, the fee, and the final amount you will receive in rupees.
Step 3: work out the real cost
Compare what you receive with what the money is worth at the market rate. Here is an example with made-up numbers:
Payout: 200 USD
Market rate: 280 PKR per USD, so worth 56,000 PKR
Quoted rate: 276 PKR per USD, so 55,200 PKR
Fee: 2%, which is 1,104 PKR
You receive: 54,096 PKR
Real cost: 56,000 − 54,096 = 1,904 PKR, or about 3.4%
Market rate: 280 PKR per USD, so worth 56,000 PKR
Quoted rate: 276 PKR per USD, so 55,200 PKR
Fee: 2%, which is 1,104 PKR
You receive: 54,096 PKR
Real cost: 56,000 − 54,096 = 1,904 PKR, or about 3.4%
The fee was only 2%, but the weaker rate added another 1.4%. The number to compare between services is the total, not the headline fee.
Questions to ask
- Is the rate fixed until the transfer lands, or can it change?
- Are there any other deductions, such as bank charges?
- When exactly will the rupees reach my account?
See how we present our own rate and fee on the How it works & fees page.