Emily Clarke

What is the Exchange Rate of U.S. to Pakistani Currency?

Before you transfer money to Pakistan, it's important to understand the exchange rate. In Pakistan, the local currency is the Pakistani rupee (PKR).

As of late 2023, the exchange rate is roughly 283.16 PKR to one United States Dollar (USD). That means $10 is the equivalent of 2,838.39 PKR.

Why You Need to Understand the Exchange Rate

Knowing the current exchange rate is important to transfer money to Pakistan. Because the United States and Pakistan use two different currencies, the funds you send will go through an exchange before they reach your recipient. Whether you support family members or need to pay for services overseas, you must calculate the exchange to ensure you're sending enough.

It's important to remember that the exchange rate is ever-changing. It fluctuates multiple times throughout the day, and what it is now will likely be different tomorrow, a week from today and several months into the future.

Several factors impact exchange rates. These include inflation, government debts, interest rates, economic growth, etc. Geopolitical events and overall government stability also play a part in determining those rates. Factors from both the United States and Pakistan come into play.

While you have no control over those details, you can and should shop around before transferring money. Some exchanges will provide better rates than others. While the exchange rate might be one thing, banks and exchangers also aim to make a profit. Therefore, they may offer different rates. They usually provide mid-rates between the standard buying and selling rates.

How to Send Money to Pakistan

You have many ways to get money overseas.

Many banks offer international wire transfer services. While they offer convenience by allowing you to initiate transfers at a local branch or through the online platform, they often come with high fees and substandard exchange rates. Performing a transfer can cost as much as $50!

Fortunately, you can look into alternatives. Online remittance services and mobile transfer apps usually offer better rates and far lower fees to get money to Pakistan.

Author Resource:-

Emily Clarke writes about cash advances, overdraft protection & finance apps. You can find her thoughts at money transfer app blog.