Use of illegal remittance channels on the rise in Pakistan: Reza Baqir

[Bilal.]

Crypto-currency is the solution and the future of digital payment.

The problem that needs to be addressed is rather low tech. The issue is mostly with low level labor force and their preference for hundi is because of better rates, door to door service and assured monthly payment. Meaning the hundi guy would pay your family even if you are late or couldn’t pay a given month. Kind of like a short term loan.
And of course, very simple process, just hand over the cash and the loved ones receive it.

 

[blueazure]

Crypto-currency is the solution and the future of digital payment.

crypto is the most safest and reliable way . faster and cheaper too

 

[AZADPAKISTAN2009]

While Cryptocurrency is great in West slowly legislation is being brought forth to control it, so big Goons who control banks can control it as well

Cyrpto is wild wild west at moment

However for Pakistan the best mechanism to improve Remittance thru Bank is to set up a National/International Level Bank , which has branches in 50% of 200 countries of world

If a Global Pakistani Bank existed , most people would just open a global account , and then just transfer their salary or remittance thru 1 account which works in Pakistan and International Location.



Example of Global Banks

• HSBC Holdings plc is a British multinational investment bank and financial services holding company. It was the 7th largest bank in the world by 2018, and the largest in Europe, with total assets of US$2.558 trillion

• Citibank is the consumer division of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York.

 

[Syed1.]

I sent $1000 twice last week to my wife in Pak through Remitly and both times PKR equivalent were deposited in her bank account within 5 mins, no questions asked.

 

[Sheikh Rauf]

sometimes banker tells you how to send money thru who cuz they make money out of it. its actually the department who shows people of corruption.

 

[AZADPAKISTAN2009]

Need a Pakistani Global Bank

1. ICBC, China — $338 billion
2. China Construction Bank, China — $287 billion
3. Agricultural Bank of China, China — $243 billion
4. Bank of China, China — $230
5. JPMorgan Chase, US — $209 billion
6. Bank of America, US — $189 billion
7. Wells Fargo, US — $168 billion
8. Citigroup, US — $158 billion
9. HSBC Holdings, UK — $147 billion
10. Mitsubishi UFJ, Japan — $146 billion


So Pakistanis don't need to go to stupid companies like Paypal or Shitpal or whatever

In 60/70's Pakistani banking was great but later the Banks who were successful were targeted in international markets and force to shut down for various nonesense allegations

The Governments of that time did not had wisdom to Protect Pakistani Interest or our International Banks due to that reason we don't dominate Asia in Financial Sector as we had to start from scratch in 90's


We should have dominated South Asia/Gulf in banking sector


As a Pakistani , I need a Global Bank account , so when I visit Bank I am offered tea and buscuit , and Banker comes to ask me what / how I can send cash to Pakistan. Not do the bull shit of , give me your driver licence want to check if you are a Terrorist. Like shit we know who are for last 20 years but we will still check

As a consumer I need service , and ease of use so I can keep money in Pakistan and use it in Pakistan or Globally

As consumer I need service so I can pay Pakistani Taxes (if I worked in Pakistan) or if I worked overseas , (I pay overse taxes)



Becasue this kind of Elite customer service does not exist for Pakistani Citizen , they are stuck using stupid sites like Paypal (Leechers)


The Hundi System is filling a void which exist we don't have international banking presence


Pakistani Politicians are begging Shitpal/Paypal to come to Pakistan instead of saying f u , we will open a Global Pakistani Bank and provide better customer service


But the aparatus , holds a meeting every 3-4 years and they stare at each other ... and say we can't understand why Pakistani don't use banks

 

[PakFactor]

I sent $1000 twice last week to my wife in Pak through Remitly and both times PKR equivalent were deposited in her bank account within 5 mins, no questions asked.

What country you work in? And does wife have to pay tax on what you send her.

 

[Yaseen1]

i think it is good no one asked unnecessary questions from you when you are using legal channel for payment,such conduct is necessary to promote ease of doing business in Pakistan

I sent $1000 twice last week to my wife in Pak through Remitly and both times PKR equivalent were deposited in her bank account within 5 mins, no questions asked.

 

[fisher1]

This is a problem nobody in developed world faces.

Pakistan is a country which hates and treats its citizens as criminals.

Look at the situation of this government. They want people to use banking channels but at the same time, they make it impossible to use banking channels and violate the privacy of customers.

Then they act surprised why people aren't using legal channels. Because you're acting like a mafia and everyone hates you because of your behaviour. That's the truth.

Nobody cares about legal channels when their loved ones have to suffer like a criminal being asked questions, they're mothers, sisters, wives, old parents and why would they willingly suffer when illegal channels are more convenient?

I've worked as a freelancer and it was a nightmare to withdraw. I was forced to fill forms and asked questions, what do you do, what is your occupation, which company, what is company ceo, is he a resident, what does he do in foreign country. Wait, let me phone fia. My God, i felt like a criminal. Meanwhile, i heard bak bak from gop about how people do remittances and it helps Pakistan. If i am helping Pakistan, why are you treating me like a terrorist for withdrawing effin pennies??


I wish i had the option of illegal channels, i would've used it. But sadly, these companies have no such option so you've to face being treated like a criminal who committed a murder everytime you want to withdraw your pennies meanwhile the government ministers itself and PMLN/ppp do money laundering and nab law gets amended for them.

As long as there will be two Pakistans, gop will have to face a middle finger.

 

[El Sidd]

Man is still free e days after admission of guilt.

I thought FIA had a new cosmetic surgery