T as its commonly called in Pakistan, is one of the safest ways to receive payment from foreign sources. In Pakistan this is commonly referred to as the SWIFT code and is one of the forex tracer system pieces of information that you will need to give the sender before he can remit your money. Most banks in Pakistan are connected to the swift network via a correspondent bank. This correspondent bank acts on their behalf.
The number of your bank’s account with them. If the sender is an individual you can receive the money into a foreign currency or rupee account . But if the sender is a company then according to State Bank of Pakistan rules your earnings must be credited to a Pakistan rupee account. The most critical pieces of information are your bank’s name, swift code and your own name, account number and account title. Send the details to remitter Once you have collected the above information send it to your client or employer. He will then need to go to his bank and seek assistance from the customer service personnel there. They will help him fill out a form drawing on the information that you sent.
Some banks also offer this service online. Once the forms are filled the money will be wired to you. Receiving the money You will receive the money in 1-4 days time. Your bank in Pakistan will contact you when the money arrives. If the remitter is a company you will be asked to fill out a declaration form. In this form you will need to specify what goods and services you supplied to your buyer in return for the money.