Pakistan is a very important destination worldwide for remittances with over $15.8bn in inward remittances in 2014/15 predominantly from GCC countries. Bitspark users can now send to any of the 40+ banks available in addition to cash pickup locations at any JS Bank available in the coming days. Bitspark is also delighted to be launching our partnership with Blockchain Tech Urdubit and is a great example of collaboration between bitcoin companies.
Bitspark users can simply select ‘Pakistan’ from the drop down list on the Bitspark Send page
..and proceed to fill out the necessary details for this avenue. This is one of the first instances of Bitcoin being used to enable lower cost remittances to Pakistan in particular and by lower cost we really mean lower cost, see below:
Here is a snippet from the Bitspark dashboard today
With Bitspark at approximately 105.43 PKR / USD vs the current mid market rate at XE.com at 104.795.
Midmarket FX rate as per XE
A feat normally not possible with traditional money transfer services but now possible with Bitcoin due to regional fluctuations in bitcoin pricing however we also provide a Bitspark floor price ensuring the most competitive rates are always available.
You may ask how we compare to the other 'online' competition, however the answer is clear below. This is even without many of their fixed fees included! With Bitspark you can save up to ~5% in even the most competitive corridors which at the end of the day can mean 1300+ Rupee's in the recipients hands for an average transaction of $250 USD, even greater for other currencies.
This is just one of the exciting announcements we have coming over the next few months and as always be sure to keep up to date with us on our social media and blog.
Bitspark is a bankless money transfer ecosystem that enables businesses and people to cash in and cash out cryptocurrencies across Asia and Africa.