Karachi: The State Bank of Pakistan (SBP) has revised its Reimbursement of Telegraphic Transfer (TT) Charges Scheme by increasing the minimum eligible transaction amount from USD 100 to USD 200 and expanding the scheme to include Exchange Companies (ECs). The new measures will take effect from July 1, 2025.
Under the updated scheme, remittance transactions of USD 200 or more will qualify for reimbursement, with a flat rebate of SAR 20 per eligible transaction. To prevent misuse, only one transaction per remitter-beneficiary pair per day will be considered eligible, and a maximum of five such transactions will be allowed per month through the same overseas correspondent entity.
In a major policy shift, the SBP also announced the discontinuation of two long-standing incentive programs: the “Incentive Scheme for Marketing of Home Remittances” and the “Exchange Companies Incentive Scheme (ECIS).”
As part of the revised TT Charges Scheme, Exchange Companies have now been included for the first time. However, these companies will be required to surrender 100% of the foreign exchange received through home remittances to the interbank market on the same day.
The central bank has also directed financial institutions and their overseas partners to ensure that no fees or commissions are charged to customers at any point during the remittance process. Strict monitoring and compliance protocols will be enforced, and any attempt to manipulate transaction volume for undue benefits could lead to penalties, suspension, or disqualification from participating in remittance services.
These reforms are aimed at promoting transparency, reducing costs for remitters, and broadening formal channels for home remittances—one of Pakistan’s key sources of foreign exchange.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
