Get Your Remittance in Your Bank Account or Wallet Through Raast in Pakistan: What to Ask Your Exchange Company
Since 15 January 2026 exchange companies may credit home remittances through Raast. See what SBP requires of them and 6 questions to ask before you pick one.
Short answer: Since 15 January 2026, an exchange company in Pakistan may pay a home remittance straight into your bank account or mobile wallet through Raast. The company must first get approval from the State Bank's Exchange Policy Department and finish Raast onboarding. So ask the company whether it has that approval before the sender chooses it.
A mother in Faisalabad used to collect her son's money from a counter, in cash, after a morning in a queue. The rule below is meant to end that for families whose sender uses an exchange company. The money lands in the account or wallet and she does not carry cash home.
We read the State Bank's EPD Circular Letter No. 02 of 2026 and the related April circular on sbp.org.pk on 12 October 2026. Both are addressed to exchange companies, so the sections below separate what the rule says from what you can do about it.
Exchange companies may now credit remittances through Raast
The circular, dated 15 January 2026, adds a new sub-paragraph to the State Bank's Regulatory Framework for Exchange Companies. It lets an exchange company disburse home remittances into beneficiaries' accounts or wallets held with banks, microfinance banks and electronic money institutions, digitally, through Raast.
Two conditions apply to the company, and both come before any customer benefit. It needs prior approval from the Exchange Policy Department of the State Bank. It must also complete the Raast onboarding requirements. The circular gives the aim in its own words: to promote a cashless economy and facilitate customers.
It does not force any company to offer Raast. It permits the company to do so once approved. That is why the question to ask is whether your sender's company has done it.
Raast is the State Bank's instant payment system
Raast is Pakistan's instant payment system, run by the State Bank. People already use it to pay each other from bank and wallet apps, and to pay shops by QR code. How to set it up is covered in the guide to creating a Raast ID and paying.
It is worth knowing what Raast is not. It works inside Pakistan only, as the State Bank has made clear in its note on Raast as a domestic system. The sender abroad still pays the exchange company in the foreign country. Raast carries the last step, from the company in Pakistan to your account or wallet.
What you should ask before your family uses an exchange company
The circular does not publish a list of approved companies in the text we read, and we did not find one on the same page. So the check is a short set of questions put to the company, not a lookup on a website.
- Confirm the company is a licensed exchange company, using the steps in checking an exchange company is SBP authorised.
- Ask whether it has State Bank approval to credit remittances through Raast.
- Ask which accounts and wallets it can credit: a bank account, a microfinance bank account or an e-money wallet.
- Ask what detail it needs from the receiver. The circular does not say whether that is an IBAN, a mobile number or a Raast ID.
- Ask what the total is in rupees, including the exchange rate it will use, before the sender pays.
- Keep the reference number. You will need it if the money does not appear.
If the money has not arrived, the steps in tracing a remittance that has not arrived apply in the same way as for any other channel.
How this compares with the other ways to receive money
An exchange company is one of four routes your family can use. The Raast option changes only how the company pays you. The fee and rate decisions stay with the company.
| Route | What the receiver gets | What the rule says |
|---|---|---|
| Bank remittance channel | Credit to an account, wallet or cash at a bank counter | Free from USD 200, as the State Bank told banks on 2 July 2026 |
| Exchange company, cash | Cash at the company counter | Company's own fees and rate |
| Exchange company through Raast | Credit to a bank account or wallet | Allowed only after State Bank approval and Raast onboarding |
| Licensed app or money transfer firm | Credit to an account or wallet, or cash | The firm's own terms |
The full comparison of fees and options is in the guide to receiving money from abroad.
Exchange companies can also lock in a rate for five working days
A second circular, EPD Circular Letter No. 08, dated 10 April 2026, changed how companies handle the dollars they receive. It lets exchange companies enter forward sale transactions with authorised dealer banks against home remittances, for up to five working days.
The circular states the reason: to facilitate exchange companies in mobilising additional home remittances. This is a company-side rule. It does not change the rate you are paid, and we found nothing in it that gives you a right to a better rate. We mention it because it explains why companies are keen to handle more remittance volume, and why they are adding digital delivery.
The daily rates themselves are on the State Bank's sheet. The latest one we read is in the report on the dollar rate in Pakistan on 9 October.
Common questions
Does every exchange company in Pakistan offer Raast remittance?
No. Each company needs prior approval from the State Bank's Exchange Policy Department and must complete Raast onboarding first. Ask the company directly.
Do I need a Raast ID to receive a remittance?
The circular does not say. Ask the company what detail it needs, such as an IBAN, a mobile number or a Raast ID.
Can the money go to a mobile wallet?
Yes. The circular names accounts and wallets held with banks, microfinance banks and electronic money institutions.
Is a remittance through Raast free for the receiver?
The circular does not set a fee for the receiver. The free remittance scheme applies to bank channels, so ask the exchange company what it charges.
Does Raast let the sender pay from abroad?
No. Raast works inside Pakistan. The sender pays the exchange company abroad, and the company then credits you through Raast.
What if the money is credited to the wrong account?
Report it to the exchange company at once with the reference number, then follow the complaint steps in the remittance tracing guide.
How we verified this
What we checked, where we read it, and what we could not confirm.
We read the State Bank of Pakistan's EPD Circular Letter No. 02 of 15 January 2026 and EPD Circular Letter No. 08 of 10 April 2026 on 12 October 2026. The State Bank's press release of 15 January 2026 on the same subject could not be opened when we tried, so the body relies on the circular text alone. Check with the exchange company before you use the route.
About the author
Global Affairs & Political Economy Writer
Muhammad Hatim is a book lover who started writing because he enjoys it. At Pakistan Era he writes about international relations, geopolitics and the global economy, with a particular interest in South Asia and the forces behind current events.
