KARACHI: The Pakistani freelancers who get payments from international clients have always suffered silently with the penalties like transfer charges, unfavorable exchange rates, and intermediary costs, which end up making them lose 5% to 10% of each payment that they make. Zindigi, operated by JS Bank, has joined hands with the UK-based nsave to remove this penalty.

Zindigi nsave freelancer remittances Pakistan partnership allows Pakistani freelancers to receive payments from outside their country in USD without any fee, converted to PKR at favorable market rates and transferred directly into their Zindigi accounts without any charge. This way, a freelancer who gets paid $1,000 from an international client will gain from $50 to $100 extra from each payment.

It is the absence of charges in every step – reception, conversion, and transfer - which differentiates the nsave service provided by the Zindigi partnership in Pakistan from traditional banks and current fintech options that usually involve charging at least one point along this process.

What do Freelancers Have to Offer Apart from Elimination of Fees?

The Zindigi nsave Pakistan freelancers remittances collaboration has been built to serve as a base for an array of other financial services for Pakistan's freelancer and remote worker community. In addition to the basic remittance channel, there is:

• Quick opening of nsave account via the Zindigi application: easier access to international banking facilities
  

• Investment in US stock market: possibility to invest earned dollars into global stocks
  

• EUR/GBP account: multi-currency account for those who earn in euros/pounds
  

• USD International Card spending capabilities in dollars earned without compulsory rupee conversion

"One of the world's biggest and most skilled freelancer ecosystems resides in Pakistan, and yet many are still forced to overcome hurdles and high fees for international money transfers. It is through our collaboration with nsave that we hope to do away with the challenges and make it more economical and efficient for everyone involved."
Noman Azhar, Chief Officer, Zindigi

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nsave’s Philosophy – Moving Beyond Payment Transfer

Co-Founder of nsave Amer Baroudi gave an insight into his philosophy that goes way beyond the process of moving funds:

"nsave’s goal has always been about much more than payments. In economies where the poor have been excluded, they can move money, but they cannot maintain its value because slowly decaying savings represent a missed opportunity. As soon as people can maintain the value of their money, they will be spending more, investing more and taking more risks."
Amer Baroudi, Co-Founder, nsave

This insight is exact. Pakistani freelancers receive their pay in dollars and spend their money in rupees – a problem inherent in the economy where rupee devaluation has made the value of their dollar-earning power decline over the years. This problem is tackled by the Zindigi nsave freelancer remittances Pakistan partnership through its features that will be added in the future that allows for dollar keeping and investments in the US markets.

Why It’s Important for Pakistan’s Digital Economy

Pakistan’s pool of freelancers is one of the largest globally in terms of population and income – an industry that earns a lot of foreign exchange from Pakistan as a result of its tech, creative, and professional skills offered to customers overseas. This foreign exchange can be considered as being generated directly towards the SBP data on remittances if received effectively.

The collaboration between Zindigi nsave, freelancers, and Pakistan is well-coordinated with the vision of the State Bank of Pakistan to promote inward international remittances from individuals and freelancers.