Pakistan’s SME sector is growing rapidly, with many businesses planning to expand beyond the domestic market. According to Payoneer’s 2024 SMB Barometer, 62% of small businesses believe that building a diverse global vendor network is key to long-term sustainability. Yet, many face a major obstacle — inefficient and costly international payments for Pakistani SMEs. Traditional banking systems often lack the speed, flexibility, and transparency needed for cross-border transactions, placing unnecessary strain on cash flow and global competitiveness. Global receiving accounts in Pakistan have emerged as a smarter, lower-cost alternative.
The Hidden Costs Hindering Global Growth
Traditional banking, with its steep foreign exchange mark-ups and intermediary charges, presents a real financial barrier for Pakistani SMEs. 39% of business owners surveyed for Payoneer’s report cite the cost of international online business payments in Pakistan as limiting their ability to compete globally.
Slow processing times and limited support for multiple currencies affect cash flow, while lack of integration with modern business tools hampers efficiency. Compounding the issue, SMEs in Pakistan face barriers to accessing capital — including limited personal and professional networks, high debt-to-income ratios, and inconsistent financial performance.
Protecting Global Transactions in a High-Risk Cyber Environment
Cybersecurity is a rising concern for businesses operating across borders, especially in emerging markets like Pakistan. SMEs often lack the IT infrastructure and compliance controls needed to ensure secure digital transactions, making them vulnerable to fraud or data breaches.
SMEs in Pakistan need a solution that mitigates these risks through enterprise-grade security measures. Payoneer offers these features as standard while also enabling regulated local withdrawals. For SMEs that can’t afford the consequences of a data breach, Payoneer provides a secure and reliable alternative.
Best Alternatives to High-Fee Banking Transfers
Local banks are outdated, expensive, and slow — unsuited to fast-moving SMEs eager to go global. Popular online options like PayPal and Wise also fall short: PayPal is not localized for Pakistan, limiting withdrawals, while Wise is good for small-scale transfers but lacks robust business features.
When it comes to international payments for Pakistani SMEs, many are turning to Payoneer. Payoneer offers global receiving accounts that allow businesses to hold and manage funds in multiple currencies. By cutting out expensive intermediaries, it reduces fees considerably and offers transparency missing from other platforms. It’s also a practical solution for efficient international transfers to overseas vendors, freelancers, or partners.
Comparing Global Payment Features
| Feature | Local Banks | PayPal | Wise | Payoneer |
|---|---|---|---|---|
| Global Receiving Accounts | No | No | Yes | Yes – hold USD, GBP, EUR, AUD & more |
| Availability in Pakistan | Yes | No (not supported for withdrawals) | Yes | Yes |
| Global Receiving Capabilities | No | No | Limited | Yes – receive payments in US, UK, EU, etc. |
| Fee Transparency | Hidden FX mark-ups | High fees | Transparent rates | Low, clear fees |
| Transfer Speed | 2–7 business days | 2–5 days | 1–3 days | Fast & efficient |
| Currency Conversion Fees | High | High | Medium | Low |
| Platform Integrations | Limited | Some | Moderate | Excellent – Amazon, Fiverr, Upwork, eBay |
| Security Standards | Outdated tech | High | High | Strong, enterprise-grade |
| Business Dashboard | Manual | Limited | Moderate | Full dashboard with analytics |
| Local Support | In branch | None | Online only | Dedicated local support |
| Sign-Up Process | Lengthy | Limited | Quick | Fully online & efficient |
International payments for Pakistani SMEs
In the past, it was near impossible for businesses to render services internationally, particularly when it came to receiving international payments.
When founder and CEO of Connected Pakistan, Syed Arsalan Ali Shah started expanding the business into international markets, Payoneer was the only solution that allowedefficient transfers. “90-95% of our payments are now processed through Payoneer,” he says. Connected Pakistan now uses Payoneer’s billing service to invoice clients and integrates directly with online storefronts.
As a company that works with multiple ecommerce sites, Softogix International has seen a 300% business growth since switching to Payoneer. CEO Muhammad Sabbayal says, “With Payoneer, I can receive payments from all the platforms we are selling on into one account.” For Softogix, Payoneer’s efficiency-boosting payment features have played a key role in expanding their international customer base.
Simple steps to open a global receiving account
The speed and simplicity with which you can open a Payoneer account offers convenience and efficiency. Just follow these easy steps:
1. Visit the Payoneer website and click ‘Register’
2. Select the appropriate account type (individual or company)
3. Provide required information, including CNIC and local bank account details
4. Submit the application and await verification
Once you’re approved, your business can start receiving international payments and managing funds straight away.
Ready to simplify your international transactions? Sign up for a Payoneer global receiving account today.
Unlock Global Opportunities
With global receiving account capabilities, Pakistani SMEs can minimize conversion losses and improve cash flow. Transparent fees protect profit margins and support growth, while platform integrations streamline payments and business operations.
With dedicated local support and enterprise-grade security, Payoneer is one of the best bank alternatives for entrepreneurs seeking a global edge.
Don’t let hidden fees and outdated systems hold your business back. 👉 Sign up for a Payoneer Global Receiving Account today and start growing globally.
