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 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 a lack of integration with modern business tools hampers efficiency. Compounding the issue, SMEs in Pakistan face barriers to accessing capital, citing 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, in particular, often lack the IT infrastructure and compliance controls needed to ensure secure digital transactions, making them especially vulnerable to fraud or data breaches.
SMEs in Pakistan need a solution that mitigates these risks through enterprise-grade security measures. Payoneer is an alternative that has these features baked in as standard, while also enabling regulated local withdrawals. For SMEs that can’t afford the consequences of a data breach, platforms like Payoneer offer a secure solution.
Also Read: Government Approves Complete Redesign of Pakistani Passport with New Security Features
Best alternatives to high-fee banking transfers
Local banks are outdated, expensive, and slow – unsuited to fast-moving SMEs eager to take their businesses global. Popular online alternatives like PayPal and Wise are also not up to the challenge; PayPal is not a localized service, limiting its viability for withdrawals, while Wise is great on a small scale but lacks robust business features, particularly when it comes to receiving funds globally.
When it comes to international payments for Pakistani SMEs, many are turning to Payoneer. Offering global receiving accounts that allow businesses to hold and manage funds in various currencies, Payoneer is purpose-built for the SME market. By cutting out expensive middlemen, it’s able to reduce fees considerably and offer a level of transparency missing from other accounts. Payoneer also helps improve transfer efficiency. 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, and 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 | Often hidden charges and FX mark-ups | High fees, limited clarity | Transparent FX rates | Low, clear fees – FX and transaction fees disclosed |
| Transfer speed | 2-7 business days | 2-5 business days | 1-3 days | Efficient processing times |
| Currency conversion fees | High | High | Medium | Low |
| Platform integrations | Limited or none | Some | Moderate | Excellent – Amazon, Fiverr, Upwork, eBay, etc. |
| Security standards | High, but outdated tech | High | High | Strong security measures |
| Business tools and dashboard | Manual processes | Limited business functionality | User-friendly interface | Full dashboard with analytics and payment tools |
| Local customer support | Yes – in branch | No local support | Online only | Dedicated support with local knowledge |
| Sign-up speed and ease | Lengthy, often weeks | Quick sign-up, limited availability | Fully online | Fully online, efficient verification process |
International payments for Pakistani SMEs
In the past, it was nearly impossible for businesses to render services internationally, particularly when it came to receiving international payments.
When the founder and CEO of Connected Pakistan, Syed Arsalan Ali Shah, started expanding the business into international markets, Payoneer was the only solution that allowed efficient 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 e-commerce 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 its international customer base.
Simple steps to open a global receiving account
The speed and simplicity with which you can open a Payoneer account offer convenience and efficiency. Just follow these easy steps:
- Visit the Payoneer website and click ‘Register’
- Select the appropriate account type (individual or company)
- Provide required information, including CNIC and local bank account details
- Apply 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, you can minimize conversion losses and improve your cash flow. Competitive and transparent fees protect your profit margins and support growth, while integration with leading platforms means your business can streamline payments and move forward more efficiently.
With dedicated local support and enterprise-grade security, Payoneer offers a complete solution that’s built for scale. It’s one of the best bank alternatives for entrepreneurs seeking a global edge.
