My son got admission to a university in Malaysia. He was excited. I was proud. Then he said, "Abba, how do I pay the fees?" I smiled. I worked in a bank for thirty five years. This was my moment. I taught him about telegraphic transfer and why the US dollar price in Pakistan matters. Let me share what I taught him, in case you need the same lesson.

What Is a Telegraphic Transfer

A telegraphic transfer is a way to send money from your bank account in Pakistan to a bank account in another country. It is safe, it is trackable, and every major bank offers it. You go to your bank, fill out a form, give them the rupees, and they convert it to dollars and send it to the foreign bank. The money usually arrives in two to five days.

The confusing part is that the final amount in rupees is not fixed. It depends on the US dollar price in Pakistan on the day you make the transfer. If the dollar rate is high, you pay more rupees. If it is low, you pay less.

How the US Dollar Price in Pakistan Affects Your Transfer

I told my son to watch the US dollar price in Pakistan for a few days before making his first telegraphic transfer. He checked online every morning. He saw that the rate varied by several rupees each day. On a transfer of three thousand dollars, a difference of five rupees per dollar means fifteen thousand rupees more or less. That is a significant amount for a student.

I taught him to call three banks and ask for their telegraphic transfer rate. Different banks give different rates. Some add a smaller margin than others. I also taught him to ask about fees. Some banks charge a flat fee. Others charge a percentage. One bank had a good exchange rate but high fees. Another had a slightly higher rate but zero fees for education payments. He chose the second.

What My Son Learned

My son made his first telegraphic transfer after watching the US dollar price in Pakistan for a week. He chose a day when the rate was relatively low. He saved almost twelve thousand rupees compared to the day before. He called me and said, "Abba, you were right. Patience pays."

He has now made four telegraphic transfers. He is no longer nervous. He knows the process. He knows to compare banks. He knows to watch the dollar rate.

If you need to send money abroad, do not rush. Learn about telegraphic transfer. Watch the US dollar price in Pakistan. Compare banks. And do not be afraid to ask questions. The bank staff are there to help. A little homework can save you a lot of money.