In this article, we try to analyze the current situation with Perfect Money in Pakistan, the possibilities of legal replacement, and what CryptoSpot can offer you as an interface for comfortable buying and selling of all other types of e-currencies.
Of use, security features, and worldwide accessibility have made it a favorite for many. However, in Pakistan, the status of Perfect Money has often been a topic of debate. With shifting regulations and policies surrounding digital currencies, users are left wondering if Perfect Money is banned in Pakistan and, if so, what alternatives they can turn to. This article explores the current state of Perfect Money in Pakistan, viable alternatives, and how CryptoSpot can help you seamlessly buy and sell other e-currencies.
What is Perfect Money?
Perfect Money is an online financial service that enables users to make international transactions securely. Launched in 2007, the platform is known for providing a variety of financial tools, such as money transfers, e-vouchers, currency exchanges, and deposits into savings accounts. It supports multiple currencies, including USD, EUR, and cryptocurrencies like Bitcoin.
The primary features of Perfect Money inсlude:
- Quick Transfers: Users can instantly send and receive funds worldwide.
- Currency Exchange: It supports the exchange of fiat and digital currencies.
- Low Fees: Perfect Money offers competitive fees for its services.
- Savings Accounts: Users can earn monthly interest on deposited funds.
Perfect Money has grown in popularity due to its flexibility and convenience. However, its use in Pakistan has faced challenges due to regulatory restrictions.
Is Perfect Money Banned in Pakistan?
Yes, Perfect Money is officially banned in Pakistan. The State Bank of Pakistan (SBP) has restricted the use of Perfect Money, within the country. This means that the platform is not recognized or supported by Pakistani banks or financial institutions, making direct access to Perfect Money unavailable through official channels.
While Perfect Money is banned in Pakistan, CryptoSpot bridges the gap by offering compliant, secure, and transparent services for managing e-currencies. With CryptoSpot, users can perform transactions confidently and avoid potential risks associated with unregulated methods.
What are the alternatives to Perfect Money in Pakistan?
If Perfect Money’s regulatory status poses challenges, several alternatives offer secure and reliable options for e-currency transactions in Pakistan. Below are some popular choices and how you can buy or sell these currencies on CryptoSpot:
- Payeer
Payeer is an excellent alternative to Perfect Money, offering similar services such as online transfers, e-wallets, and currency exchange. It supports fiat and cryptocurrencies, making it versatile for both personal and professional transactions.
On CryptoSpot, you can easily buy or sell Payeer using local payment methods like Easypaisa, JazzCash, or bank transfers. The process is quick and user-friendly, ensuring a hassle-free experience.
- Volet (AdvCash)
Volet, also known as AdvCash, is another popular platform for global payments and transactions. It provides a hybrid solution for fiat and crypto payments and allows for seamless integration with various payment systems.
With CryptoSpot, users in Pakistan can deposit funds into Volet wallets or withdraw them in PKR. This platform is gaining popularity due to its low transaction fees and user-friendly interface.
- Skrill
Skrill is a widely recognized e-wallet service offering a secure platform for online money transfers. It supports multiple currencies, including PKR, and is a favorite among freelancers and online shoppers in Pakistan.
You can use CryptoSpot to load your Skrill account or sell Skrill funds for PKR. Skrill is particularly beneficial for those engaged in cross-border freelancing or e-commerce.
- Payoneer
Payoneer is one of the most reliable platforms for receiving international payments. It is widely used by freelancers, affiliate marketers, and online sellers in Pakistan. Unlike Perfect Money, Payoneer is officially recognized by the SBP and supports withdrawals to local bank accounts.
CryptoSpot offers a solution for buying Payoneer funds through a trusted exchanger, enabling users to top up their Payoneer accounts easily.
- PayPal
While PayPal is not officially available in Pakistan, users often rely on third-party platforms like CryptoSpot to access PayPal services. PayPal offers global acceptance, making it a preferred choice for international businesses and freelancers.
On CryptoSpot, you can convert PKR to PayPal funds or withdraw your PayPal balance to local payment methods. This makes it a viable alternative for those who need reliable international payment solutions.
- Wise (Formerly TransferWise)
Wise is an excellent platform for transferring money internationally at low costs. It is particularly useful for sending remittances and conducting business transactions globally. Wise supports a wide range of currencies, including PKR, and offers competitive exchange rates.
CryptoSpot allows Pakistani users to buy Wise funds using local payment methods or sell their Wise USD balances for PKR. Wise is a transparent and efficient alternative for users looking to make international payments.
How to Buy E-Currencies on CryptoSpot?
- Register on CryptoSpot: Sign up on the CryptoSpot platform by providing your email address and creating a strong password. Complete the KYC (Know Your Customer) process by submitting the necessary documents, such as a CNIC or passport, for account verification.
- Sеlect Your Desired E-Currency: Navigate to the exchange section of CryptoSpot. Choose the e-currency you wish to purchase, such as Payeer, Skrill, PayPal, Wise, or Volet (AdvCash).
- Choose a Payment Method: Sеlect a local payment option like Easypaisa, JazzCash, or a direct bank transfer to deposit funds in PKR.
- Deposit Funds: Enter the amount of e-currency you want to purchase. Deposit the PKR equivalent using your selected payment method. Ensure you follow the instructions provided by CryptoSpot for a smooth transaction.
- Confirm the Transaction: Review the transaction details, including exchange rates and any applicable fees. If everything looks correct, confirm the transaction.
- Receive Your E-Currency: Once the transaction is processed, the e-currency will be credited to your designated wallet or account instantly.
How to Sell E-Currencies on CryptoSpot?
- Log in to Your CryptoSpot Account: Access your CryptoSpot account using your registered email and password.
Ensure your KYC verification is completed to avoid any delays. - Sеlect the E-Currency You Want to Sell: Navigate to the withdrawal or sell section of the platform. Choose the e-currency you wish to sell, such as Skrill, Payoneer, PayPal, or Wise.
- Sеlect a Withdrawal Method: Pick a withdrawal option that suits you best, such as Easypaisa, JazzCash, or bank transfer.
- Confirm the Sale Order: Review the transaction details, including the exchange rate and any fees associated with the sale.
Confirm the sale to proceed with the transaction. - Receive Funds: The PKR equivalent of your sold e-currency will be transferred to your chosen withdrawal method. Ensure the details provided for the withdrawal method are accurate to avoid any delays.
Conclusion
While Perfect Money is officially banned in Pakistan, its lack of regulation and official recognition by the State Bank of Pakistan makes it a less favorable option for users. Fortunately, alternatives like Payeer, Volet (AdvCash), Skrill, Payoneer, PayPal, and Wise provide reliable and secure solutions for e-currency transactions.
CryptoSpot makes it easier for Pakistanis to access these alternatives, offering fast and secure methods for buying and selling e-currencies. Whether you’re a freelancer, trader, or online shopper, exploring these options will ensure you can conduct transactions without regulatory concerns.
