Compare & Select best foreign currency bank account in Pakistan

An account that is transactionally denominated in a currency other than the home currency is known as a foreign currency account. The three main international currencies that are supported by the account in Pakistan are USD, GBP, and EUR. 

It is kept up to date by Pakistani financial institutions to help clients who wish to deal in foreign currencies as well as foreign residents who wish to use foreign currency accounts to transfer their earnings to the parent firm. 

These accounts are also an excellent option for individuals who frequently travel, enabling them to manage their finances effortlessly without the hassle of currency exchange. Moreover, businesses engaged in international trade can benefit from streamlined transactions and minimized conversion risks. By offering a reliable platform for foreign currency dealings, Pakistani banks ensure that customers can handle their global financial needs with confidence and ease.

Aside from this, it’s a great chance for anyone who keeps foreign exchange accounts. Generally speaking, national insurance programs do not cover foreign currency accounts.

Important Characteristics of Foreign Exchange Accounts

The unique characteristics of foreign currency accounts are as follows:

• The minimum amount required to start an account is $250 (USD, GBP, EUR, or 10,000 Yen).
• Depending on the specific bank policies and the currencies they offer as a foreign account, the account may be maintained in USD, GBP, EUR, or JPY.
• Free online banking and e-statements
• The frequency of profit payments ranges from three to twelve months (depending on the bank’s policies).

Required Documents for Foreign Exchange Accounts

The following documents are needed for foreign currency accounts:

• The authenticated copy and the original CNIC/NICOP copy
• Evidence of income
• Two passport-sized photos
• A utility bill copy
• The age range is 21 to 65.

Qualifications for Foreign Exchange Accounts

The following are requirements to be eligible for foreign currency accounts:

• Both residents and non-residents of Pakistan
• You have to be older than eighteen.
• The alien registration card
• A current passport, a current visa, and a valid residency permit
• In the case of a salaried individual, employer proof

1. Bank Islami Foreign Currency Account

FEATURES:

• You can open this account in US dollars, pounds sterling, or euros.
• You can start an account with merely $100 USD or the equivalent in GBP or EUR.
• This is a nonprofit organization with an Islamic account.
• The ability to open a joint account with up to four people

BENEFITS:

• Free online banking and e-statements
• Tailored service from customer relationship officers
• Safe deposit boxes and the ability to halt payments and keep mail

APPLYING AS A SALARIED PERSON:

• Age Range: 21–60 years
• Required documents include a CNIC and proof of work.

Entrepreneurs and self-employed people:

• The age range is 21 to 65.
• CNIC, proof of business, and a letter of sole proprietorship or NTN certificate of business are necessary documents.

2. JS Bank

The best bank in Pakistan is JS Bank since it provides a great way for Pakistanis to open a foreign a foreign currency account.

FEATURES:

• ATM Debit Card
• No minimum balance or deposit required
• Free SMS alerts
• Instant account opening and activation
• Access account statement
• No Withholding Tax
• No other credit channels

One of the greatest foreign exchange accounts in Pakistan is the JS Foreign Currency Current Account, which is intended for expats, frequent travelers, businesses involved in international commerce, and anyone looking to diversify their savings portfolio. With options to save in USD, AED, GBP, EUROs, and CNY, this JS Foreign Currency Account is also perfect for people looking for a foreign currency account in Pakistan.

In addition to offering a diverse range of currency options, the JS Foreign Currency Current Account stands out with its competitive exchange rates, zero minimum balance requirements, and seamless integration with digital banking platforms. This makes it an attractive choice for managing foreign earnings, settling international invoices, or simply safeguarding savings in a stable currency. With robust security features and customer-centric services, this account caters to the evolving needs of modern-day global financial management.

FEATURES:

• Cheque Book Issuance (25 leaves)
• Mobile & Internet Banking
• All service charges are as per the prevailing SOC unless specifically waived off

3. HBL Foreign Currency Savings Account

FEATURES

• USD, GBP, and EUR can be used to open this account.
• The frequency of profit payments is quarterly.
• All it takes to open an account is $1,000 USD, £1,000 USD, or £1,000 GBP.
• Interest rates range from 1.00% to 1.26%, depending on the kind of currency, period, and amount deposited.

BENEFITS

• The monthly average balance will be used to compute profit.
• If the amount is kept low, there are no service fees.
• The larger the deposit, the greater the returns.
• Free online banking and e-statements

APPLYING AS A SALARIED PERSON:

• Age Range: 21–60 years
• Required documents include a copy of your power bill, your CNIC, and proof of employment.

Entrepreneurs and self-employed people:

• The age range is 21 to 65.
• Documents needed: Proof of Business and CNIC 

Bottom Line

Selecting the best bank for your foreign exchange account in Pakistan is an important choice that must meet your needs, whether they are personal or professional. It’s critical to take into account elements like the range of foreign currencies available, online banking capabilities, transaction fees, ease of use, customer support, and compliance with legal requirements.

Ultimately, the right foreign currency bank account can simplify your global financial transactions, providing secure and efficient access to international markets. Conduct thorough research, compare different offerings, and choose a bank that aligns with your financial goals and offers added value, such as competitive exchange rates, flexibility, and seamless cross-border services. This strategic decision can significantly enhance your financial management and international trade experience.