Know How to Open a Bank Account and Send Funds Before You Transfer Money to Pakistan

Know How to Open a Bank Account and Send Funds Before You Transfer Money to Pakistan

First, you should be aware that the currency is the Pakistani rupee. One U.S. dollar equals about 83.34261 rupees. Knowing the most recent exchange rate is helpful before you transfer money to Pakistan. Also, getting to know banks in the area before you move is good, as you will likely use one of these to receive money once you transfer it from your current bank.

Before you sign up for a bank in Pakistan, decide whether you want a bank that exists both in the U.S and Pakistan, or one that is local to your new home area only. There are plenty of both, and many United States banks offer remittances to banks in Pakistan. Some even have their own program specialized for the ability to transfer money to Pakistan easily and cheaply.

The National Bank of Pakistan has a program called PakRemit. Going this route to send money to your new bank should be quite easy. If you need to send $200 in rupees to your new account using an Internet check, there are no fees. If you need to transfer using your credit card, there is a fee of about $15. If you want to send money in U.S. dollars instead of rupees, the fee is $14, and closer to $20 if you use a credit card. The funds will be in your account within about three business days.

Now that you have an idea of bank fees, consider the steps to getting a bank account in Pakistan. In most cases, you can go to the selected bank's website and print out a form to fill out. You can then send it along with a list of notarized documents. For example, to open an account at United Bank Limited, you will need notarized copies of your passport, paystub, employer reference, bank account statement from current bank, proof of employment, and copies of any business licenses you have. You will also have to send a check from your current account for 50,000 rupees. While this might seem like a lot of preparation to open an account, in most cases you can do so while still in the United States, which is convenient. You can transfer money before you move, which means you will have rupees to spend when you arrive.

If you do not have all the require documents for opening an account before you move, you can simply use a prepaid debit card until you are ready to get an account. You would just send funds to the card for the fee of $5 each time, and once you arrive in Pakistan, you can start using it to purchase things. You can also withdraw money like you would with any debit card. ATMs abound, especially in larger cities like Islamabad and Karachi.

If you are definitely moving and feel ready to open a new bank account, you can transfer money to Pakistan before the move so that you have money when you arrive. Otherwise, you will have to carry cash, either in dollars or rupees. This means you are risking either getting robbed of your money or paying exorbitant exchange fees. You can get around this issue by obtaining a prepaid debit card and sending enough money to it to get you by until you open an account. This way, if the card is stolen or lost, you can just cancel it immediately. Whatever you choose, be sure to think of convenience, safety, and cost-effectiveness.

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