Which Currencies Can Be Received Through a Pakistani Bank Account?

Receiving money from abroad through a Pakistani bank account is common for overseas Pakistanis, freelancers, exporters, businesses, employees working for foreign companies, and families receiving international remittances. However, the currency you can actually receive and keep in your account depends on the type of bank account, the receiving bank, the remittance channel and applicable foreign-exchange rules.

In Pakistan, customers generally deal with two main types of accounts for foreign funds: Pakistani rupee accounts and foreign-currency accounts. A normal PKR account is designed to maintain money in Pakistani rupees, while a foreign-currency account can maintain certain approved foreign currencies.

The State Bank of Pakistan has established a regulatory framework for foreign-currency accounts with authorized dealers. The currencies available can also differ from one bank and account product to another. For example, HBL currently lists USD, GBP, EUR and CNY for its foreign-currency current account, while its Roshan Digital Account offers additional currencies.

Can a Pakistani Bank Account Receive Foreign Currency?

Yes, money originating in another country can be sent to a Pakistani bank account through permitted banking and remittance channels.

However, receiving a foreign-currency payment does not necessarily mean that the recipient will keep the money in the original foreign currency.

If the recipient has a normal Pakistani rupee account, the foreign funds may be converted into PKR according to the applicable exchange rate and credited to the rupee account.

If the recipient has an eligible foreign-currency account, the bank may credit and maintain the funds in the relevant foreign currency, subject to the account's permitted currencies and applicable rules.

Therefore, before giving someone your bank details for an international payment, it is important to know whether your account is a PKR account or a foreign-currency account.

Which Major Currencies Can Be Received in Pakistan?

Some of the major foreign currencies used with Pakistani banking and foreign-currency account products include:

• US Dollar (USD)

• Pound Sterling (GBP)

• Euro (EUR)

• Japanese Yen (JPY)

• Canadian Dollar (CAD)

• UAE Dirham (AED)

• Saudi Riyal (SAR)

• Chinese Yuan/Renminbi (CNY)

• Swiss Franc (CHF)

• Turkish Lira (TRY)

The State Bank of Pakistan has identified these currencies in its foreign-currency account framework. However, this does not mean that every Pakistani bank offers an account in every one of these currencies. The actual currencies available depend on the bank's products and applicable rules.

For example, HBL's current foreign-currency account information lists USD, GBP, EUR and CNY. This illustrates why customers should check the specific account offered by their own bank rather than assuming that every currency is available everywhere.

US Dollar (USD)

The US dollar is one of the most commonly used currencies for international payments and remittances involving Pakistan.

Pakistani banks offer USD-denominated foreign-currency accounts, subject to their account terms and applicable regulations.

USD payments can be particularly relevant for:

• Overseas family remittances

• International business payments

• Freelance earnings

• Export-related transactions

• Foreign employment income

• Other permitted foreign-currency receipts

Some Pakistani banks also provide USD options through Roshan Digital Accounts and other foreign-currency products.

British Pound Sterling (GBP)

The British pound is another major foreign currency that can be handled through eligible Pakistani bank accounts.

This can be relevant for people receiving money from the United Kingdom, including family remittances and other permitted international receipts.

Banks may offer GBP-denominated accounts, but availability varies by bank and account type.

For example, HBL lists GBP among the currencies available through its foreign-currency current account and certain Roshan Digital Account products.

Euro (EUR)

The euro is also supported by various Pakistani banking products.

Customers receiving payments from countries using the euro may be able to receive the funds through normal international banking channels. Whether the money remains in euros or is converted to Pakistani rupees depends on the receiving account and bank's applicable arrangements.

Euro-denominated foreign-currency accounts are available through some Pakistani banks.

Saudi Riyal (SAR)

Saudi Arabia is a major source of remittances to Pakistan, so the Saudi Riyal is particularly relevant to Pakistani families receiving money from Saudi Arabia.

Some banking products provide Saudi Riyal foreign-currency account options.

For example, Meezan Bank currently lists SAR among the currencies available for its Roshan Digital Account, while HBL also lists SAR for certain Roshan Digital Account products.

However, customers should distinguish between the currency in which a payment originates and the currency in which the receiving account maintains the balance.

A person may send Saudi Riyals from Saudi Arabia, while the recipient's Pakistani account may ultimately receive the value in PKR if it is a normal rupee account.

UAE Dirham (AED)

The UAE Dirham is another important currency for Pakistani remittances because of the large Pakistani community and workforce in the United Arab Emirates.

Certain Pakistani banks offer AED foreign-currency account facilities.

For example, Meezan Bank's current Roshan Digital Account information lists AED among its available foreign currencies, while HBL lists AED for certain RDA products.

As with other currencies, availability depends on the account product and bank.

Chinese Yuan (CNY)

The Chinese Yuan, also referred to as Renminbi, is another foreign currency that can be supported by Pakistani banking products.

HBL currently lists CNY among the currencies available for its foreign-currency current account.

This may be relevant to customers or businesses dealing with China, although the exact method for receiving and maintaining CNY should be confirmed with the bank before initiating a transaction.

Japanese Yen (JPY)

Japanese Yen is included among the major foreign currencies covered by the State Bank of Pakistan's foreign-currency account framework.

However, customers should not assume that every Pakistani bank offers a JPY-denominated account. The bank must be contacted to determine whether a JPY account or an eligible receiving facility is currently available.

Canadian Dollar (CAD)

Canadian Dollar is another currency included among the major currencies permitted for relevant foreign-currency account arrangements.

This can be relevant for Pakistani customers receiving funds from Canada.

The availability of CAD accounts can vary by bank. For example, HBL's RDA information lists CAD among the currencies available for that product, while its standard foreign-currency current account page currently lists USD, GBP, EUR and CNY.

Swiss Franc (CHF)

Swiss Franc is also included in the State Bank of Pakistan's listed major foreign currencies for foreign-currency account arrangements.

However, availability at the individual-bank level should always be checked before arranging a payment in CHF.

Turkish Lira (TRY)

Turkish Lira is also included in the State Bank of Pakistan's foreign-currency account framework.

Again, the fact that a currency appears in the regulatory framework does not necessarily mean that every commercial bank currently offers an account or direct receiving facility in that currency.

What Happens If You Receive Dollars in a Normal PKR Account?

This is one of the most important points for customers.

Suppose someone in the United States sends USD 1,000 to your ordinary Pakistani rupee account.

You should not automatically assume that your account will show a USD 1,000 balance.

If the receiving account is a PKR account, the bank may process the foreign remittance and credit the corresponding Pakistani rupee amount according to the applicable exchange rate and transaction arrangements.

The exact amount received can therefore differ from a simple conversion based on an internet exchange-rate calculator because banks and remittance channels may apply their applicable exchange rates and charges.

Before receiving a large international payment, ask your bank:

• Which currency will be credited?

• What exchange rate will apply?

• Are there correspondent-bank charges?

• Are there receiving charges?

• Will the payment be automatically converted into PKR?

• Can the payment be credited to a foreign-currency account instead?

What Happens If You Have a Foreign-Currency Account?

A foreign-currency account is designed to maintain funds in a foreign currency permitted by the bank and applicable regulations.

For example, if a bank offers a USD foreign-currency account, eligible USD funds may be maintained in that account rather than automatically being converted into PKR.

The exact treatment depends on the account type and transaction.

The State Bank of Pakistan's current information on Foreign Currency Value Accounts states that FCVAs can be opened in major currencies including USD, GBP, EUR, JPY, CAD, AED, SAR, CNY, CHF and TRY.

The bank's own account terms should always be checked before sending funds.

Roshan Digital Account and Foreign Currencies

Roshan Digital Accounts are particularly relevant to overseas Pakistanis and other eligible non-residents.

The State Bank of Pakistan explains that Roshan Digital Accounts provide banking, payment and investment facilities for eligible non-residents. The current RDA framework includes both Pakistani rupee and foreign-currency account options.

The SBP FAQ states that an FCVA can be opened in major currencies including:

• USD

• GBP

• EUR

• JPY

• CAD

• AED

• SAR

• CNY

• CHF

• TRY

However, an individual bank may offer a smaller selection.

For example, Meezan Bank currently lists PKR, USD, GBP, EUR, SAR and AED for its Roshan Digital Account.

HBL's RDA information lists PKR, USD, GBP, EUR, SAR, AED, CAD and CNY.

This demonstrates that SBP's permitted framework and an individual bank's available products are not necessarily identical.

Can Freelancers Receive Foreign Currency?

Freelancers working with international clients can receive payments from abroad through permitted banking and payment channels.

The important question is how the receiving bank account handles the incoming funds.

If a freelancer uses a PKR account, foreign earnings may be converted into Pakistani rupees when credited.

If the freelancer has an eligible foreign-currency account and the payment arrangement supports that currency, the funds may be maintained in the relevant foreign currency, subject to the bank's rules.

Freelancers should therefore ask their bank about:

• Supported receiving currencies

• International incoming transfers

• SWIFT or correspondent-bank requirements

• Exchange rates

• Receiving charges

• Documentation requirements

• Tax-related documentation where applicable

Can Businesses Receive Foreign Currency?

Pakistani businesses can receive foreign funds in connection with permitted international business activities, but the applicable rules can depend on the nature of the transaction.

For example, exporters and businesses receiving payments from foreign customers may have requirements relating to documentation, banking channels, export proceeds and foreign-exchange regulations.

A business should not assume that an ordinary personal account can be used for every commercial foreign-currency transaction.

Businesses should confirm the correct account type and transaction requirements with their authorized dealer bank.

Is Every Foreign Currency Automatically Accepted?

No.

This is an important misconception.

The fact that someone can send money from a particular country does not mean that every Pakistani bank will maintain that country's currency in a foreign-currency account.

There are three separate questions:

1. Can the sender initiate the international payment?

2. Can the Pakistani bank receive the payment?

3. Can the recipient maintain the funds in the original foreign currency?

The answer to these three questions may be different.

For example, a bank may be able to receive a payment originating in a currency that it does not offer as a deposit currency. The payment may then be converted according to the bank's applicable process.

Currency of the Sender vs Currency of the Bank Account

The currency sent by the payer and the currency maintained by the recipient are not always the same.

For example:

Sender: United Kingdom
Payment currency: GBP
Recipient: Pakistan
Account: PKR account

The receiving bank may convert the payment into PKR.

Another example:

Sender: United Kingdom
Payment currency: GBP
Recipient: Pakistan
Account: Eligible GBP foreign-currency account

Subject to the bank's rules and transaction eligibility, the funds may be maintained in GBP.

This distinction is especially important for people who want to preserve foreign currency rather than immediately convert it into Pakistani rupees.

Which Currency Is Best for Receiving Money?

There is no single currency that is suitable for every customer.

The appropriate currency depends on the source of the payment, the customer's account, the bank's available currency options and the purpose of the funds.

For example:

• A person receiving salary from the United States may deal with USD.

• A person receiving money from the United Kingdom may deal with GBP.

• A person receiving funds from euro-area countries may deal with EUR.

• A person receiving funds from Saudi Arabia may deal with SAR.

• A person receiving funds from the UAE may deal with AED.

• A person dealing with China may use CNY where supported.

The important point is to confirm the receiving arrangements with the bank before sending the payment.

How to Check Which Currency Your Bank Accepts

Before receiving an international payment, follow these checks:

Check Your Account Type

Look at your account documents or contact your bank to determine whether your account is:

• PKR current account

• PKR savings account

• Foreign-currency current account

• Foreign-currency savings account

• Roshan Digital Account

• Another specialized account

Check the Available Currencies

Ask the bank which foreign currencies are currently supported for your particular account.

Do not rely only on another customer's experience because different account products can have different currency options.

Ask How Incoming Funds Are Converted

Ask whether the bank will:

• Credit the foreign currency directly

• Convert it to PKR

• Require a separate foreign-currency account

• Apply a particular exchange rate

Check Charges

Ask about:

• Incoming transfer charges

• Correspondent-bank charges

• Exchange-rate margins

• Other applicable bank charges

Charges can affect the amount ultimately available to you.

Check Documentation Requirements

For certain payments, the bank may require information about the source and purpose of funds.

The documentation can depend on the transaction and applicable banking rules.

Current Examples of Foreign-Currency Options

The following examples illustrate why customers should check their own bank:

These are examples of currently published product information, not a universal list of what every Pakistani bank accepts. Bank products and terms can change.

Can Foreign Currency Be Converted Into Pakistani Rupees?

In many eligible banking arrangements, foreign-currency funds can be converted into PKR according to applicable rules and the bank's available facilities.

The State Bank of Pakistan's FCVA framework provides for eligible foreign-currency account operations and conversion facilities subject to applicable regulations.

The exchange rate used for a transaction can affect the final PKR amount.

Therefore, customers receiving substantial foreign payments should check the bank's applicable exchange rate and charges before converting the funds.

Can Foreign-Currency Funds Be Sent Abroad Again?

The ability to transfer funds outside Pakistan depends on the account type, the source of funds and applicable foreign-exchange regulations.

For certain Roshan Digital Account foreign-currency arrangements, the State Bank provides repatriation facilities for eligible funds.

Customers should not assume that every foreign-currency balance in every Pakistani bank account has identical outward-transfer rights.

Always ask the bank about repatriation and outward-remittance rules applicable to your particular account.

Important Difference Between Receiving Remittances and Maintaining Foreign Currency

Receiving a foreign remittance and maintaining a foreign-currency balance are two different things.

A customer can receive money from abroad into a Pakistani bank account without necessarily having a foreign-currency account.

For example, a family member working overseas may send money through a bank or authorized remittance channel. The recipient may receive the amount in PKR in a normal Pakistani bank account.

A foreign-currency account is relevant when the customer wants to maintain eligible foreign currency under the account's terms.

This difference should be understood before opening an account or asking an overseas sender to make a payment.

What Should You Ask Your Bank Before Receiving Foreign Money?

Ask the bank these questions:

1. Does my account accept international inward remittances?

2. Which currencies can be received?

3. Will the payment be credited in foreign currency or PKR?

4. Can I maintain the balance in USD, GBP or EUR?

5. What exchange rate will be used if conversion is required?

6. What charges apply to incoming transfers?

7. Are correspondent-bank charges possible?

8. Do I need a foreign-currency account?

9. What documents are required for the payment?

10. Can I later convert the funds into PKR?

11. Can eligible funds be transferred to another account?

12. Are there any restrictions based on the source or purpose of payment?

Getting these answers before the transfer can help prevent delays and unexpected conversion or banking charges.

Final Answer: Which Currencies Can Be Received Through a Pakistani Bank Account?

Pakistani banks can handle international funds in several major foreign currencies, but the exact currencies that can be maintained in an account depend on the bank and account type.

The State Bank of Pakistan's foreign-currency framework includes major currencies such as USD, GBP, EUR, JPY, CAD, AED, SAR, CNY, CHF and TRY.

Individual banks may offer fewer currencies. For example, HBL currently lists USD, GBP, EUR and CNY for one of its standard foreign-currency accounts, while its RDA product offers a broader selection. Meezan Bank's RDA currently lists PKR, USD, GBP, EUR, SAR and AED.

If you simply have a normal PKR account, an international payment may be converted into Pakistani rupees rather than remaining in its original currency.

Therefore, the safest approach is to check your specific bank, account type, supported currency, exchange-rate method and applicable charges before receiving an international payment.

For the latest regulatory information, customers should consult the State Bank of Pakistan and their own bank before making a significant international transfer.

Guide Information

Step-by-Step Process

1. Identify the country from which the money will be sent.

2. Identify the currency in which the sender intends to make the payment.

3. Check whether your Pakistani bank account is a PKR account or foreign-currency account.

4. Contact your bank before making a large international transfer.

5. Ask whether your account can receive the intended currency.

6. Ask whether the bank will maintain the money in foreign currency or convert it into PKR.

7. Ask which foreign-currency account options are currently available.

8. Check whether the required currency is supported by your specific account.

9. Confirm whether international inward remittances are permitted for your account.

10. Ask the bank for the correct receiving instructions.

11. Confirm the account title and account number.

12. Confirm the bank's SWIFT or other international transfer details where required.

13. Ask the sender to use the exact receiving information supplied by the bank.

14. Confirm the sender's bank or remittance provider supports the intended transfer route.

15. Ask about any intermediary or correspondent bank involved in the transfer.

16. Check whether incoming-transfer charges apply.

17. Check whether correspondent-bank charges may be deducted.

18. Ask what exchange rate will apply if the payment is converted into PKR.

19. Confirm whether any documents may be required for the source of funds.

20. Keep the sender's payment receipt or transaction reference.

21. Ask the sender to provide the transaction reference after sending the money.

22. Monitor your bank account for the incoming payment.

23. Contact the bank if the expected payment does not arrive within the stated processing period.

24. Provide the transaction reference to the bank if an investigation is required.

25. Check the amount credited to your account.

26. Check whether the amount was credited in the original foreign currency or converted into PKR.

27. Review any charges or deductions shown by the bank.

28. If you need to maintain foreign currency, confirm that the account is eligible to hold that currency.

29. If you need PKR, ask the bank about the applicable conversion process and rate.

30. Keep the remittance advice and supporting records for your financial records.

31. For business receipts, follow any additional documentation and regulatory requirements applicable to the transaction.

32. For freelance income, retain relevant payment records, invoices and other supporting documents where appropriate.

33. For export proceeds, follow the applicable banking and export documentation requirements.

34. For overseas family remittances, use permitted banking or authorized remittance channels.

35. Do not assume that a currency available at one Pakistani bank is available at every other bank.

36. Confirm current account terms before receiving a large payment.

37. Check the latest State Bank of Pakistan foreign-exchange requirements when the transaction is substantial or unusual.

38. Use only the official banking details supplied by your receiving bank.

39. Do not share banking passwords, PINs, OTPs or other confidential security credentials with the sender.

40. Keep your bank's confirmation and transaction records for future reference.