1

Can we open a bank account in GBP in Pakistan, I am thinking about taking 14K in GBP with me to Pakistan while flying there.

I would like to buy a house for one of relative but if plan changed I would like to keep my money there instead of bringing back to UK - as I might need it there after an year or so.

Converting currency isn't an option unless I have to do it as currency rate is awful for GBP these days.

  • Is it possible to open a GBP bank account in Pakistan ?
  • Are there any risks in doing so ?
  • All money is legit with bank statements of my pay which is between 35K and 40K per year, am I going to have any trouble at airport as limit is £7K only
  • That's a terrible idea. The airport cops can just confiscate your money by claiming it has traces of drugs. Any UK bank can just wire-transfer the money to your relative's bank account. – TheMathemagician Aug 8 '17 at 17:22
  • @TheMathemagician good point, but can I transfer without currency exchange, I want money in GBP in Pakistan, thanks – user2262511 Aug 10 '17 at 13:37
2

Is it possible to open a GBP bank account in Pakistan ?

Yes you can. Quite a few Banks offer Foreign currency accounts in GBP [or USD or EUR, JPY]

Are there any risks in doing so ?

Generally no. As per Protection of Economic Reforms Act (PERA) of 1992 and foreign currency accounts (protection) ordinance 2001 the funds are protected and you can move them back out of Pakistan any time.

However if you are looking at investing into property and then selling it after few years, there maybe difficulties in such transactions and consult a tax advisor familiar with such cases.

All money is legit with bank statements of my pay which is between 35K and 40K per year, am I going to have any trouble at airport as limit is £7K only

Carrying cash of this amount is generally not advisable. It is best to do a Bank to Bank transfer. You can visit one of the Pakistan Bank that has branch in UK [say Standard Chartered, Citi, HSBC, etc]. They should be able to open account with transfer of funds.

There is no limitation on carrying foreign exchange in cash when you enter Pakistan. However when you are travelling out of Pakistan you can only carry USD 10,000 or eq. per person.

2

Is it possible to open a GBP bank account in Pakistan ?

Yes, I have one in HBL. Askari and SCB also offer GBP, USD, Yen and Euro Accounts. They might ask for source of income but that shouldn't be a problem. I work in Singapore (should my Salary Slip to open account) and do online remit from my Singapore Account to HBL GBP, the good thing is the exact amount in GBP gets transferred (although I have to tolerate SG Bank's exchange rates)

Are there any risks in doing so ?

No Risk but caution. If you are a Tax Filer in Pakistan, then you MUST include this account's balance in opening/closing and also mention any remitances receievd in this account under Income and Assets seperately.

All money is legit with bank statements of my pay which is between 35K and 40K per year, am I going to have any trouble at airport as limit is £7K only

Cash carry limit while travelling has nothing to do with FC (Foreign Currency) Account. You should never travel with more than 10K USD in total.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.