Why Choose a Foreign Currency Account?
Having a foreign currency account in Pakistan is considered a mark of wealth.
A foreign currency account, or FCA, allows individuals and businesses to maintain their savings and transact in foreign currency.
With foreign currency, individuals and businesses can easily access international markets and expand operations across borders. This way, they not only diversify their currency but can also gain protection against market volatility.
This article particularly aims to give information about top banks in Pakistan that offer foreign currency accounts. Before we talk about banks, let's first discuss the key factors that must be considered while making your selection.
Factors to Consider in Choosing a Bank for a Foreign Currency Account
The selection of the right bank for opening a foreign currency account is crucial. In general, the right bank is the one that suits your business or individual requirements. Specifically, you should keep the following points in mind while selecting the bank for your foreign currency account.
Available Foreign Currency Options
Every bank offers a range of foreign currencies for your FCA. Choose the one that best meets your financial objectives and business needs. Preferably, go for the one that offers a wide range of currencies.
Online Banking Service
Although every bank offers online banking services, your choice should be evaluated in terms of ease of access and security protocols. The online platform must be user-friendly and convenient without any compromise on data safety and transaction security.
Service Charges
Evaluate the costs charged by the bank as service charges or transaction fees. These charges can significantly enhance your cost of maintaining a foreign currency account. Therefore, it is recommended to assess and compare the fees and make sure that there are no hidden charges.
Transaction Limits
Every bank offers a different set of transaction limits for different types of accounts. Either you cannot exceed the transaction limit or exceeding may incur extra charges. Therefore, you should know about the transaction limits to manage your business settlements and avoid any extra charges.
Branch and ATM Accessibility
Accessibility is one of the most important factors. Ensure the branch is within your reach and ATMs are easily available, to avoid any hassle in case there is a sudden need for funds.
Customer Assistance
The way the bank deals with its customers matters for your peace of mind. Assess the quality of customer service and available customer support channels, as for many account-related issues, you don’t necessarily need to visit the branch. Instead, they can be easily sorted out via email or phone call.
Regulatory Compliance
The most important of all factors is to ensure regulatory compliance of the bank with the relevant regulatory authorities, specifically with the State Bank of Pakistan. Don’t opt if there is any doubt about the legal conformity of the bank; otherwise, you may end up putting your account at risk.
Interest Rates
In case you are going to open a savings foreign currency account, it is recommended to check and compare interest rates offered by different banks. A higher interest rate will obviously give a better return on your savings.
Supplementary Services
Some banks also offer certain investment plans on easy terms and conditions. It is recommended to evaluate if the offered plans help in achieving your financial objectives. If yes, then you should take advantage of the opportunity.
Banks Offering Foreign Currency Accounts in Pakistan
Many banks in Pakistan offer the facility of foreign currency accounts. Each bank is distinct in its range of features and services for different kinds of customers. Let's have a look at some of the banks that are best known for their services in offering foreign currency accounts in Pakistan.
Standard Chartered Bank
Standard Chartered Bank is well known for its state-of-the-art international banking services. It provides foreign currency accounts in a wide range of foreign currencies including USD, EUR, and GBP. The most enticing thing about Standard Chartered Bank is its highly user-friendly online platform for easy account management. Being a bank with a high reputation, its fees may be relatively high.
Habib Bank Limited (HBL)
Being one of the oldest and most well-established banks, Habib Bank Limited (HBL) provides a wide range of both current and foreign currency savings accounts. Habib Bank Limited is well-known for its large network of branches and ATMs throughout the country and abroad. Moreover, they offer an easily available and excellent customer support service.
MCB Bank
Muslim Commercial Bank offers foreign account services in multiple currencies as per the business needs of corporations or individuals. Their online banking system is quite user-friendly, allowing account holders to easily manage their accounts.
United Bank Limited (UBL)
UBL allows its customers to effectively manage their international transactions through the cutting-edge foreign currency accounts services. UBL allows easy account management with its online banking and a wide network of branches and ATMs.
Allied Bank Limited (ABL)
Allied Bank Limited specializes in offering foreign currency accounts in USD, GBP, and EUR. The accounts are specifically designed to fulfill its customers’ business and individual requirements. ABL also has a wide network of branches and ATMs across Pakistan, making it easy to access.
Meezan Bank
Meezan Bank is distinct in its offering of foreign currency accounts compliant with Islamic Shariah law. So, if you have any reservations about interest-based accounts or investments, Meezan Bank is the right option for you. Here you can find the right FCA options without any questions on Islamic beliefs. Meezan Bank also has a good network of branches all over Pakistan.
Although this article has covered some critical factors, it is important to visit your bank of choice for specific details about accounts, fees, and other details.
Conclusion
Considering the above factors will help you make the right selection of bank for your foreign currency accounts. It is important to note that the best selection is one that is aligned with your individual or business requirements. Before you start working on opening your foreign currency account, conduct a detailed analysis of your individual or business needs and financial objectives. Choose the bank that ensures regulatory compliance and fulfills your requirements in the best manner.
