Best Bank Accounts for Overseas Pakistanis

For an overseas Pakistani bank account is the most fundamental requirement. Online banking has made it possible to accomplish the goal of carrying out banking transactions and sending money online from one place to the other at our fingertips. Sending money online is proven to be the fastest, cheapest, and safest way and it does require a bank account to complete the transaction. The question is, which banks offer a bank account opening service to overseas Pakistanis to send money online?

Bank accounts for overseas Pakistanis

Before opening a bank account, it is best to inquire about the banking services provided by the institution. There are several banks which allow non-resident Pakistanis to open a bank account. Although the services may be limited to a non-resident account, it can still be utilized to send money online to Pakistan through a digital money transfer platform. The following is a list of some of the best banks:

• MCB Bank:

Their innovative Motherland Account allows an overseas Pakistani to open and operate a bank account in their home country while residing abroad. The account has been designed to allow the transfer of funds from one bank account to another using an online money transfer platform.

• Standard Chartered:

Standard Chartered Bank allows the remote opening of a bank account by an overseas Pakistani through their website. It also offers Non-resident Pakistani (NRP) service desks to help manage all banking queries quickly and efficiently.

• United Bank Limited:

United Bank Limited’s Tezraftaar account allows a Non-resident Pakistani to open an account in any of its branches within Pakistan. They also offer specialized NRP banking to cater to online money transfer by their customers situated overseas.

• HBL Pakistan:

HBL Pakistan is the largest Pakistani bank by assets and offers a bank account service named Humwatan. Under the service, a Non-resident Pakistani can open a current or savings bank account to utilize its banking services and send money online.

• Allied Bank:

Allied Bank allows an overseas Pakistani to open a bank account and send foreign remittances with ease. With a free ATM/debit card, the account allows direct credit of Foreign Inbound Remittances.

Documents required

The documents required in the process of opening a non-resident account varies from bank to bank. It is advisable to reach out to the bank for a checklist of required documents. Some documents which are universally required by every bank include:

• Valid and non-expired passport
• Proof of address
• Proof of income
• Proof of employment
• Documents defining the origin of the initial bank deposit
• Proof of nationality

In the year 2017, Pakistan received a total of $6.5 billion in personal remittances through digital money transfer platforms using a bank account. Once you have chosen a bank and opened an account, the next step would be to choose an online money transfer platform. CompareRemit is a great tool to compare digital money transfer platforms based on various criteria such as the fees or the time taken. Make the right choice, and start sending money online to Pakistan.