{"id":3925,"date":"2019-05-02T18:25:39","date_gmt":"2019-05-02T13:25:39","guid":{"rendered":"https:\/\/smartchoice.pk\/blog\/?p=3925"},"modified":"2019-05-09T16:40:22","modified_gmt":"2019-05-09T11:40:22","slug":"everything-you-should-know-about-foreign-currency-accounts-in-pakistan","status":"publish","type":"post","link":"https:\/\/smartchoice.pk\/blog\/2019\/05\/everything-you-should-know-about-foreign-currency-accounts-in-pakistan\/","title":{"rendered":"Everything You Should Know About Foreign Currency Accounts In Pakistan"},"content":{"rendered":"\n<p>If you earn a salary in dollars, but I see a good chance that there will be a dollar collapse in the next ten years, then you might open an account in Euros or some other strong currency, and put all or part of my savings there. You may put a set amount aside monthly so the account keeps growing. If the dollar collapses, my savings are safe and probably worth even more stored as euros. This assumes the euro doesn&#8217;t collapse, too.<\/p>\n\n\n\n<p>If\nyou look at Venezuela, who once had one of the strongest and the most stable\ncurrencies in South America, it now takes a suitcase full of cash to buy milk.\nThat&#8217;s if you can find milk. Before this happened, had anyone hedged by having\nan account in dollars in a bank outside Venezuela, they would be in a better\nposition today than someone who hadn&#8217;t done the same.<\/p>\n\n\n\n<p>But\nyou&#8217;d also have to look at the legality of it. Each country has different\nrules, and in some it might even be illegal to have accounts in foreign\ncurrencies, or illegal to keep money outside your country. It&#8217;s case by case.<\/p>\n\n\n\n<p>In Pakistan, there are various banks involved in the operation of foreign currency accounts. These banks come up with different offers of opening an account. Below is the brief analysis of foreign currency accounts benefits and drawbacks.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How does\na foreign currency account work?<\/h3>\n\n\n\n<p>Your\ntypical bank account generally converts money to and from US dollars for\ntransactions in foreign currencies. A foreign currency account, however, allows\nyou to send and receive funds in multiple currencies. You save time with a\nstreamlined transaction and money by avoiding the high fees that come with conversions.\nAnd you won\u2019t need to worry about short-term currency fluctuations affecting\nyour bottom line.<\/p>\n\n\n\n<p>The\nability to switch among currencies helps you to take advantage of strong\nexchange rates and send money overseas without the extra charges you\u2019d typically\npay for wire or bank-to-bank transfers.<\/p>\n\n\n\n<p>Currencies\ntypically accepted into a foreign currency account include:<\/p>\n\n\n\n<ul><li>US dollars (USD)<\/li><li>Australian dollars (AUD)<\/li><li>Great Britain pound sterling (GBP)<\/li><li>Euro (EUR)<\/li><li>Hong Kong dollars (HKD)<\/li><li>Canadian dollars (CAD)<\/li><li>Japanese yen (JPY)<\/li><li>New Zealand dollars (NZD)<\/li><li>Singapore dollars (SGD)<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">How do I compare foreign currency accounts?<\/h3>\n\n\n\n<p>Find\na foreign currency account that\u2019s flexible enough for your needs by comparing\naccounts across multiple banks. Weigh factors among them that include:<\/p>\n\n\n\n<ul><li><strong>Supported currencies.<\/strong>&nbsp;Many banks\nsupport at least a handful of major currencies, but make sure those you\nfrequently conduct business in are accepted.<\/li><\/ul>\n\n\n\n<ul><li><strong>Account minimum.<\/strong>&nbsp;Some banks require a minimum monthly account balance. Find\none that matches your cash flow to avoid high fees and penalties.<\/li><\/ul>\n\n\n\n<ul><li><strong>Account fees.<\/strong>&nbsp;Ask for a complete list of fees to avoid the surprise of a\nhigh maintenance fee each month on your account. Look also for processing or\nhandling fees on specific currencies and transactions.<\/li><\/ul>\n\n\n\n<ul><li><strong>Currency conversion charges.<\/strong>&nbsp;In addition to exchange rate\ndifferences, your bank might charge a fee each time you convert your money into\nanother currency.<\/li><\/ul>\n\n\n\n<ul><li><strong>Transfer amounts.<\/strong>&nbsp;Transaction limitations vary by bank, but you\u2019ll want to\nmake sure your account can handle payment amounts typical for your business \u2014\nminimums and maximums.<\/li><\/ul>\n\n\n\n<ul><li><strong>Turnaround speed.&nbsp;<\/strong>Before choosing an account, learn how long the typical\ntransaction takes between your home banks and accounts overseas.<\/li><\/ul>\n\n\n\n<ul><li><strong>Flexibility and support.<\/strong>\u00a0Select foreign currency accounts allow for transfers, deposits and withdrawals over the phone, online or at a branch. Ask about fees related to each option.<strong><br> <\/strong><\/li><\/ul>\n\n\n\n<p>Once you\u2019ve opened\nyour account you can enjoy some advantages:<\/p>\n\n\n\n<ul><li><strong>Foreign\ncurrency cheques clear in USD:&nbsp;<\/strong>Checks<strong>&nbsp;<\/strong>from adsense and the like can\nbe deposited in your FC account and the amount will be credited in USD. The\nadvantage is that you can also withdraw in US dollars and exchange at the\nprevailing open market rates. You don\u2019t have to worry about rupee depreciation.\nThis is a major advantage because the rupee depreciated by 22% against the US\ndollar in 2008 and around 5% so far in 2018. By keeping your money in a FC\naccount you are protected from rupee depreciation.<\/li><\/ul>\n\n\n\n<p><strong>Advantages of foreign currency accounts<br> <\/strong><\/p>\n\n\n\n<ul><li><strong>No\nincome tax:<\/strong>&nbsp;Deposits in FC\naccounts are not subject to income tax! So you can receive adsense cheques and\ndeposit them into your FC account and not pay any taxes!<\/li><\/ul>\n\n\n\n<ul><li><strong>No\nWHT on withdrawals<\/strong>: There is no With\nHolding Tax (WHT) on withdrawals from FC accounts. Withdrawals of Rs. 25,000 or\nmore from Pakistan Rupee (PKR) accounts are subject to WHT but no withdrawals\nfrom FC accounts are liable to WHT! So you can withdraw even thousands of US\ndollars and not pay a cent!<\/li><\/ul>\n\n\n\n<ul><li><strong>Outgoing&nbsp;international&nbsp;wire\ntransfer<\/strong>: An FC account is\nallowed to transfer money via outgoing&nbsp;<a href=\"https:\/\/abdussamad.com\/archives\/142-Receiving-money-via-SWIFT-wire-transfer-or-TT-in-Pakistan.html\">SWIFT wire transfer<\/a>&nbsp;to a foreign country. You can pay hosting fees and other\nexpenses using this method.<\/li><\/ul>\n\n\n\n<p><strong>Disadvantages of foreign currency accounts<br> <\/strong><\/p>\n\n\n\n<p>However everything has\na price in this world so there are some disadvantages associated with FC\naccounts.<\/p>\n\n\n\n<ul><li><strong>Minimum\nbalance<\/strong>: An FC account has a\nminimum balance requirement that ranges from $100-$500. This is a significant\namount of money to have blocked in an FC account.<\/li><\/ul>\n\n\n\n<ul><li><strong>Low\ninterest<\/strong>: Most Pakistanis\ndon\u2019t like to receive interest on deposits as it is prohibited in Islam.\nNevertheless the fact remains that FC accounts deliver lower returns than PKR\naccounts even in Islamic banks.<\/li><\/ul>\n\n\n\n<ul><li><strong>Check\nclearance fees<\/strong>: Banks charge fees\nwhen you deposit checks from foreign companies. The reason is that they have to\nsend the cheques to New York for clearance and the associated courier and\nlabour costs have to be paid by you. The amount is usually in the range of\n$9-15 per cheque.<\/li><\/ul>\n\n\n\n<ul><li><strong>Large\nwithdrawals require notice<\/strong>:\nBanks usually don\u2019t keep a lot of foreign currency with them. So if you want to\nmake a large withdrawal you have to go to their head office or call up your\nbranch and give them a few days notice for them to arrange the cash. This is\ninconvenient and a security hazard in a crime ridden country like Pakistan.<\/li><\/ul>\n\n\n\n<ul><li><strong>Cheques\nclearance delays<\/strong>: Cheques can take up\nto a month to clear. They are sent to New York for clearance but the amount is\nnot credited until two weeks later. This is due to another State Bank of\nPakistan rule.<\/li><\/ul>\n\n\n\n<p><strong>Overcoming the disadvantages<\/strong><\/p>\n\n\n\n<p>A lot of the\ndisadvantages of FC accounts can be overcome with some pre planning:<\/p>\n\n\n\n<ul><li>You can hold payments at your ad network to receive multiple months\u2019 payments in one check and save on check clearance fees.<\/li><li>Some banks&nbsp;allow free cheque clearance&nbsp;if you maintain a large balance. This means that you receive every cent you earn! Make sure you ask your bank if they provide this service before you open an account.<\/li><li>Choose cheque as a payment method when the amount is large and you can justify the clearance fees. Use&nbsp;western union&nbsp;or&nbsp;wire transfer&nbsp;if that is not the case.<\/li><\/ul>\n\n\n\n<p><strong>Conclusion&nbsp;<\/strong><\/p>\n\n\n\n<p>If you make transactions in other currencies on\na regular basis, a foreign currency account can help save time and money.\nWhether it\u2019s for personal or business purposes, this type of account can allow\nyou to manage multiple currencies, get better exchange rates and streamline the\nprocess of sending and receiving money. Foreign transaction accounts are\navailable from many large banks; just make sure to be aware of any fees before\nyou sign up.<\/p>\n\n\n\n<p>Opening a FC account\nis one of best business decisions. It will save your earnings from rupee\ndepreciation and you can enjoy free cheque clearance so you may receive every cent\nyou\u2019re your earnings. With the uncertain conditions of dollar rate changing\nevery single week, we strongly recommend all sorts of business owners with\nforeign transaction to must have foreign currency account in order to safe your\nrupee value from devaluation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you earn a salary in dollars, but I see a good chance that there will be a dollar collapse [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":3938,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[786,796],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything You Should Know About Foreign Currency Accounts In Pakistan - Smartchoice.pk<\/title>\n<meta name=\"description\" content=\"What is a foreign currencyaccount and what are the features. 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