Frequently Asked Questions (FAQS)
1. Can I send money to a bank without having a bank account in Pakistan?
Yes you can. The beneficiary will receive the remittance in cash form.
2. Is it important to declare the purpose of the funds being sent to Pakistan?
Yes, it is mandatory to provide purpose of funds being sent to Pakistan.
3. I am a foreign national, can I send money to Pakistan?
Yes, you can.
4. Can I send fund for investment in Pakistan, can you guide me?
Yes you can send fund for investment in Pakistan.
5. Does the PRI comes under the laws of State Bank or Government?
It is a joint initiative of 3 entities; State Bank of Pakistan, Ministry of overseas Pakistanis and Ministry of Finance.
6. Can the business transactions from company to customer or customer to company be made through PRI?
Yes, B2C, C2B and B2B is allowed.
7. If the beneficiary ID card is expired, who can collect the remittance on his/her behalf?
If beneficiary ID card is expired than beneficiary name should be changed to other relative name or beneficiary can collect his payment by providing NADRA Token.
8. If the sender is sending the remittance in cash to cash mode, can the beneficiary collect the remittance from any other bank besides the beneficiary bank?
No, in cash to cash mode, beneficiary can only collect the remittance from the beneficiary bank.
9. Are there any taxes on Remittance?
No, there are no taxes.
10. What is the turnaround time (TAT) to receive remittance in Pakistan?
Cash Over Counter: As soon as beneficiary visits the branch for collection of remittance.
Account Transfer: Instant credit to account if account credentials are correct.
11. What conversion rates will be applied on remittance?
The same conversion rates will be applied at the time of sending the remittance. Sender needs to confirm the rates with the affiliated bank or Exchange Company at the time of sending the remittance.
12. What are the charges for sending the remittance?
If you are remitting below $100, the charges would be advised by remitting entity. If sending entity is on free send model then sending remittance equal to or above $100, will be free of cost.
13. Does BOP has specialized remittance Account as per SBP guideline?
Yes BOP has remittance account name as Assan Remittance Account.
14. Who can open BOP Assan Remittance Account?
A Bonafide recipient of Home remittance (PRI) can open this account.
15. Can a bank open Assan Remittance Account of non-residents or foreign nationals?
No. Assan Remittance Account is meant for resident individuals having Pakistani nationality only.
16. Is there any other credit allowed in Assan Remittance account?
Yes. Assan remittance account can be locally fed up to PKR 1 Million per month.
17. Whether both types of verification from NADRA i.e. Verisys is necessary for Assan Remittance Account?
Yes.
18. Can a bank demand any initial deposit for opening Assan Remittance Account?
No.
19. If a joint account applicant of Assan Remittance Account is already maintaining a regular account in the same bank, should the bank accept him/her as joint account holder?
No. Assan Remittance Account only offered on singly operation basis.
20. Whether the customer can be allowed to open regular accounts in the bank in addition to the Assan Remittance Account?
If needed by the customer, bank will assist the customer to open regular banking account after fulfilling necessary documentary formalities of that segment.
21. If a customer is already having a regular account in one bank and wishes to open Assan Remittance Account in the same bank, will he/she be allowed to open?
Simplified approach for opening Asaan Accounts by banks is designed to extend benefits of financial services to common people who are new to bank (NTB) especially unbanked/under banked segments. Therefore, opening Asaan Accounts of regular accountholders is not allowed.
22. What if a Politically Exposed Person (PEP) requests to open Assan Remittance Account?
Assan Remittance Account is designed to extend benefits of financial services to common people only especially to those who received their home remittance through PRI segment. Not for PEP accounts.