Overview of Foreign Currency Accounts
Foreign currency account is the transactional type of account which is denominated in a foreign currency other than the home currency. In Pakistan, the account supports three major foreign currencies such as USD, GBP and EUR. It is maintained by the Pakistani financial institutions to facilitate the customers who want to make any transaction in the foreign currency likewise for the foreign residents who want to send their income to the parent company via foreign currency accounts. Besides this, it is an ideal opportunity for all those people who to maintain foreign currency accounts. In general, foreign currency accounts are not covered by national insurance schemes.
Key Features of Foreign Currency Accounts
Foreign currency accounts have its own distinguished set of features, which are listed below:
- You can open an account with the minimum 250 (USD, GBP, EUR or 10k YEN)
- The account can be maintained in USD, GBP, EUR, or Japanese yen (subject to variation with different bank policies and the currencies they offered as a foreign account)
- Free E-statements and internet banking
- Profit payment frequency time span varies in 3 to 12 months basis (subject to vary with the bank policies)
Documents Required for foreign Currency Accounts
Documents required for foreign currency accounts are as follows:
- Original copy of CNIC/NICOP along with the attested copy
- Proof of income
- 2 passport size pictures
- Copy of a utility bill
- Age limit is 21 to 65 years
Eligibility Criteria for Foreign Currency Accounts
Eligibility criteria for foreign currency accounts are as follows:
- Pakistani resident and non-resident
- Must be above 18 years old
- Alien registration card
- Valid passport, valid visa along with the resident permit
- Employer proof in case of a salaried person
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