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 and C2B 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 to Cash: As low as 10 min Account to Account: Minimum 24 Hours to maximum 48 Hours
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 $200 there will be charges which the sender entity will confirm you at the time of remittance. If sending entity is on free send model then sending remittance equals to or above $200 then it is free of cost. Otherwise charges will be informed by the sending entity.
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?
No, In Assan remittance Account only Home Remittance transactions are allowed.
17. Is there any WH Tax deducted on the withdrawal from Assan Remittance Account?
There is no WH Tax deduction on any withdrawal transaction either form cheaque or ATM machine.
18. Whether both types of verification from NADRA i.e. Verisys is necessary for Assan Remittance Account?
Yes.
19. Can a bank demand any initial deposit for opening Assan Remittance Account?
No.
20. 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.
21. 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.
22. 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?
Yes. If he/She is remittance recipient and want to avail facilities.
23. 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.