7 Best Banks to Open a Dollar Account in Pakistan

Opening a dollar account in Pakistan is a strategic financial step for many, from savvy entrepreneurs to individuals seeking stability in foreign currency holdings. With an array of banking options available, it’s essential to identify which institutions best serve your needs.

The banking sector in Pakistan offers a variety of choices for dollar account holders, each with distinct features and benefits. Our analysis focuses on critical aspects like customer service, interest rates, accessibility, and international transaction capabilities. We aim to provide a detailed overview, helping you understand the unique offerings and strengths of each bank.

Whether you are an international business person, a Pakistani resident with global financial interests, or someone looking to hedge against currency risk, finding the right bank for your dollar account is paramount. This guide is designed to simplify your decision-making process, presenting you with a curated list of top-notch banking options.

Top 7 Banks for Opening a Dollar Account in Pakistan

Opening a dollar account in Pakistan can be a crucial financial move, especially for those involved in international trade, expatriates, or individuals looking to maintain savings in a stable currency. Here’s a list of the top 7 banks in Pakistan that are renowned for their services in managing dollar accounts:

  1. Habib Bank Limited (HBL)HBL is one of Pakistan’s largest banks and offers robust options for dollar accounts. Known for its extensive international network and reliable customer service, HBL is a top choice for those seeking global accessibility and comprehensive banking services.
  2. United Bank Limited (UBL): UBL is renowned for its user-friendly online banking services and competitive interest rates on foreign currency accounts. With a strong presence both locally and internationally, UBL is an excellent option for individuals and businesses dealing in dollars.
  3. Muslim Commercial Bank (MCB): MCB stands out for its efficient customer service and wide range of banking products. It’s an ideal choice for those looking for stability and convenience in managing their dollar transactions.
  4. Standard Chartered Bank Pakistan: As an international bank, Standard Chartered offers exceptional services for dollar account holders, including attractive interest rates and seamless international transactions. It is well-suited for individuals with global banking needs.
  5. Askari BankAskari Bank is known for its customer-centric approach and offers various types of foreign currency accounts, including dollar accounts. It provides a good blend of local expertise and international banking standards.
  6. Faysal Bank: With a growing network of branches across Pakistan, Faysal Bank offers competitive services for dollar accounts, including online banking and efficient international remittance services.
  7. Allied Bank Limited (ABL): ABL is another popular choice in Pakistan for dollar accounts, particularly because of its strong local network and reliable customer services. It’s a great option for those who prioritize ease of access and straightforward banking solutions.

How Can I Keep Money in USD in Pakistan?

Keeping your money in USD in Pakistan involves opening a foreign currency account with a bank. These accounts allow you to hold and transact in foreign currencies, including the US dollar. Here’s how you can keep your money in USD:

  1. Choose the Right Bank: As discussed in Chapter 1, select a reputable bank that offers foreign currency accounts. Ensure they have the account type that suits your requirements.
  2. Account Opening: Visit your chosen bank’s branch or initiate the account opening process online. You will need to provide necessary identification and financial information.
  3. Minimum Balance: Most banks have minimum balance requirements for foreign currency accounts. Make sure you meet the minimum balance criteria.
  4. Currency Exchange: Convert your local currency (PKR) into USD at the prevailing exchange rate when funding your foreign currency account.
  5. Transactions: Once your account is active, you can deposit and withdraw USD as needed. You can also make international transactions easily.
  6. Monitor Exchange Rates: Keep an eye on exchange rates to take advantage of favorable rates when converting between USD and PKR.

Foreign Currency Account Rules in Pakistan

To ensure a smooth experience with your dollar account in Pakistan, it’s crucial to understand the rules and regulations governing foreign currency accounts. Some key points to consider include:

  1. Source of Funds: The source of funds for your foreign currency account should be legal and documented. It can be from foreign remittances, exports, or other legitimate sources.
  2. Repatriation: You can freely repatriate funds from your foreign currency account, subject to the State Bank of Pakistan’s guidelines.
  3. Interest Rates: Interest rates on foreign currency accounts are subject to market conditions and vary among banks. Check with your bank for the current rates.
  4. Documentation: Maintain proper documentation of all foreign exchange transactions related to your account.
  5. Taxation: Be aware of tax regulations regarding foreign currency accounts and report your income accurately to the tax authorities.

Understanding and adhering to these rules will help you maintain a compliant and trouble-free foreign currency account.

How Much USD Can I Carry from Pakistan?

If you plan to travel with USD from Pakistan, you should be aware of the regulations concerning the amount of currency you can carry. Pakistan’s currency regulations allowed travelers to carry up to $10,000 (or its equivalent in other currencies) without any declaration. Amounts exceeding this limit required declaration to customs authorities.

However, these regulations may change, so it’s essential to check the latest guidelines from the State Bank of Pakistan or customs authorities before traveling.

Are Dollar Accounts Frozen in Pakistan?

Dollar accounts in Pakistan are not typically frozen. You should be able to access your funds and conduct transactions as long as you comply with the rules and regulations governing foreign currency accounts. However, there are instances where accounts may be temporarily restricted or frozen, such as:

  1. Suspicious Activity: If your bank suspects any suspicious or fraudulent activity, they may temporarily freeze your account for investigation.
  2. Non-Compliance: Failure to comply with foreign exchange regulations, including proper documentation and reporting, can result in restrictions on your account.
  3. Legal Disputes: In case of legal disputes or court orders, your account may be subject to certain restrictions.

To avoid any issues, it’s crucial to conduct your financial activities within the legal framework and maintain proper documentation for all transactions.


Opening a dollar account in Pakistan is a smart financial move, providing a convenient way to manage and transact in USD. To make the right choice, consider the seven best banks listed in this article; choosing the right bank for your dollar account is a significant decision, one that influences not just your daily transactions but also your long-term financial planning. We hope this analysis aids you in making an informed choice aligning with your economic aspirations and lifestyle preferences.


Can I open a dollar account online in Pakistan?

Yes, many banks in Pakistan offer the option to open a dollar account online. You can visit the bank’s website or contact their customer service for detailed instructions.

Are there any restrictions on withdrawing USD from a foreign currency account in Pakistan?

Typically, there are no restrictions on withdrawing USD from a foreign currency account. You can withdraw your funds as needed. However, maintaining the minimum balance may be necessary to avoid fees.

Can I use a dollar account for international transactions?

Yes, you can use your dollar account for international transactions, including sending and receiving money from abroad, making payments, and more.

Are dollar accounts in Pakistan insured by the government?

Dollar accounts in Pakistan are not covered by the government’s deposit insurance. However, they are generally considered safe and secure within the banking system.

What are the fees associated with a foreign currency account in Pakistan?

Fees for foreign currency accounts can vary between banks and account types. Common fees include account maintenance charges, transaction fees, and currency conversion fees. It’s advisable to check with your bank for the specific fee structure.