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Which Bank Accounts Should Pakistani Expatriates Open In UK

Which Bank Accounts Should Pakistani Expatriates Open In UK

03 Aug 2022


A bank account is the most basic requirement for an overseas Pakistani. Online banking has enabled everyone to carry out banking transactions and send money online from one country to another with a click of a button. Sending money online is the quickest, cheapest, and safest method, but it does require a bank account to complete the transaction. 

The question is, which banks allow overseas Pakistanis to open bank accounts and send money online? Let's look at which bank accounts Pakistani expatriates should open in the UK to make an online money transfer to Pakistan.

Remittance In Pakistan in 2022 

Remittances sent home by overseas Pakistanis are the country's single largest source of foreign currency, surpassing export. Remittances are a consistent source of funding for the country's trade deficit and a source of foreign currency reserves.

The State Bank of Pakistan (SBP) said that remittances increased to $2.8 billion in March, up from 3.2 per cent the previous year. Last year, overseas Pakistani workers sent home $2.7 billion in the same month.

Workers' remittances continued their unprecedented streak of remaining above $2 billion in March 2022, with $2.8 billion in inflows. This is the highest monthly amount for worker remittances ever reported. This improvement will help to mitigate the effects of a worsening external current account situation.

Bank accounts for Pakistani Expatriates.

Are you looking for a bank with a user-friendly interface for sending remittances? Are you concerned about safety? Don't you want to deal with ineffective customer service and unnecessary delays? Or you’re looking for the best bank to send money to Pakistan from the UK! Don't worry; this article will help you in all the ways.

Before opening an account with any bank, it is best to inquire about its banking services. Non-resident Pakistanis can open bank accounts with several banks. Although the services are restricted to non-resident accounts, they can still be used to send money online to Pakistan via a digital money transfer platform. The following are some of the best banks for overseas Pakistanis. 

Standard Chartered Bank

Standard Chartered has been providing client-friendly services to overseas Pakistanis for decades. It is the country's oldest foreign-owned bank and the most reputable when it comes to money transfers. It enables quick money transfers both within and outside of Standard Chartered banks.

This bank also provides a one-of-a-kind option to transfer funds in a more extensive range of currencies since monies can be moved to Standard Chartered Bank accounts in over 19 other countries. Its Global-Link function simplifies account management around the world.

You can instantly review your balances, transfer funds between accounts, and view your entire transaction history. Their money transfers to Pakistan are instant and transparent. It also provides Non-resident Pakistani (NRP) service desks to quickly and efficiently resolve all banking queries.

MCB Bank

Their novel Motherland Account enables overseas Pakistani to open and manage a bank account in their home country while living abroad. The account is designed to allow funds to be transferred from one bank account to another via an online money transfer platform.

United Bank Limited (UBL)

A Non-resident Pakistani can open a Tezraftaar account at United Bank Limited's branches in Pakistan. They also provide specialised NRP banking to their overseas customers to facilitate online money transfers.

HBL

HBL Pakistan is the largest Pakistani bank in terms of assets, and it provides a bank account service called Humwatan. A non-resident Pakistani can use the service to open a current or savings bank account and use its banking services and send money to Pakistan online.

The Allied Bank

An overseas Pakistani can easily open a bank account with Allied Bank and send foreign remittances. The account allows direct credit of Foreign Inbound Remittances via a free ATM/debit card.

ACE Money Transfer 

ACE Money Transfer is one of the best accounts every Pakistani should open in the UK. With ACE, you can send money to Pakistan from the UK quickly and easily. It processes your transfer immediately, and the funds can reach the recipients within minutes. 

ACE collaborates with many partners to ensure that your money is delivered quickly, securely, and affordably. 

The first transaction is fee-free for all customers who sign up for the first time. Simply register with ACE Money Transfer, and a ZERO Fee will be applied automatically on your first money transfer to Pakistan with ACE.

How To Open Bank Account in the UK?

Opening a bank account in the UK was extremely difficult if you were new to the country. Thankfully, things are getting a little easier. You'll need two documents to open a UK bank account: the first is to prove your identity and the other to prove your address.

It is simple to prove your identity. You only need your passport, driver's license, or identity card. You will also be required to provide additional documentation to verify your address. Each bank has its list of acceptable documents as proof of address.

Now you don't have to worry about how to send money to Pakistan from the UK because ACE Money Transfer has made it very easy and seamless for you. Every Pakistani living in the UK who wants to open a bank account there should definitely open an account with ACE. It provides all the convenience that an expat seeks.

Final Thoughts 

After stepping into the UK, you will need to open a bank account to transfer cross-border funds. However, online money transfer services are generally the most affordable option. These service providers are secure and well-regulated by financial authorities. They are a better option than a direct transfer from your bank account because banks charge high fees, have hidden charges, and deliver money slowly.


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