Your full guide to Bank Al Habib Roshan Digital Account

The Roshan Digital Account is an account to help Overseas Pakistanis, and Resident Pakistanis with money abroad, make investments and support family back at home. The account is supported by the State Bank of Pakistan and is available in retail banks across the country.

Bank Al Habib has good benefits for Roshan Digital Account holders, with access to many lending and investment services. Read on to learn more about the Bank Al Habib Roshan Digital Account, how to open one and what are easy and cheap ways to send money to Pakistan.

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Bank Al Habib Roshan Digital Account benefits

The Roshan Digital Account helps give access to investments and opportunities in Pakistan. It provides a way for Overseas Pakistanis to invest and support their families in the country. But the benefits can be different depending on which bank you open an account with.

Let’s take a quick look at the benefits the Roshan Digital Account offers at Bank Al Habib.

• Currencies: the Roshan Digital Account can be in Pakistani Rupees or foreign currency earned abroad
• Stay updated for free: Free e-statements, registration for Netbanking, and registration for Al Habib mobile app.
• No fees or minimums: There are no fees on opening, closing, or maintaining an account and there is no minimum deposit required.
• Account options: The account can be either a Current or Savings account and either Conventional or Islamic.
• Investments: Accountholders can invest in Roshan Mutual Funds, Naya Pakistan certificates, Roshan Equity Investments, make property investments, and more.
• Access and use: A debit card and chequebook are available for Pakistani Rupee accounts.
• Repatriable: The funds in the account are fully repatriable, which means you can move the money back to your resident country.
• Joint account: Bank Al Habib allows for joint account holders.
• Support your family in Pakistan: You can open a Roshan Apni Car and Roshan Apna Ghar to make car buying and home buying in Pakistan a reality.

Bank Al Habib Roshan Digital Account requirements

The Bank Al Habib Roshan Digital Account has strict rules on who is eligible to apply. One of the main requirements is that the money put in the account has to come from outside Pakistan. No domestic Pakistani transfers into the account are allowed at opening or once the account is in use.

Non-Resident Pakistanis, Overseas Pakistanis, and Pakistani-origin foreign nationals can all apply for a Roshan Digital Account with Bank Al Habib. To qualify as a non-resident, you must live outside Pakistan for over 183 days in a year.

Resident Pakistanis are eligible to apply for a Roshan Digital Account as long as the funds are coming from an account outside of Pakistan. This foreign account must have declared assets. And, resident Pakistanis will only be able to apply for this account in person at an Al Habib bank branch in Pakistan.

How to open Bank Al Habib Roshan Digital Account

The Roshan Digital Account makes it easy to apply for and open an account online. You must apply from a computer or mobile phone with a working webcam.

Here are the steps to take to open an account, and check the document list for what you will need to verify your information.

1. Gather your documents and create digital copies of each
2. Go to the Al Habib Roshan Digital Account page
3. Click on Apply Now
4. Start the application with your details
5. Confirm your email address with the generated OTP
6. Complete the account opening form
7. Select if you want it to be a Foreign Currency or a Pakistani Rupee Account
8. Upload your documents to your application
9. Take the live photo with your webcam
10. Submit your application

A confirmation email will be sent to your email address after submitting the application. The email will have a reference number for your application. If all your documents are in order, you can expect a confirmation of account opening within 2 business days by email.

Documents required

To verify the information on your application, you will need to upload the required documents online. The documents must be scans of the originals.

Here are the documents you will be asked for during the application process:

1. A copy of your CNIC or SNIC if a Pakistani citizen
2. A copy of your NICOP or POC if a foreign national
3. First 2 pages of your passport
4. Your signature on a white piece of paper
5. Evidence of Non-Resident status by either POC or visa and exit/entry stamps on your passport
6. Proof of employment like an employment letter or a business registration document if you own a business
7. Proof of income with a salary slip or bank account statement

These are some of the documents required, but you may be asked for more documents or be contacted by the bank to verify your documents after submitting your application.¹

How to transfer money to Bank Al Habib Roshan Digital Account?

To fund the Roshan Digital Account, you will need to transfer money from abroad to the account in Pakistan. There are different ways to transfer money globally, and fees with each method.

There are 2 main fees- a transaction fee and an exchange rate fee. A transaction fee is the cost of doing the transfer. The exchange rate fee is hidden in the exchange rate where a markup takes a cut of every dollar or euro converted.

Banks use the SWIFT system to send money from one bank to another around the world. You can do an international transfer with online banking or at a bank branch. A SWIFT transfer can take 3-5 business days and normally has a transaction fee and exchange rate fee.

Foreign exchange shops are usually the most expensive with fees and require you to go in person. These are individual storefronts that will send money abroad for you. Each shop’s delivery time and fees are different.

Online transfer providers can often be a fast and cheap way to send money to Pakistan. Providers like Wise, Remitly, and World Remit let you sign up online and send money from your computer by paying with a bank transfer, or your debit or credit card. It is a good idea to compare costs- some providers may not have a transaction fee but have a high exchange rate fee or a higher transaction fee but you save on the exchange rate.

Here is how fees compare when sending $1,000 USD to Pakistan with a bank like Chase, and online providers like WorldRemit and Wise:

As of 19 October, 2022

Wise can send Rs. 6,000 more to Pakistan than the bank or other online provider. Wise uses the mid-market exchange rate on every transfer so there is no exchange rate fee. And on popular routes to Pakistan, Wise is able to deliver the money within a few minutes.

• Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

• The speed of transaction claim depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions

Bank Al Habib Roshan Account charges and fees

The Bank Al Habib Roshan Account has zero fees on the main account services. There is no cost to open, maintain, or close an account. And it is free to do a funds transfer from the account within Pakistan.

There are fees for getting specific debit cards with the account, getting a cheque book or sending money from the account to outside Pakistan. The Bank Al Habib Roshan Digital Account webpageand key fact sheet have additional information on fees.

But keep in mind that there will be fees for each specific investment you make with the account. Mutual funds, stock market, or certificate investments will have their own fees that are separate from the Bank fees. Read the fine print carefully when making your investments from the Roshan Digital Account so you are clear on the fees and charges.

What currencies are available in the Bank Al Habib Roshan Account?

The Bank Al Habib Roshan Account is available in Pakistani Rupees, US dollars, British pounds, or Euros. These are the only currencies available to hold an account. If you are looking to hold an account in other currencies like from countries in the Middle East, you will need to look at other banks.

Bank Al Habib Roshan Account minimum balance

There is no minimum balance to open or maintain a Bank Al Habib Roshan Account. ²