Your full guide to Bank Alfalah Roshan Digital Account

For Non-Resident or Overseas Pakistanis who want to invest and move money to Pakistan, there is the Roshan Digital Account. It is an account with the State Bank of Pakistan that allows Pakistanis abroad to open an account online. And to transfer money from abroad to Pakistan.

Many banks across Pakistan offer a Roshan Digital Account, including Bank Alfalah. Learn more about what Bank Alfalah offers in a Roshan Digital Account and what you can expect if you want to open one. Also, check out low-cost and easy ways to send money to Pakistan.

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Bank Alfalah Roshan Digital Account benefits

A Bank Alfalah Roshan Digital Account has benefits and convenience for overseas Pakistanis. Let’s take a quick look at some of the benefits:

• A completely digital account: Overseas Pakistanis can open an account completely online and manage it while outside of the country.
• Low fees: There are no account opening fees or balance requirement fees
• Currency options: The account can be held in Pakistani rupees or foreign currencies
• Investment options: There are many options to make investments in Pakistan and grow your money, like Naya Pakistan certificates or stock market investments.
• Easy repatriation: It is simple to move your money out of the account to your resident country
• Zakat or Donation payments: Overseas Pakistanis can now make Zakat and donation payments from their Roshan Digital Account through Roshan Samaaji Khidmat
• Stay up to date on your account: The Roshan Digital Account provides free e-statements, and SMS alerts
• Easy funds transfer and payments: Account Holders can make easy utility payments or transfer funds in Pakistan with the Roshan Digital Account
• Asaan Roshan Digital Account: Bank Alfalah offers a unique Roshan Digital Account for earners of $3,000 USD or less a month.

But, the Bank Alfalah Roshan Digital Account does not offer car or home loan incentives that other banks in Pakistan can offer. It is a good idea to shop around for a Roshan Digital Account that matches your goals.

Bank Alfalah Roshan Digital Account requirements

The Bank Alfalah Roshan Digital Account has requirements to open an account. The main requirement is that the money invested in the account must come from outside Pakistan. Transfers from accounts within Pakistan is not accepted.

The account is mainly for Non-Resident Pakistanis, who are individuals who live outside the country for more than 183 days. They can be holders of a NICOP or Pakistan Origin Card (POC), or Pakistani citizens with a valid passport showing Non-Resident status in Pakistan.

Resident Pakistanis can open a Bank Alfalah Roshan Digital Account but they will not be able to apply online. Resident Pakistanis will need to go to a bank branch, and the account's money must come from outside Pakistan. The money can only be kept in a foreign currency Roshan Digital Account.

Here is a quick list of who can apply for a Roshan Digital Account:

• Must be over 18 years old
• Non-Resident Pakistanis
• Foreign citizens with a POC
• Employees of the Federal or Provincial Government stationed abroad
• Resident Pakistanis with declared assets abroad

Applicants for the Roshan Digital Account will need to show proof of their residence abroad in the application process.

How to open Bank Alfalah Roshan Digital Account

The Roshan Digital Account makes it easy to open an account. The entire process is online, so overseas Pakistanis will not have to go to a bank branch. But before you begin the application process, make sure you have all the documents scanned and uploaded to your computer.

An email address is mandatory to open a regular Roshan Digital Account online.

Here are the steps to open a Roshan Digital Account with Bank Alfalah:

1. Gather your documents (see next section for details) and make digital copies of each
2. When ready, go to the Bank Alfalah Roshan Digital Account Opening form online
3. Complete the form with all your details
4. Press Save to continue
5. Continue filling out the required details
6. Take a live photo with your webcam to verify your identity
7. Submit the application

You may be contacted by Bank Alfalah after submitting your application with any questions or for follow-up verification. You will be notified by email when your account is open.

If you qualify for an Alfalah Asaan Roshan Digital Account, an email address is not necessary but a mobile number is. You will also need to check off the button on the form to show you are choosing to apply for the Asaan account.

Required Documents

Here are some of the documents you will need when opening a Roshan Digital Account:

1. Copy of NICOP or POC if applicable
2. Copy of your CNIC/SNIC and the first 2 pages of your Passport to confirm NRP status (if Pakistani citizen)
3. Copy of your signature on a white paper
4. Proof of employment/profession
5. Proof of source of income

Each should be scanned copies of the original and should be uploaded to the application form.

Here are other forms you may need, depending on your situation:

1. Copy of Overseas Pakistani Foundation Card (OPF)
2. CRS form
3. FATCA form
4. W8ben form
5. W 9 form

You will also be asked for a photo. For this, you will be prompted during the application to take a live webcam photo.

How to transfer money to Bank Alfalah Roshan Digital Account?

When you need to send money from abroad to your Bank Alfalah Roshan Digital Accounts or any Pakistani bank account, you have options.

There are standard SWIFT wire transfers from your overseas bank to your Pakistani account. This is safe and can typically be done through online banking. But this is often not the lowest cost and can take 3-5 days before arriving in the account.

Another option is foreign exchange shops where you can go in-person to make a transfer. The rates and fees can change often and might be more expensive than other options.

One of the easiest ways to send money to Pakistan is with online money transfer providers. From your mobile or computer, you can shop around and send money directly to a bank account. But compare different services to make sure you are getting the best, most secure and convenient transfer.

Wise is an easy, fast and cheap way to send money to Pakistan. With just one low fee and the mid-market exchange rate on every transfer, that means you can save money on every transfer. Wise uses the same exchange rate you see on Google so you are not losing money to extra fees.

See how much you can save when sending $1,000 USD to Pakistan when using a bank, an online service like World Remit or the low-cost option, Wise:

As of 17 October, 2022

Wise uses the mid-market exchange rate, instead of one with hidden fees, so you can send more to Pakistan. In this example, you can send Rs. 8,000 more when you use Wise than using a bank.

• 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 Alfalah Roshan Account charges and fees

The Bank Alfalah Roshan Account offers no fees for many services for the account. You can find thefull list of feeson the Bank Alfalah website for the Roshan Digital account.

But this is separate from the fees that you may be charged for investments within the account. If you invest in the stock market, certificates or schemes, there may be separate charges for those. Check the fee details when looking to invest in products in the account. .

What currencies are available in the Bank Alfalah Roshan Account?

The Bank Alfalah Roshan Account can be held in Pakistani Rupees and foreign currencies. You can open an account in:

• US Dollars
• Canadian Dollars
• British Pounds
• Euros
• USE Dirham
• Saudi Riyal

But not all features and investments are available to foreign currency Roshan Accounts. Investments like Term Deposits are required to be in Pakistani Rupee accounts. ¹

Bank Alfalah Roshan Account minimum balance

There is no minimum balance for a Bank Alfalah Roshan account. ²