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Habib Bank Limited (HBL) makes it simple for a Non-Resident Pakistani to make investments in different financial products in Pakistan. It offers the HBL Roshan Digital Account which is a fully online account that can be opened from anywhere in the world.
Read on to learn more about the HBL Roshan Digital Account, what it does and how it works. Also, take a look at how to transfer money to Pakistan when funding an account.
|📝 Table of contents|
The HBL Roshan Digital Account allows Non-Resident Pakistanis (NRPs) to access banking and investment services in Pakistan. The account is fully digital and can be applied for and opened while abroad. NRPs can hold the money in the account in either Pakistani Rupees or a foreign currency.
With the HBL Roshan Digital Account, NRPs and holders of a POC can do the following in Pakistan:
- Invest in Naya Pakistan Certificates
- Make Stock market investments
- Make Real estate investments
- Complete bill payments
- Maintain a balance in Pakistan
The account is a current account and it also provides a cheque book and a debit card in US dollars and Pakistani Rupees. The account can be fully repatriated for a fee if required.
Overall the HBL Roshan Digital Account gives NRPs access to investments that normal bank accounts can not offer. And with the convenience of it being online and the HBL mobile app, the account can be managed from anywhere. NRPs will not need to visit a bank branch to open and maintain the account.
|ℹ️ HBL Roshan Digital Account lets NRPs help get auto loans and lines of credit for beneficiaries- like family members- in Pakistan. And HBL allows account holders to access HBL Roshan Samaji Khidmat for online donations in Pakistan.|
The HBL Roshan Digital Account is only for Non-Resident Pakistanis (NRPs). It can be held as a single or joint account. All applicants must apply online and the money deposited into the account must be from outside Pakistan.
A Non-Resident Pakistani with a Pakistan Origin Card (POC) can also apply for the account.
The HBL Roshan Digital Account requires verification of your NRP status and income. Here are the documents you will need to apply for the account:
- A scanned copy of your original CNIC, NICOP, or POC
- Scanned copy of the first 2 pages of your passport
- A scanned copy of your visa or proof of NRP status
- A scanned copy verifying your profession or source of income
HBL has a complete list of the documents required with an application on their website.
In addition to the documents, the application will ask you to take a photo of yourself with your computer’s camera. A live photo is required and can not be uploaded as a separate file.
The HBL Roshan Digital Account can be applied for online. There are 2 main parts: the account opening form and the submission of the documents online.
Here are the steps to open an HBL Roshan Digital Account:
- Apply online using the HBL Roshan Digital Account Opening Form
- Complete the information and input your details
- Upload your documents to the application
- Submit your application
If your application and documents are in order, an account can be opened in as little as 2 days. You will receive an automated email letting you know when it is open.
HBL has customer service options in case there are any questions or issues while opening the account. There is a live chat feature on the HBL website, or you can email your question to email@example.com and a bank representative will respond in 2 business days.
HBL can also be reached by phone 24/7 at the local Pakistani number: +92 21 111 555 425. ¹
The money for your HBL Roshan Digital Account must come from outside Pakistan for every transfer. So you will need to transfer the money through either a bank, money transfer service, or online provider. Let’s take a look at each one.
There are 2 types of fees to look out for: the transfer fee and the exchange rate fee.
The transfer fee is typically the fee for completing the service. The exchange rate fee is harder to find because it is in the exchange rate you get. Some providers will weaken the exchange rate you get so they get a cut of every dollar or pound that is converted.
If you are looking for the real exchange rate without a markup, you can find it on Google or Reuters. But if the exchange rate you are getting for a transfer is different from a provider or company, you can expect that there is an exchange rate fee.
|🔖 Read more: Full guide to HBL international transfers|
Your local bank abroad is likely to be part of the SWIFT banking global network which lets banks send money to one another.
Bank, or SWIFT, transfers tend to be dependable and secure but can take 3-7 business days for the transfer to complete. Additionally, you may get hit with a transfer fee and an exchange rate fee.
Money transfer services can be a stand-alone shop or franchise that helps individuals send money abroad. They can often be in-person where you can send cash or work with a representative to complete your transfer.
Money transfer services can have a transfer fee and an exchange rate fee in their offerings, on top of having to physically go in person to complete the transfer.
The modern way to send money is with online transfer providers that let you complete transfers from your computer or mobile. The providers will use technology to help make the transfers faster and cheaper.
There are several options online, and many will offer attractive promotions. Some may not have a transfer fee but you may find a weaker exchange rate. So be sure to read the details carefully and choose a provider that is well-reviewed by users.
|Wise Web/Android/ iOS app is the fast, easy, and cheap way to send money to Pakistan|
Here is how Wise compares to banks and money transfer services when sending £1,000 GBP to Pakistan:
|Wise||NatWest||RBS Bank||Western Union||World Remit|
|Amount to send||£1,000||£1,000||£1,000||£1,000||£1,000|
|Exchange Rate to £1||Rs. 289.57||266.11||266.04||285.18||287.11|
|Amount received in Pakistan||Rs. 287,654.95 Try Wise 🚀||Rs. 266,111.13||Rs. 266,045.84||Rs. 285,187.63||Rs. 287,116.70|
All sources checked as of 3 August, 2022
Here are a few of the charges and fees to expect from the HBL Roshan Digital Account:²
|Type of Fee||Amount|
|Debit card annual fee||Rs. 1500|
|Inward money transfer to Pakistan||Free|
|Currency conversion charge||Free|
|Cash withdrawal in Pakistan||Free|
|Cash withdrawal overseas||3% of the transaction amount or $3 USD, whichever is higher|
All fees are listed are in Pakistani Rupees and are subject to changes. There are fees for additional services like a credit card or outward transfers from Pakistan. HBL has the complete list of charges and fees on its website.
The HBL Roshan Account can be opened in Pakistani Rupees by a Non-Resident Pakistani, or in a foreign currency. Here are the foreign currencies the account can be opened in:
- US Dollars
- British pounds
- Canadian Dollar
- UAE Dirham
- Saudi Riyal
- Chinese Yuan
The HBL Roshan Account can only be funded by money sent from outside Pakistan. So local direct transfers from within Pakistan are not allowed.
There is no minimum balance requirement for the HBL Roshan Digital Account.
Sources used for this article:
All sources checked as of 4 August, 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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