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Meezan bank offers the Roshan Digital Account to Non Resident Pakistanis. It is an account that can be opened online from overseas and helps make purchases, payments and investments in Pakistan.
Learn more about the important benefits and features of the Meezan Roshan Digital Account, and if it is a good fit for you and your family. Plus, check out ways to transfer money to Pakistan easily.
|📝 Table of contents|
The Meezan Roshan Digital Account makes banking and investments easier for Non Resident Pakistanis (NRPs). With the Roshan Digital account, NRPs can open an account, transfer money, make payments and manage investments in a single account from abroad. Meezan offers several Shariah compliant investment options.
The account can be held as a Current account or a Savings account, depending on the account holder preference. The account is also available in Pakistani Rupees or in a choice of 3 foreign currencies. And it can be held jointly or as an individual, but with joint accounts both applicants must be NRPs.
Here are the different options in Pakistan available to Meezan Roshan Digital Accountholders:
- Invest in Meezan bank Term Deposits
- Access to Meezan Wealth Management services
- Invest in Meezan Takaful products
- Pay local utility bills and fund transfers in Pakistan
- Invest in Shariah compliant shares on the Pakistan Stock Exchange
- Invest in Shariah compliant Islamic Naya Pakistan Certificates
- Invest in Al Meezan Mutual funds
The Meezan Roshan Digital account also provides a debit card and cheque book for easy account usage and management.
For NRPs who travel to Pakistan, or those with beneficiaries or family members in Pakistan, the Meezan Roshan Digital Account can help support them too. Here are additional services available for in Pakistan:
- Roshan Apna Ghar for investing in personal or commercial real estate in Pakistan
- Roshan Apni Car for car Ijarah financing
- Roshan Samaaji Khidmat for Zakat donations
The account can be managed digitally online through internet banking, and every account will get a dedicated relationship manager for support. But keep in mind that money can only be deposited into the account from outside Pakistan.
To be eligible for a Roshan Digital Account at Meezan bank, you must be one of the following:
- A Non Resident Pakistani (NRP) with a valid CNIC, SNIC, or NICOP
- A Non Resident Pakistani with a valid Pakistan Origin Card
- A Foreign nationality holder with a valid Pakistan Origin Card
Residents of Pakistan are not eligible to open an account, even if they are family members of a NRP. But relatives or family members of a NRP with a Meezan Roshan Digital Account can be a part of the Roshan Apna Ghar option.
To qualify for a Meezan Roshan Digital Account, you will need to verify your NRP status and income by providing these documents with your application:
- A scanned copy of your original CNIC, NICOP or POC
- A scanned copy of the first 2 pages of your passport
- A scanned copy of your visa to verify your NRP status
- Proof of employment
- Proof of income
- A scanned copy of your signature by the SSC guidelines
- A photograph through live photo
Meezan bank provides a full list of the documents that are allowed to verify your employment and income.
All the documents must be uploaded to the online application system so they must be in digital form. Only documents in English, Urdu or Arabic are allowed, or with valid translations.
The Meezan Roshan Digital Account opening process is completely online. It can be done from anywhere in the world with an internet connection. Make sure you have all your documents ready to be uploaded before you begin.
Here are the steps to open a Meezan Roshan Digital Account:
- Decide if you want to hold the account in Pakistani Rupees or a foreign currency
- Begin the application online
- Select if you want an individual or joint account
- Select the type of currency account
- Complete your personal details
- Add your existing bank details
- Upload your documents
- Confirm your email with an OTP
- Agree to the terms and conditions
- Submit your application
If your application and documents are in order and correct, your account can be opened in 48 hours. Check your email for updates. ¹
One of the requirements of the Meezan Roshan Digital Account is that the money for the account has to come from outside Pakistan.
There are 3 main ways to send money to Pakistan from overseas: by
- SWIFT transfer
- Money transfer exchanges
- Online transfer providers
With each method there are typically 2 different fees- a transfer fee for completing the transaction and an exchange rate fee. While the first fee is either a flat fee or a percentage of the transfer, the exchange rate fee is typically less obvious.
The exchange rate fee is hidden in the exchange rate that you get. The provider may give you a weaker exchange rate than the real exchange rate you see on Google. And in that way, they take a cut of every dollar, euro or pound you convert. And even if it seems small, it can add up by making your transfer more expensive.
Let’s take a look at each method to send money to Pakistan and what to expect for fees.
Most popular banks around the world are part of the SWIFT network. It allows for banks to send money to each other and complete global money transfers. SWIFT transfers can take 3–7 days depending on the bank and usually have a transfer and exchange rate fee.
Money transfer exchanges are typically one off shops or part of a franchise to help transfer money globally. They are usually physical locations where you can send money in cash or using a debit or credit card. The money transfer exchanges have transfer fees, unless there is a promotion, but they often have hidden exchange rate fees that make transfers expensive.
Online transfer providers are the modern way to send money globally. With simple internet transfers, you can now deposit money directly into local accounts overseas. Popular companies like Remitly, WorldRemit and Wise all help make sending transfers easy from your computer or mobile. But keep an eye on providers that don’t give you the real exchange rate on transfers. Like other transfer methods, some providers can be charging you a weak exchange rate and transfer fees.
|Wise Web/Android/ iOS app is the fast, easy, and cheap way to send money to Pakistan|
With Wise you will get the same exchange rate you see on Google or Reuters. And Wise only has one low transfer fee to send money directly to local Pakistani bank accounts. Over 12 million people around the world use Wise to send money online the cheap and easy way.
Here is how Wise’s low transfer fee and real exchange rate compare with banks and other transfer providers when sending £1,000 GBP to Pakistan:
|Wise||World Remit||Western Union||MoneyGram|
|Amount to send||£1,000||£1,000||£1,000||£1,000|
|Exchange rate for £1||Rs. 269.63||267.35||267.31||267.94|
|Amount received in Pakistan||Rs. 267,853.71 Try Wise 🚀||Rs. 267, 352.50||Rs. 267,315.84||Rs. 266, 873.33|
All sources checked as of 9 August, 2022
Simply by using Wise with its real exchange rate, you can send Rs. 1,000 more to Pakistan than providers that have a low fee but a weaker exchange rate. Join now for free and see how much you can save on your next transfer to Pakistan.
The Meexan Roshan Account is free to open and does not require a minimum opening amount. Here is a quick example of the fees to expect:
|Account opening||Rs. 0|
|Receiving money into the account||Rs. 0|
|Debit card issuance||Rs. 0|
|Debit card annual fee||Free for the 1st year|
|Roshan Apna Ghar Processing fees||Rs. 4,000|
It is important to remember that while the Meezan Roshan Account has low or no fees, there can be fees for the investments you deposit your money in. Read the fine print of the different investment services and products to be aware of the charges with each.²
The Meezan Roshan Account can be held in Pakistani Rupees, US Dollars, Euros or British Pounds. There are different fees if the account is held in a foreign currency.
There is no minimum balance requirement for a Meezan Roshan Account.
Sources used for this article:
All sources checked as of 9 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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