Your full guide to Roshan Digital Account for NRPs

Several banks in Pakistan offer Non-Resident Pakistanis, or NRPs, a Roshan Digital Account. The account allows for money earned abroad to be transferred to Pakistan for investments.

Read on to learn about Roshan Digital Accounts and how they work. Plus which Pakistani banks offer them and what you can expect when you want to open one.

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What is a Roshan Digital Account?

Roshan Digital Accounts (RDA) are bank accounts offered in Pakistan to help Non-Resident Pakistanis invest money earned abroad. It operates similar to a bank account but has extended services and features. The convenience to open and maintain the account, and the number of ways to invest, make it popular for Pakistanis who live overseas. Here is what to know about a Roshan Digital Account.

Eligibility

Valid Non-Resident Pakistanis and holders of the Pakistan Origin Card are both eligible to apply. Resident Pakistanis are not eligible unless they hold verified funds abroad.

Funding

The RDA can only be funded with money sent from outside of Pakistan, this goes for the initial deposit and any funding after. Most banks will not charge for receiving foreign funds in the account.

Types of accounts

The type of account you can open depends on the bank. Some banks will allow for single or joint accounts, or current or savings account options. All banks will offer a conventional or an Islamic Shariah compliant option as well. Check with the bank that matces your needs.

Currency

The RDA can be held in Pakistani Rupees, as an NRP Rupee Value account, or in specific Foreign currencies offered by the bank. The foreign currency value accounts, or FCVA, can typically be held in US dollars, British Pounds or Euros, but it depends from bank to bank. Certain banks will have extended currency options for Japanese Yen, Saudi Riyal or Emirati Dirham. Fees for the RDA will depend on the currency that the account is held.

Managing the RDA account

An RDA account lets you apply, open, choose investments, take action, and move money in the account online. In most cases, the account can be managed through online banking or mobile app access, depending on the bank. Identify a bank that has the convenience and ease that fits your needs.

Roshan Digital Account benefits

A Roshan Digital Account has multiple benefits for Non-Resident Pakistanis. First, the account provides a solution to NRPs who are looking to grow and invest their money in Pakistan. And NRPs won’t have to come to Pakistan to open the account, and in most cases be completed online from around the world. Many banks require only documents to be uploaded to the online application, and not mailed in.

Once a Roshan Digital Account is open, you can invest in several different investments with a single account. Here are some of the typical investments you can make with funds in an RDA:

• Investment in Naya Pakistan Certificate
• Investment in shares on the Pakistani Stock Exchange
• Islamic investment options
• Roshan Aapna Ghar for home loans in Pakistan
• Roshan Apni Car for car loans in Pakistan
• Roshan life insurance options
• Make zakat donations
• Domestic money transfers to family

RDA accounts also typically allow for repatriation of the money, which means the money in the account can be sent back overseas if required.

Best banks for Roshan Digital Accounts

There are several banks across Pakistan that offer Roshan Digital Accounts. Here is a quick look at some of the banks and the features that make them stand out.

How to deposit money in a Roshan Digital Account?

The Roshan Digital Account requires money to be deposited from abroad to fund the account. The money also must be deposited directly into the bank account itself. There are a few ways to send money to a Roshan Digital Account from abroad.

There will be charges for sending money to a bank account in Pakistan. The first fee you can expect is a transaction fee, which is the cost of doing the transfer. The second fee you can expect can sometimes be hidden in the exchange rate. Banks or companies will sometimes mark up their exchange rate, so then they are able to take a cut of every dollar or pound that is converted. And while the markup can be small, it can add up quickly to the cost of the transfer.

SWIFT Transfers

Most banks around the world use the SWIFT global network to send money globally. It is a safe and traditional way of sending money to bank accounts. Most banks let you send SWIFT transfers through their online banking or through a bank branch. SWIFT transfers typically have transaction fees and an exchange rate fee and can take 3-7 days to arrive.

Money exchanges

Money exchanges are physical stores where you can send money abroad. They will require you to come in person to do a transfer, and they can accept cash as payment. Money exchanges can be expensive with high transaction fees and marked-up exchange rates.

Online transfer providers

Online transfer providers are a fast and convenient way to send money without leaving your house. Companies like Wise, Remitly, and World Remit help people send money directly to bank accounts abroad. But keep an eye on fees, as companies with attractive promotions may not always be the cheapest.

With a free Wise account, you can send money directly to a local bank account in Pakistan within a few seconds on popular routes. Wise uses the real exchange rate so you will never get a mark-up on your transaction. And with a low transfer fee, Wise can often be cheaper and faster than banks and other online providers out there.

How to open Roshan Digital Account

One of the convenient aspects of a Roshan Digital Account is that it can be opened online, and without having to go to Pakistan. Here are steps you can typically expect to take when opening a Roshan Digital Account:

1. Gather your documents and create scanned copies
2. Go to the bank’s website and Roshan Digital Account page
3. Click on Apply Now
4. Complete your personal details
5. Upload your verification documents
6. Take a live photo using your computer camera
7. Submit your application

In most cases, an RDA can be opened within 2 business days if all documents and the application are in order. A bank representative will typically reach out in case there are any issues with your application.

Once your account is approved and open, you can send your first transfer to the account. Some banks require that you have money in the account before issuing a debit card or chequebook.

Documents required for Roshan Digital Account

Roshan Digital Accounts require verification of your identity, non-resident status, and income. Here is a list of typical documents a bank will ask for:

• First 2 pages of your passport
• CNIC
• Proof of NRP status (visa or exit/entry stamps can do)
• Scan of Pakistan Origin Card if applicable
• Proof of employment and income
• A live photo during the application

Some banks will also require a scanned copy of your signature.

All documents will need to be scanned and uploaded to your application. Most banks allow JPEG, PNG, or PDF versions of the documents.

How do I repatriate money from my Roshan Digital Account?

The Roshan Digital Account will let you repatriate money overseas, in most cases. This allows NRPs the flexibility to pull the money in an RDA if necessary. Each bank should have provisions for repatriation, also called an outward remittance. There may or not be a transaction fee, depending on the bank, but the funds will be converted using the bank exchange rate, which can be expensive.