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United Bank Limited (UBL) offers several banking solutions for Non-Resident Pakistanis (NRPs). One of them is the UBL Roshan Digital Account where NRPs can purchase investments in Pakistan.
Read on to learn more about the UBL Roshan Digital Account and how it works. And check out the requirements and application process if you are thinking of opening an account.
|📝 Table of contents
The UBL Roshan Digital Account is for Non-Resident Pakistanis (NRP or holders of a POC (Pakistan Origin Card).
And certain Residents or Government officials abroad can also apply for an account. This account lets you make investments in Pakistan through UBL bank.
Here is a list of the actions and investments an account holder can make:
- Make stock investments
- Invest in Naya Pakistan Certificates
- Repatriate funds
- Make Roshan Equity Investments
- Funds transfers from foreign currency
- UBL Roshan Samaaji Khidmat for charity donations
- Easy application for a car loan with UBL Roshan Apni Car
- UBL Roshan Apna Ghar for real estate investments
|ℹ️ The UBL Roshan Digital Account is different from other NRP accounts because it is mainly for investments. It provides the account holder with investment options that are more than just basic bank services. UBL has an NRP Direct account available if you are looking for a more traditional bank account.
The account can also be held in 5 different foreign currencies or Pakistani Rupees.
To open a UBL Roshan Digital Account you must be any one of the following:
- An individual Non-Resident Pakistani (NRPs) with a CNIC/SNIC or NICOP
- An individual holding a Pakistan Origin Card (POC)
- An employee or official of the Federal or a Provincial Government posted abroad
Resident Pakistanis who hold duly declared assets outside of Pakistan can also open a UBL Roshan Digital Account.
The UBL Roshan Digital Account application process is completely online. So you will be required to upload digital documents with your application. Here is a list of the documents you will need to provide:
- a scan of your original CNIC, NICOP, or POC
- First 2 pages of an original Pakistani Passport for NRPs, or a foreign national Passport for POC holders
- Copy of Visa for proof of Non Resident status
- Copy of POC, if applicable
- Proof of employment and source of income
- Live and digital photo through webcam in application
- Scan of signature
All the documents must be in JPG, JPEG, PNG or PDF form with a recommended size of 5MB each.
Non-Resident Pakistanis can open a UBL Roshan Digital Account online from anywhere in the world.
Here are the steps to open an account:
- Go to the UBL Roshan Digital Application Form
- Select the type of account
- Upload your documents
- Capture the photo as required
- Submit the form
- If necessary, a UBL representative will reach out within 48 hours
- Once your account is open, you will receive a link by email to access UBL Netbanking
- You can start making investment decisions from your Netbanking portal
UBL Roshan Digital Accounts can be managed through the UBL Netbanking portal and the UBL app.
To open a joint UBL Roshan Digital Account, you will need to email firstname.lastname@example.org first.
The account’s debit card and cheque book will be sent to your mail address after the first transaction is complete in the account.
The UBL Roshan Digital Account requires you to send money to Pakistan to open and maintain the account. The money must be sent from abroad or from an NRP account in Pakistan by the account holder.
But once the money is received, the account can be held in foreign currency or in Pakistani Rupees in Pakistan.
There are a few ways to transfer money to Pakistan to your own bank account or your UBL Roshan Digital Account directly:
Each of these have its own charges and fees. Typically there is a transfer or a transaction fee for sending money. But additionally, watch out for an exchange rate fee too. That is when a bank or company adds a mark-up to the exchange rate they offer.
So the exchange rate is weaker than the mid-market exchange rate you see on Google. In this way banks and some companies can charge an additional fee on every dollar, pound or Euro you transfer to Pakistani Rupees.
|🔖 Read more: Full guide to UBL international transfers
SWIFT bank transfers are the traditional way of sending money from one bank to another within the SWIFT global system. Your local bank abroad should be able to complete the transfer through online banking or at the bank branch. And transactions can take 3-7 days to complete. Banks typically charge a fee for the transfer but also many times they have a hidden exchange rate fee too.
In-person exchange companies are money transfer companies that require you to go to a branch to complete the transfer. They are different from a bank and typically specifically do money transfers. In-persona exchange companies will often offer low or no transfer fee transactions, but they do mark up their exchange rates.
Online transfer providers use technology to make transfers easy to do, and often cheaper. You can use your computer or mobile to complete the transfers, and the money can go into a local bank account in Pakistan.
Online transfer providers can vary in fees. Some will have a transfer fee and an attractive exchange rate, while others can offer no transfer fee but then a costly exchange rate.
|Wise Web/Android/ iOS app is the fast, easy, and cheap way to send money to Pakistan
Wise only uses the real exchange rate, so you won’t lose money to a hidden exchange rate fee. And with just one low transfer fee, you can send money to Pakistan within seconds from the US, UK, or Europe.
The UBL Roshan Digital Account is free to open. But there are fees to use and maintain the account. Here is a sample of the fees:
|Type of Fee
|In Pakistani Rupees
|Debit card issuance
|Annual fee for a debit card
|Currency Conversion Charges
UBL has the full list of charges and fees posted online for the UBL Roshan Digital Account. But fees can change, so make sure to contact UBL to stay up-to-date with the latest one.
The UBL Roshan Account can be held in Pakistani Rupees or foreign currencies:
- United Arab Emirates Dirham
- British Pounds
- Saudi Riyal
- US Dollar
There is no minimum balance requirement for the UBL Roshan Account. But there are minimum requirements for the investments offered. For example, the Naya Pakistan Certificates have a minimum investment amount of Rs. 100,000 PKR or $5,000 USD.
Sources used for this article:
All sources checked as of 4 August, 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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