Guide to transfer money overseas to UK, US and UAE from Pakistan

If you wish to transfer money from UK to Pakistan, you will see hundreds of options and websites of banks and currency dealers which are keen to move your money from UK to Pakistan.
A quick search on Google reveals at least 5 sponsored links, which shows stiff competition between several banks and companies keen to move your money from abroad to Pakistan.
money tranfer from pakistan

Money transfer from Pakistan

With excellent rates offer by Transferwise, it takes quick bank details and recipient details to make higher speed transfer via UK bank account or any debit card. Monies transmitted via transferwise are very transparent and usually reach payee next day.
Besides Transferwise, there are many other great options such as:
  • Lyca
  • Lebara
  • Habib Bank
  • UBL
However, money transfer from Pakistan to UK or USA is a thousand times more complex!
A quick Google search will demonstrate that there is effectively zero information. The top sponsored results are actually about transferring money to Pakistan again, rather the other way!
The top 2 results are from and forums, which is about people are venting out their view on corruption, the usual humaray mulk ki daulat loot li rhetoric.
It’s very clear that both Pakistani Government and Public communities want the flow of money one way, which is USA, Europe and Gulf countries sending donations, Sadqa, Zakat, remittances, scholarship, aid and investment to Pakistan.
However, the question is for anyone who had invested in Pakistani Property or Shares and wished to withdraw the money, what exactly are the options available?
Also for people whose children are settled or studying abroad, what are options to transfer their inheritance or funds to them.
The most used way to transfer money from Pakistan is via using a Foreign Currency account which is available in Pound Sterling, US dollar. Such accounts protect against currency fluctuations as Pakistani currency can be quite volatile due to events such as economic issues, political instability and terrorism-related events.
Such account ensures that besides the transfer fee, you don’t get dinged by Bank’s ridiculously poor currency exchange rates for customers.

We repeat that if you transfer using Pak account to foreign account the real money that Pakistani Banks will make is via providing a very poor rate of Currency exchange, which can cost hundreds of pound if you have anything like above 2000 pounds or 3000 dollars to transfer!

Below is a list of best Foreign Currency Accounts offered by Pakistani Banks:

  • Standard Chartered

Following the downfall of Citibank across many emerging markets and complete closure in Pakistan, standard chartered has emerged as the number 1 international consumer Bank in Pakistan.
The salient features of SC’s foreign currency account are:
  • Non-profit bearing.
  • Withdrawals: Only withdrawn by cheque / No ATM withdrawals.
  • Minimum Balance Required: US$ / GBP / EUR 2,000, JPY 200,000.
  • Charges and fees are levied as per Schedule of Charges.
  • UBL

United Bank is undisputedly the Best Pakistani Bank, which since its privatisation has improved its product line and service quality significantly.
  • No cash handling charges (US Dollar, Euro, Pound Sterling, UAE Dirham & SAR).
  • No restriction on a minimum number of transactions.
  • Zakat is exempted, which is a plus.
  • Free Accidental Death and Disability Insurance Coverage up to Rs. 2.5 million.
  • Minimum Deposit: USD: 500 EURO: 400 AED: 2,000 GBP: 300 SAR: 2,000
  • MCB

Although MCB has a relatively bad reputation when it comes to quality of service, biy being one of the oldest financial institutions, it has a range of offerings including its Foreign Currency Account. Another advantage of MCB that it has a huge branch network across Pakistan.
  • Account in US Dollar, UK Pound Sterling or Euro
  • Minimal deposit US$ 500 or equivalent
  • Unlimited withdrawals & deposits


  • Bank Alfalah FCY account

Bank Alfalah has a strong presence in consumer credit but also has an excellent Foreign Currency account that does not impose any restrictions on terms of withdrawal and their frequency.
  • Account available in US Dollar, Pound Sterling, Euro or Japanese Yen
  • Minimum deposit equivalent to 250 (USD, GBP, EUR) or 10,000 Yen
  • Profit calculated on minimum monthly balance. Interest paid on a semi-annual basis
  • No restriction on number of monthly deposit or withdrawal transactions.
  • Allied bank Foreign currency term deposit

Allied Bank is one of the state banks that has undergone significant transformation following its privatization. It is still far from banks such as UBL yet it offers a decent foreign currency account.
  • Select minimum tenure of 3 months to a maximum of 12 months
  • 24-hour Internet Banking, SMS Banking, and Phone Banking
  • Faysal Bank Mahfooz Sarmaya

Faysal Bank is one the best banks after the Big 4, which means more personalised service and better product offerings

  • Account available in US Dollar, Pound Sterling or Euro currency
  • Minimum monthly average balance of USD 500, GBP 300, or EUR 350
  • No restriction on number and frequency of withdrawals.
  • Profit is calculated on monthly minimum balance.
  • Profit paid Semi-annually and subject to withholding tax.
  • HBL foreign currency savings account

Habib Bank is a truly household name which has a solid branch network in Pakistan. It is one the oldest institutions in South Asia and has a rock-solid reputation

  • Account available in USD, GBP and EUR
  • Minimum amount balance USD 1,000 (For USD/GBP/EUR)
  • JS (Jahangir Siddiqui) foreign currency account Plus Savings Account

JS offer a range of finaliser services such as share brokerage and has been offering current and savings accounts as well. They also offer Foreign Currency Account with added benefits.
  •  Profit is payable on quarterly basis, and is calculated on daily balance basis.

  • Meezan Islamic bank Dollar savings account

Meezan Islamic Bank has solid reputation when it comes to Sharia compliant solutions. Their Dollar savings account follow the same principles and perhaps the best option if you are like need a foreign currency account based on Islamic banking.
  • Minimum deposit required to open an account is $100
  • Routine withdrawals up to $500 per day allowed without prior intimation
    Withdrawals of above $500 needs 1 day prior notice.


  • Silk foreign currency account

Silk Bank is still one of the recent entrants in banking, but offer a wide range of consumer products including Foreign Currency Bank.

  • Profit calculated on the minimum balance during the month
  • Profit shared every 6 months
  • Can be operated by individuals or companies

There are several foreign currency accounts which are offered by Pakistani banks below we review the best of the best ones which are the most efficient, Safest and cheapest way to transfer money from Pakistan to UK USA and UAE.




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