Dollar account in Pakistan

batrasian266 (Khurram Gardezi) 2020-02-24 11:36:28 +0500 #1

AOA
Can anyone explain,is it beneficial to open a dollar bank account or i should convert the money to rupees.
And can one suggest about a good bank for a dollar account
Thanks

qwertypoiu (qwertypoiu) 2020-02-24 12:54:35 +0500 #2

Depends on what purpose you want to open dollar account for. I have experience with HBL and it's reasonable but again there is conversation rate and cashing dollar issue.

sh3hryar ( Shahryar) 2020-02-24 12:59:12 +0500 #3

It is recommended to have FC account in Pakistan to hedge against the volatility of PKR.
FC account is a good idea to ensure "spare cash" isn't devaluing, however day to day usage of FC account will not be viable due to multiple factors, including transaction charges; availability of FC in branch and so on.

I would recommend you to go for top local banks i.e. ABP, HBL, UBL, MCB.
You might also want to look at Meezan bank.

batrasian266 (Khurram Gardezi) 2020-02-24 15:47:02 +0500 #4

Its just my extra money .. i was thinking to put them in bank to be safe and maybe i could get some profit on it.

qwertypoiu (qwertypoiu) 2020-02-24 15:59:13 +0500 #5

Not worth the hassle now

batrasian266 (Khurram Gardezi) 2020-02-24 17:39:13 +0500 #6

Changing it to PKR , would that be a good idea ?

paladin (🦈) 2020-02-24 18:29:19 +0500 #7

Well, if PKR depreciates so is your dollar-converted-to-PKR. I'd just keep it as it is and convert it when it is really necessary.

Proverbial_Slang (Proverbial_Slang) 2020-02-24 18:46:51 +0500 #8

Get a good PKR savings account or buy saving certificates.

Inspire (Inspire) 2020-02-24 21:24:10 +0500 #9

If you have no problem with Interest received on your deposit in Bank then

1) if you convert into PKR ie 154 and deposit in any saving account that offer profit/interest of 12% annually, then your principal + profit/interest will be 170.63 (after deducting 10% WH Tax). Therefore even after one year your money will in PKR.170.63 , if in any case $ didn't rise or stay stable around 150's then you will be on winning side.

2) in FC Bank A/c you'll hardly get 1-1.25% profit/interest per annum.

FaatehRehman (Kiani) 2020-02-24 21:27:44 +0500 #10

Which account offers 12% annual returns before WHT?

Inspire (Inspire) 2020-02-24 21:28:46 +0500 #11

BAHL, PKR A/c, depend on your deposit amount and ur negotiation skills with Manager..

FaatehRehman (Kiani) 2020-02-24 21:34:02 +0500 #12

Never knew rates were negotiable, nice to know

capsat (ومن شر حاسد إذا حسد) 2020-02-24 22:49:04 +0500 #13

Best Investment to secure healthy Halal return on quarterly basis is Gold. profit & loss chances exist. Only 2.5% zakat is applicable after 12 months of possession

shadi season is around corner 60 days to Ramzan Shareef and Weddings after eid in June, right now is peak price gold season every one will be ordering jewellery for weddings.

for the time being invest in NIT units this is best time, for fixed time investment. 6 monthly or yearly, that again is halal because there is no fixed profit and income is admissable for taxation plus it is all clean under wealth statment.

encash NITs in Muharram and buy GOLD, again for 3 months as shadi season will start in Rabiul_awal again.. make it a cycle and you may not lose at bit over your principal amount

anon35615524 2020-02-24 23:38:14 +0500 #14

W.S. I would suggest to invest in NBP Islamic funds (instead of going for USD account, it may become a hassle):

https://www.nbpfunds.com/choose-your-investment/#tab_49

VCheng (VCheng) 2020-02-24 23:57:38 +0500 #15

The dollar is dead. Buy Chinese Yuan, the currency of the future, for long term gains.

Panther (Panther) 2020-02-25 00:04:15 +0500 #16

I would suggest you to open FC account in Meezan Bank Limited and invest it to get profit on it. Minimum amount for investment is $10,000 for 3 years and you will get $45-50 profit every 6 months.
You may like to visit the bank for details.