Best bank to open a foreign currency account in?

Hi guys ... I'm interested in opening a USD currency account in some bank, because well, the rupee is hitting new bottoms ! :P

So I'm wondering which bank should I open a Foreign currency account in ? Any ideas ?

I already have accounts in a number of banks for PKR accounts, such as Standard Chartered, HBL, ABL, UBL, Faysal, Alfalah, so now I'd like to try some new bank :P

I was considering maybe Barclays, or JS Bank, or Citibank, or Dubai Islamic Bank, but these are just some I was thinking of ..

Also, I'm not really interested in those savings account (not even 'Islamic' ones) .. I just want a normal current account ..

Does any bank offer any advantage over any other bank here in Pakistan, as far as foreign currency accounts are concerned ?

So any suggestions on this would be appreciated ..

Oh my, don't you remember what Nawaz and Co did with forgein currency accounts back in 1998?? Now the country seems to be running short of dollars so expect anything :) Better to keep your dolla bills in hand or bank outside of PK

Why, what did they do back in '98 ? Took everyone's money away or something :P

I mean is there any 'danger' in having a foreign currency account in Pakistan ?

People, need feedback here ..

Does nobody here have a foreign currency account anywhere ?

JSB and Citi bank are good options.

But if i were you i would go for JSBank. As it has branches all over the country, while on the other hand CitiBank has somewhat like 3 or 4 branches nationwide.

ICICI bank is very good for that...Foreign Currency buy rate of ICICI Bank as prevailing for that currency on the day of the transaction will be applicable for converting the foreign currency into INR.

[quote=“nanzirbhatt, post:6, topic:20102”]

ICICI bank is very good for that...Foreign Currency buy rate of ICICI Bank as prevailing for that currency on the day of the transaction will be applicable for converting the foreign currency into INR.

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GOD DAMN, What the hell?!?!!?!?!

@ ahmadka, yes they froze all dollar accounts back in 98 and ate up people's money, no one was compensated and the case was dismissed forever, billions of dollars were lotted over night, a clear theft of private property. But since every pakistani sufferes from both short and long term memory loss, no one remembers anything. Nothing is safe when nawaz and Co are in power.

oh crap .. :( ... But I asked around and some people still have foreign currency accounts even now ... So are people trusting the system again ? And if Nawaz did that before, is it not possible that he won't pull the same stunt again, because the nation would be furious ? And even if I decide to not open up a foreign currency account because of the '98 fiasco, how do I save my savings, in their original value ?

Secondly, why I was JS Bank suggested before ? I mean do they offer something for their foreign currency accounts which other banks don't offer ?

You have local pkr account in number of banks, go with the bank you already know and satisfied with services. Only avoid UBL for foreign currency, that cost me lot when I opened few years ago in british pounds.

I got UK immigration letter and on applying visa I was refused, reason was embassy not satisfied with ubl account. That account i am still maintaining but never used.

What problem did the british government have with UBL ? :P

For some reason, I want to open a foreign currency account in some other bank which I've not used before ... One which is a foreign bank as well such as Barclays .. Actually I was just thinking of going with Barclays maybe ..

Is there any bank here in Pak, for which I can avail services in other countries too ? .. Like say I open an account with Barclays in Pakistan, then I can also avail some extra Barclays services in their UK bank branches maybe ? Any bank offer such a feature ? .. Barclays doesn't offer this though, I checked with them ..

Just open one in SCB

minimum balance require 2k USD

[quote=“metaltongue, post:7, topic:20102”]

@ ahmadka, yes they froze all dollar accounts back in 98 and ate up people's money, no one was compensated and the case was dismissed forever, billions of dollars were lotted over night, a clear theft of private property. But since every pakistani sufferes from both short and long term memory loss, no one remembers anything. Nothing is safe when nawaz and Co are in power.

[/quote]

I think dollars were removed from dollar accounts and account holders were given equivalent Pakistani currency. This was to inject dollars into bankrupt economy.

[quote=“ahmadka, post:10, topic:20102”]

What problem did the british government have with UBL ? :P

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Actually problem is simple, when ppl apply for UK visa from pakistan, they use fake bank statements to show balance in their accounts, so UK govt. keeps on banning different financial institutions in pakistan, thr is list of invalid organizations whose bank statements will not be accepted, any1 applying for UK visa must c that,

[quote="ahmadka, post:10, topic:20102"]

For some reason, I want to open a foreign currency account in some other bank which I've not used before ... One which is a foreign bank as well such as Barclays .. Actually I was just thinking of going with Barclays maybe ..

Is there any bank here in Pak, for which I can avail services in other countries too ? .. Like say I open an account with Barclays in Pakistan, then I can also avail some extra Barclays services in their UK bank branches maybe ? Any bank offer such a feature ? .. Barclays doesn't offer this though, I checked with them ..

[/quote]

You can use HSBC its british bank, thing is if u have a HSBC bank account in pakistan and u have a UK HSBC bank account, u can link 2 accounts, hopefully this service is available in other countris as well,

BUT this is a premier service in UK u have to pay for this, probably 12 month contract of 8 pounds monthly,

hope it answers ur query

Mr. Smeagle is right, later people told me that UBL fake statements have made this impression. I went to UBL top level, sent emails from UBL Sr. Mngrs directly to embassy as their was a provision of Admin review for the application but embassy replied they were satisfied with the decision.

SCB is a real peace of mind since opening a pkr account in it. I was hoping SCB will help in international transactions but at least in middle east SCB is almost non-existent.

HSBC pak is now owned by local JS bank, Isnt it?

I was in middle east and had same intention to open in HSBC as it is present in Pakistan. However I came to know that HSBC is giving lowest foeign exchange rates, therefore deferred.

I think bank al habib is the best bank

[quote=“ahmadka, post:10, topic:20102”]

What problem did the british government have with UBL ? :P

For some reason, I want to open a foreign currency account in some other bank which I've not used before ... One which is a foreign bank as well such as Barclays .. Actually I was just thinking of going with Barclays maybe ..

Is there any bank here in Pak, for which I can avail services in other countries too ? .. Like say I open an account with Barclays in Pakistan, then I can also avail some extra Barclays services in their UK bank branches maybe ? Any bank offer such a feature ? .. Barclays doesn't offer this though, I checked with them ..

[/quote]

barclays allows you to do international banking from one account.. my uncle has barclays account of foriegn currency and he deposits from pk while they are received and stored for future use in UK for his family...

Well I was going to go with HSBC, but then I found out that they have been bought out by JS Bank ... So now that plan is off the table, as I don't know anything about JS Bank ..

Guys tell me, which is the name *reliable* bank from these: Barclays, JS Bank, Citibank ... By reliable, I mean a bank that have a good and reliable service, and will also stay within Pakistan for the foreseeable future (unlike HSBC who sold themselves out) ..

barclays and citibank wont be rolling out anytime soon..

the repute of a bank which is capable of buying another bank speaks for its self.

So which one should I go with ? I'm confused :P ...

^JSbank, its simple.