FC Account in UBL


#1

hi guyz,

does any one know - how much is the min amount (in USD) to open Foreign Currency Account in UBL?

thanx in advance


#2

hehehe 20$ i guess.


#3

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#4

@SECC

thanx dude -


#5

You're Welcome.I use MCB foreign currency account (I opened this account 6 months ago and at that time the opening fee was about 200$.Their service is top notch.Wires transfers are completed within few months.)


#6

i need one for depositing my Commision Junction payment checks - unfortunately that's onlly option available to us PAkis


#7

I don't think you need an FC account for cashing a foreign check. It's more likely that your bank will cash the check and deposit the money to your normal PKR account after 20-30 days (with $8-20 fee).


#8

i talked UBL people (my rupee account with them) - since the check currency is DOLLARS - so they telling me - I need a FC account


#9

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#10

@SECC

hmmmmmm - ok i will check

thanx


#11

So is it true for every bank i.e. if you submit a check in FC say US$ in your local Rupee bank account, the bank will convert it and deposit amount in Rupees?

I mean no matter what your bank is you can submit FC cheques to your local Rupee account right?


#12

[quote=", post:, topic:"]

So is it true for every bank i.e. if you submit a check in FC say US$ in your local Rupee bank account, the bank will convert it and deposit amount in Rupees?

I mean no matter what your bank is you can submit FC cheques to your local Rupee account right?

[/quote]

I am not sure about other bank accounts.MCB clears FC cheques in 1.5 month which is way too long but First Women Bank clears my checks within few days and they convert dollars into local currency.


#13

[quote=", post:, topic:"]

i talked UBL people (my rupee account with them) - since the check currency is DOLLARS - so they telling me - I need a FC account
[/quote]

That’s because UBL has incompetent staff. I once asked them if and how could I wire transfer money to a foreign bank account, they said they didn’t have clue.

You can cash your foreign currency checks in your local currency account just fine. I used to have all my AdSense checks cashed in my PKR account until Google introduced the Western Union option.


#14

You're right. UBL has a great range of services, I really like them but their staff is the most incompetent among all the banks in Pakistan. They're 'system' is always down.

I think it's the only bank left apart from National Bank where you can still see the old dinosaur style banking like it was in Pakistan a decade ago.


#15

@Specter

and you have a Rupee Account in UBL - they also said you need an Account in FC Branch for depositing Dollar Checks

WTF!!!!


#16

[quote=", post:, topic:"]

@Specter

and you have a Rupee Account in UBL - they also said you need an Account in FC Branch for depositing Dollar Checks

WTF!!!

[/quote]

i had rupees current account… i got my money from USA as US$ cheque…all i did was deposited it in my account…amount was deposited after conversion in pk rupees…no FC account needed for that.