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How To Open A Bank Account in Pakistan For Online Earning Jobs

Opening a bank account in Pakistan wasn’t rocket science some years ago. It’s still straightforward and easy but, because of strict regulations put in place by the State Bank of Pakistan, freelancers find it difficult to open a bank account.

Here’s a detailed guide of how to create a bank account in Pakistan for freelancers or people who wants to receive online payments from clients or online money making platforms.

First Things First: Which Type of Bank Account Should You Open?

There are two categories of banking accounts:

1. Current Account
2. Savings Account

In Current account, you deposit you money and get no reward or interests on deposited amount where as in saving account you get some percentage from bank that is variable bank to bank.

What are the requirements to open a bank account in Pakistan?

For both Current and Savings accounts, the these are the basic requirements:

  • A Valid Income Source: How you earn the money you want to deposit in bank?
  • Valid Computerized National Identity card (CNIC) with copies
  • Valid postal address of your home/office to receive letters from bank

How Can I open a bank account in Pakistan as a freelancer?

Collect all the documents and visit nearest branch of any bank you like, there are many options and every bank is giving different services and have some different requirements as well as benefits of opening account at their bank like free cheque books, free atm cards, monthly, semi annually or annually statements as well as online banking and mobile banking.

The problem with Pakistani banks:

When opening a Bank account in Pakistan, freelancers have to go through a lot of documentation processes and standard procedures like providing income proof and employment letters. This becomes a tough nut to crack when you are just starting out your career as a freelancer or for some reason, you just can not provide proper documentation of your online earning endeavors.

For most freelancers, it is hard to provide a valid income source as you are neither an employee nor a registered business. You are just providing freelance services to clients online and receiving funds in return.

Easy solution to opening a Bank account for Freelancers in Pakistan

To get around the income source and documentation problem, we suggest two ways you can legally open a bank account in Pakistan and start receiving money without any problem:

  1. Register yourself to get a valid income proof
  2. Get an employment letter from a friend/family member
  3. Sign up for a mobile wallet account

Register yourself to get a valid income proof

The first and sincere advice is to yourself as a sole-proprietor and obtain an NTN from FBR.

Sole-proprietorship bank accounts have two distinct advantages. The name can be similar to your name, and you get an ATM card.

Additionally, for this method to work, you will need to create a business letterhead with your company name on top and mentioning your business address.

Once your documentation is completed, you can walk up to any local bank, hand over your documents and ask them to open an account for you. You will handed over an account opening form (usually the bank staff fills it our for you). Fill the form providing your personal and business details, and submit it to bank representative. They will ask you for some initial deposit (around Rs. 1000 rupees or more).

Please bear in mind that, if you choose to open a bank account as business or service provider, you might need to write an application to the banking officer using your official business letterhead. Here is a sample application letter you can edit and use for yourself. The Bank may also require an official stamp but usually it’s not mandatory for opening a personal account (service provider).

To,
The Branch Manager,
Branch Name (Town, Bazar etc)
Bank Name (the bank name)

Subject: Account opening request

Dear Sir,

We are providing online services to our clients from “one month” (time you are working) and providing services like “Website designing development, Domain, Hosting, SEO, Content writing etc” (or services you provide).

Most of our clients are from different cities and we need them to pay our services charges in our bank account. It is requested to kindly allow to open a bank account in your branch.

Regards,
Your Name
CNIC Number
Your Service Providing Name

Get an employment letter from a friend/family member

An easier way to get around the documentation process will be to get a salary slip / employment letter from a friend or family member who is running a business.

You can get a salary slip or employment letter from any of your close friends or a family member who owns a local business. Simply provide it to bank and get your problem solved.

You can show yourself as a business employee, working for your friend/family member and generating salary. However, this method is unethical and might come under fraudulent behavior. We do not recommend using this method because authorities can track and disable your account in future. We also will not be liable to any damages if you get into trouble with the authorities using this method.

Instead, we would recommend using the next method to legally open a bank account in Pakistan with providing little to no documentation.

Sign up for a mobile wallet account

If you were able to declare your income source using the above mentioned methods, great, if not, then we recommend to go an sign up for a mobile wallet account. As part of the greater financial inclusion, banks have to open your account.

These types of accounts are called Asaan Digital Accounts. Pakistani banks now allows freelancers to open accounts under a simplified criteria and these accounts may be treated as low risk accounts.

What is Asaan Digital Account?

The Asaan Mobile Account (AMA) platform is a revolutionary initiative undertaken by State Bank of Pakistan (SBP) and Pakistan Telecommunication Authority (PTA). The program aims to enable general masses, especially low income citizens, to digitally open bank accounts and use the available financial services in a swift, easy and affordable manner.

This program is targeted at skilled/unskilled work force, farmers, less educated/uneducated people, laborers/daily wagers, women/housewives, self employed individuals, pensioners, young adult population etc.

Banks Providing Asaan Digital Accounts

Currently, there are 13 branchless banking (BB) provider banks available on AMA platform. Customers can open bank accounts instantaneously in any of the given bank and conduct transactions available on the AMA Platform.

Here’s a list of some of the Pakistani banks who allows opening of Asaan Accounts:

  1. Meezan Bank
  2. Bank Alfalah
  3. Habib Bank Limited
  4. JS Bank
  5. Askari Bank
  6. United Bank Limited
  7. UBank Microfinance
  8. Allied Bank (ABL)
  9. FINCA Microfinance
  10. MCB

For more information, See State Bank of Pakistan’s circular about Asaan Accounts on this page on sbp.org.pk

Disclaimer: This is general account opening process for freelancers and we shared it only to help them. We strongly discourage using the above way if you are not a freelancer.