The official currency of Pakistan is the Rupee (PKR) which is made up of smaller change known as paisa (paise plr.) 100 paise are found within 1rupee and the currency is available in both note and coin formats.
Notes cover the following denominations: 10.00Rupees, 20.00Rupees, 50.00Rupees, 100.00Rupees, 500.00Rupees, 1000.00Rupees and 5000.00Rupees
Coins cover the following denominations: 1Rupee Paisa, 2 Rupee Paise, 5Rupee Paise, 1.00Rupee, 2.00Rupees and 5.00Rupees.
Banks
Banks in Pakistan will typically be open Monday to Saturday between the hours of 0900 and 1730 . However, certain exceptions will apply to this and smaller banks may have different times of operation. Religious holidays, such as Ramadan, will typically see banks closed for the period or open only within restricted hours.
Other Options
Exchanging to Pakistan may also be done in some hotels and other establishments, however this can be very limited. A number of other restrictions apply to a money transfer to Pakistan and it is important people are aware of these:
When importing foreign currency through cash or travellers cheques, visitors are not limited by the amount of money they can bring. They are, however, obligated to inform customs authorities when certain amount thresholds are breached – such as exports of 100PKR or import of 100PKR in denominations of 10PKR or less.
Gold, silver and jewellery can also be exported from Pakistan but these will be subject to other conditions and limitations.
Forms of Money Transfer
There are a number of different ways in which you can transfer money to Pakistan, with both credit cards and travellers' cheques being accepted. Visa and MasterCard are the most common credit cards used by others are widely accepted. Individuals should check with their provider before travelling, however, as some services may not be available in Pakistan.
Travellers' cheques are accepted in Pakistan but not as readily as other forms of money. A number of banks may request the original purchase receipt when handling travellers' cheques and you will need you passport to exchange them as well. It is worth noting that smaller, more localised, banks may not accept travellers' cheques at all.
Regularity of Money Transfer
Some people will transfer money more often than others and therefore different levels of services may be required. Those looking to send money to Pakistan on a regular basis should seek the advice and services of brokers as this will help them attain the best exchange rate.
This will help them to make the most of their currency transfer to Pakistan and could see them benefit from fixed exchange rates depending on their situation.
Speed of Money Transfer
As the PKR is not considered a major currency, money transfer lengths may be slightly longer than for other areas. Using a broker will help people to get the best possible service and usually quicker transfer rates can be provided at an additional fee.
Reasons for Money Transfer
Irrespective of you reason to transfer currency to Pakistan, there are a number of firms who can help. This means that whether you are paying for you mortgage or exporting goods, you can be sure that your transfer is handled responsibly.
Important Information for Visiting Pakistan
Electric: 2 or 3 round pin plugs operating on 220Volts.
Water: there will typically be sufficient access to water supplies in major cities but smaller towns and regions may not have this. It is important to check the water supply of the area you intend to visit before departing.
Shops: Pakistani shopping areas are known as bazaars and will typically combine both market stalls and shops. Opening times will typically be the same as the normal working day but this will vary between towns and areas.
