Currency in Pakistan
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. 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.
Notes cover the following denominations: 10.00 Rupees, 20.00 Rupees, 50.00 Rupees, 100.00 Rupees, 500.00 Rupees, 1000.00 Rupees and 5000.00 Rupees
Coins cover the following denominations: 1 Rupee Paisa, 2 Rupee Paise, 5 Rupee Paise, 1.00 Rupee, 2.00 Rupees and 5.00 Rupees.
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.
Importing currency and commodities
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 to Pakistan
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.