Dollar accounts in Pakistan: who can open one and which bank pays more

Yes, any Pakistani can open a dollar account in Pakistan, whether you live here or abroad, at a bank branch that deals in foreign exchange. No State Bank approval is needed. On profit, the best rate we found on ordinary dollar savings was Meezan Bank’s 2.00% for September 2026. HBL pays 1.00% up to USD 50,000 and UBL 0.05%, as of October 2026. Freelancers get a separate export account with different rules.

Who can open a dollar account in Pakistan?

A dollar account is a foreign currency (FCY) account. The State Bank of Pakistan’s (SBP) Foreign Exchange Manual lets banks open one without SBP’s approval for:

• Pakistanis living in Pakistan or abroad, including dual nationals.
• Foreign nationals, in Pakistan or abroad.
• Joint accounts of residents and non-residents.

Accounts opened after 28 May 1998 fall under SBP’s FE Circular No. 25 of June 1998, which is why banks call them FE-25 accounts. Under this scheme each bank sets its own profit rate, so rates differ a lot.

Banks add their own conditions. HBL’s Prime FCY Saving Account, for example, is only for Pakistanis and non-resident Pakistanis who are taxpayers.

What documents do you need?

For HBL’s Foreign Currency Savings Account, HBL asks for:

• Original CNIC or NICOP (the overseas Pakistani ID card) with a verified copy.
• A copy of a recent utility bill.
• Proof or source of income, such as a salary slip.

HBL Prime FCY also accepts a POC (Pakistan Origin Card).

Which bank is best for a dollar account in Pakistan?

There is no single best bank. It depends on how much you keep and whether you want an Islamic account. These are the dollar savings rates from each bank’s own rate sheet or product page:

What the table means for you:

• Small balances: Meezan’s 2.00% is double HBL’s 1.00%. Meezan’s rate is a Mudarabah profit share (the bank keeps 75% of gross income, you get 25%), so it changes every month and isn’t fixed.
• Large balances: HBL Prime pays 2.00% from USD 250,000 and 2.50% above USD 1 million.
• MCB: its fact sheet says it pays no profit below 10,000 of the currency.
• Fixed deposits pay more at UBL: its one-year dollar term deposit pays 2.25% below USD 50,000 and 3.00% at USD 50,000 or more, as of October 2026. HBL’s one-year dollar deposit pays 1.50% up to USD 50,000 (October to December 2026).

We couldn’t check Bank AL Habib or Bank Alfalah: both websites blocked our requests in October 2026. For rupee accounts, see savings account profit rates.

How can you put dollars into the account?

SBP’s Foreign Exchange Manual allows these credits:

• Remittances from abroad, open to every account holder.
• Travellers cheques issued outside Pakistan.
• Foreign currency cash. SBP said in October 2020 that residents can deposit dollar cash only if they are filers under the Income Tax Ordinance. The Manual’s chapter lists notes without this condition; we follow SBP’s 2020 position. See how to become a filer.
• Proceeds of Pakistan government securities.

The same chapter bars some money from these accounts. You can’t credit payment for goods exported from Pakistan, payment for services rendered in or from Pakistan, or dollars bought from a bank in Pakistan.

Freelance and export earnings go to a separate account instead, covered below.

Can you withdraw dollars in cash?

Yes, from an ordinary FE-25 account. SBP’s manual says these accounts are free of foreign exchange restrictions. You can withdraw the balance in dollar notes, pay in rupees locally, or send it to any country for any purpose.

What it costs at HBL, as of its July to December 2026 schedule of charges:

• Dollar cash deposit or withdrawal in the same city: free.
• In another city: 0.10%, minimum USD 5.
• Sending money abroad from the account is free if the dollars stayed in the account for 14 days. Otherwise HBL charges 0.25%, minimum Rs 300.
• Service charges on FC savings and current accounts: free.

MCB’s fact sheet also shows zero charges for cash transactions on its new FCY savings account.

Dollar accounts for freelancers: the ESFCA

If you earn from clients abroad, your bank opens an Exporters’ Special Foreign Currency Account (ESFCA) together with your rupee account. The rules are in SBP’s FE Circular Letter No. 06 of April 2026:

• You can keep USD 5,000 a month or 50% of what you earn, whichever is higher, in dollars. The bank must credit this unless you ask in writing for less.
• You can pay for digital services, marketing, subscriptions, certification and education from it without SBP approval.
• You can convert it to rupees at any time, but you can’t move it to another dollar account, except your own ESFCA at another bank.
• The bank must process money coming in and going out within one working day.
• No dollar cash in Pakistan. The debit card works for online payments and for cash abroad only.

SBP’s 2023 freelancer framework (SBP has since moved these rules into a newer onboarding framework we did not read) lets you open these accounts online or in a branch, with a CNIC (plus a live photo if you apply online) and a zero balance. The bank must decide within 2 working days of complete documents. Since April 2026, freelancers no longer fill a Form R for their export receipts.

MCB’s freelancer ESFCA, for one, pays no profit, with no maintenance fee, as of its July to December 2026 fact sheet. To compare Payoneer, bank transfers and other routes, see freelancer payment methods.

Dollar account or Roshan Digital Account?

A Roshan Digital Account (RDA) is a separate scheme for non-resident Pakistanis. HBL’s RDA, for example:

• Is opened online by non-resident Pakistanis and foreign nationals, with proof of living abroad such as a visa or residence card.
• Can be in USD, GBP, EUR, SAR, AED, CAD, CNY or rupees, with no minimum balance.
• Takes money only from abroad. No local deposits, except proceeds of investments made from the account.
• Is fully repatriable.

HBL says RDA money can go into securities through CDC, government bonds and property; see investing through a Roshan Digital Account.

Which should you choose?

• You want the most profit on a small dollar balance: Meezan’s Dollar Savings Account, 2.00% for September 2026, from USD 100.
• You keep USD 250,000 or more: HBL Prime FCY, 2.00% to 2.50% as of October 2026.
• You can lock money for a year: UBL’s one-year dollar term deposit, 2.25% to 3.00% as of October 2026.
• You are a freelancer: use your bank’s ESFCA. MCB’s pays no profit, so check before you leave large sums in it.
• You live abroad: a Roshan Digital Account, which you can open without visiting Pakistan.

More guides: Best bank in Pakistan, Wise in Pakistan, Freelancer tax in Pakistan, Banking & Payments.