How to open a bank account for freelancing in Pakistan

There are many payment solutions in Pakistan, but none is fully functional for online businesses. This article will discuss the Best bank for freelancers in Pakistan. which allows customers to transfer money to any other bank account in Pakistan.

Pakistan has long been a hub for freelancing, with the Pakistani freelancer community ranked fourth globally in market share. Despite such hurdles as limited resources and unreliable internet, the Pakistani freelancer community has continued to grow at a rate of 40% each year. This is due in part to the strong work ethic and creativity of Pakistani freelancers, as well as the many opportunities available in Pakistan’s burgeoning economy.

Major Challenges faced by Freelancers in Pakistan

Pakistan is a country that is rich in culture and heritage. There are many talented individuals who are working as freelancers and contributing to the economy of the country. However, there are some major challenges that these freelancers face. One of the biggest problems is the difficulty in sending and receiving money worldwide. Pakistani freelancers often find it difficult to get paid for their work, as most clients are located outside of Pakistan. This can be due to a lack of trust or awareness about working with freelancers from Pakistan. In addition, there are few platforms that offer payment services to Pakistani freelancers. This makes it difficult for them to receive payments for their work in a timely manner.

Another challenge faced by Pakistani freelancers is the lack of infrastructure and resources. Most freelance work requires access to computers and the internet, which is not always available in Pakistan.

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Best Bank for Freelancers in Pakistan

Pakistan is a country that is filled with freelancers. This is because there are quite a number of those banks that are providing facilities for freelancers. However, few of the best banks for freelancers in Pakistan are analyzed in this article.

HBL Freelancer Account

The best bank for freelancers in Pakistan is Habib Bank Limited (HBL). Freelancers can now easily open an account with and receive foreign payments without any hassle. HBL Freelancer Account offers accounts in different currencies which fulfill your payment requirements. HBL Freelancer Account can be opened in PKR, USD, GBP, and EUR.​

FEATURES

• A freelancer Account is offered as a Current account only.
• For individuals of 18 years and above.
• Account will be opened in Pak Rupee and in Foreign Currencies; USD, GBP, and Euro
• This account is only offered to New to Bank (NTB) customers.
• The account can be opened through CNIC/ SNIC.
• No minimum monthly balance requirements.
• In the case of FCY, the monthly credit and debit limit is USD 5,000 or equivalent to USD (if opted for another currency). Debit and credit limit will be applied separately
• Cash withdrawal limit of PKR 500,000/- or equivalent per day
• First-year PayPal Debit Card is free for PKR accounts only. Will be charged in subsequent years
• In FCY Account, Debit Card issues only for USD account and charge as per prevailing SoBC.

All other services will be charged as per prevailing SoBC

HOW TO APPLY

Any one of the following documents may be used as a proof of identity for opening of Freelancer Account​

• Computerized/Smart National Identity Card (CNIC/SNIC)

Note: Documents of other segments will be applicable as per bank’s policy Terms and conditions apply

 Meezan Bank Freelancer Account

Meezan Freelancer Account is a Rupee and Foreign currency based personal account available as both Current and Savings variants. The account has been designed keeping in mind the freelancers who earn income in foreign currencies or receive payments for their services in foreign currencies.

The Meezan Freelancer Account offers the convenience of banking in local and foreign currencies, which is a major advantage for freelancers who frequently deal with cross-border transactions. The account also offers an online platform that allows users to manage their finances securely and conveniently.

Some of the key features of the Meezan Freelancer Account include: zero balance requirements, no minimum monthly deposit requirements, free debit card, online banking facility, SMS alert service, and cheque book facility.

UBL Freelancer Digital Account

Would you like to receive your payments from clients all over the world without any hassle? With UBL Freelancer, you can easily receive your payments from anywhere in the world without any problems. All you need is a UBL Freelancer digital account, and you’re good to go! The process is simple and convenient, and you can start receiving payments immediately. So why wait? Sign up for a UBL Freelancer digital account today!

UBL freelancer account features

No Initial Deposit

Digital Account Opening
Biometric* at ATM

No Minimum Balance
Requirement

24/7 Banking with UBL Digital App & Netbanking

JS Freelancers Current Account

JS Freelancers Current Account is a current account specifically designed for freelancers operating in Pakistan. An account that not only provides the convenience of a current account but also offers exclusive privileges and benefits, making it the perfect choice for freelancers. With no minimum balance requirement, free cheque books and free internet banking, JS Freelancers Current Account ensures that freelancers have everything they need to manage their finances effectively and easily.

Visit your nearest branch along with the following documents to open your JS Freelancers Current Account:

• 3 invoices (not older than three months) from our six approved platforms
• Proof of address
• A valid CNIC

Terms & Conditions

• Six approved platforms include: Fiverr, Upwork, Toptal, Freelancers.com, Guru, and Flexjobs
• You must be at least 18 years old in order to open JS Freelancers Current Account
• Visit our Debit Cards section in order to find out the deposit and withdrawal limit of all card categories

All services are charged as per prevailing SOC unless communicated otherwise.

Bank Alfalah Freelancer Digital Account

Bank Alfalah has developed a new digital account specifically for freelancers in Pakistan. This account allows freelancers to receive payments directly into their bank accounts, quickly and easily. Bank Alfalah also offers a variety of other services that are beneficial to freelancers, including online banking and mobile banking.

This account has been specifically developed to facilitate freelancers in Pakistan to directly receive funds into their bank accounts digitally, swift.

Features and Benefits

• Available in both LCY and FCY
• No monthly minimum balance requirement
• No service charges on non-maintenance
• Get your Alfalah Debit Card when you open an account** (Only for PKR Accounts)
• Free SMS alerts
• Free E-Statements
• Monthly limit of USD 5,000 or equivalent (debit and credit limits shall be applied separately)
• Cash withdrawal limit of Rs. 500,000 or equivalent per day

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Do freelancers have to pay taxes in Pakistan?

Pakistan is a country that has a lot of freelance workers. A lot of people think that because they are freelancers, they do not have to pay taxes. This is not true. Freelancers in Pakistan do have to pay taxes.

There are a few things that freelancers need to keep in mind when it comes to paying taxes. The first is that you need to make sure you are registered as a freelancer with the government. This will help you keep track of your income and make sure you are paying the correct amount of taxes.

Another thing to keep in mind is that you need to declare all of your income, even if it is from freelance work. This means keeping track of all the money you make from clients, whether it is through contracts or payments received online.

The government has a free tax on IT export until 2025, but all those under the tax circle must submit their income file to FBR.

You have to show the income is generated through IT then the tax amount will be returned or not applicable.

Conclusion

Pakistani freelancers and business entrepreneurs face many problems, and the government is not serious about Pakistani youth’s future. There are many ways to avoid these systems. Our ineligible and incompetent government men and policies make economic traps that are wasted most of the time. We want to give you a guide to the best bank.