Home National State Bank has increased the foreign currency limit for foreign payments NewsPipa

State Bank has increased the foreign currency limit for foreign payments NewsPipa

NewsPipa

Islamabad: The State Bank has increased the exchange limit for foreign payments through debit and credit cards for travel purposes.

According to Express News, the State Bank of Pakistan has revised the existing limit on carrying foreign currency for travel purposes.

As per the revised limit, persons aged 18 years and above can now carry foreign currency equivalent of US$5,000 per trip from Pakistan, while persons below 18 years of age can carry foreign currency equivalent of US$2,500 per trip. Local currency will be allowed to be carried. .

Annual foreign currency carrying limits for adults and minors will be US$30,000 and US$15,000 respectively, while the old foreign currency limits for travelers to Afghanistan will remain in place.

The foreign currency per visit limit will be effective immediately while the annual limit will be effective from January 1, 2023

The State Bank has instructed the banks that the use of debit/credit cards for international payments is suited to the individual characteristics of the cardholders and their personal needs only.

Under the Foreign Exchange Manual on Use of Foreign Cards for Business Purposes, those seeking digital services can nominate a bank to avail the facility within the relevant monetary limits specified in the said framework.

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