There are many payment solutions in Pakistan, but none is fully functional for online business. This article will discuss two of the best bank for freelancers in Pakistan, which solve all the online payment problems and transfer made easy.
Despite such hurdles, the Pakistani freelancer community is ranked fourth globally in market share and an increase of 40% growth each year.
Major Challenges faced by Freelancers in Pakistan
The trend of freelancing booms out due to Covid 19; now, it’s a massive job marketplace. Some freelancers work on polishing their skills, whereas most freelancers work to earn a living through it. The majority of freelancers couldn’t get their payment on time. There are a considerable delay in the payment holding on the freelancing site and transfer speed, and limited options issues.
Some of the Major challenges faced by Pakistani freelancers and online business are:
- Difficulty in sending and receiving money worldwide.
- Pakistani freelancers are offered limited payment than global.
- Not getting payments on time because of the time taken by banks in verifying payment sources.
- No PayPal existence
- Strict government regulations.
The Pakistani laws are forced individuals and businesses not to bring any money in Pakistan. If someone succeeds in getting his money to Pakistan, he faces another problem not send his money around the world. It an economic trap of using your property for yourself.
Best Bank for Freelancers in Pakistan
Paypal is not available in Pakistan officially, but you can use Paypal in different ways. If you are interested in getting PayPal in Pakistan, check out the link.
Paypal is the best payment solution worldwide due to its acceptance, security, and speed. It is very economical and easy to use. All freelancing platforms and eCommerce sites accept PayPal as a payment gateway.
- PayPal is very secure.
- No financial information required, robust privacy control
- Speed checkout
- It’s free to signup. You can make purchases and send money to family and friends using your PayPal balance at no extra cost.
- Acceptance all around the world.
- Paypal is an easy-to-use and very flexible payment solution.
- Not available in Pakistan
- Having an issue of verification while in Pakistan
2. United Bank Limited (UBL)
United bank limited offers MasterCard, which accepts all major platforms for purchase and make payments. It’s beneficial for payment transfer. UBL also offers virtual Wiz cards to make financial information more secure. Make your online shopping experience faster and seamless with the ‘UBL WIZ Virtual Prepaid card.
- Make online shopping easy.
- Mastercard acceptance
- Easy to make accounts for freelancers
- Very secure by using WIZ card
- define your limit of payment
- Very slow
- Digital Banking is very bad
- No fast support
- Lower no of branches
3. Bank Alfalah
With all the benefits of a physical debit card, the Alfa Virtual Debit card combines flexibility and convenience to offer a new way to make all your online payments. Powered by MasterCard, Alfa Virtual Debit Card is a secure way to buy your favorite products or services on the internet while enjoying complete control over your money.
- no hidden charges
- Instant Generation
- No Activation Required for Alfa Virtual Debit Card
- Secure Online Payments: Powered by MasterCard
- Make online shopping easy
- Define own limits of payment
- Easy to open an account
- Slow customer support
- Limited branches
The other options are Faysal Bank and Meezan Bank, similar to the two bank options in Pakistan.
Do freelancers have to pay taxes in Pakistan?
Pakistani freelancing industry grows 40% a year. Due to the growing Gig economy sector, all past governments had the initiative to not impose on Pakistan’s IT export. But recently Pakistani government announced to impose taxes on freelancers. They have explained that all those freelancers who earn 400$ a year will have to pay tax, but not deliver to the government from now.
The government has a free tax on IT export to 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 return or not applicable.
Pakistani freelancers and business entrepreneurs face many problems, and the government is not serious about Pakistani youth’s future. There are many ways to bypass these systems. Still, most of our energy and money is wasted to bypass this system—these economic traps made by our ineligible and incompetent government men and policies. Above we will try to give guide you to the Best bank for freelancers in Pakistan.