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Best Bank For Freelancers In Pakistan

There are many payment solutions in Pakistan, but none is fully functional for online businesses. This article will discuss two of the best bank for freelancers in Pakistan, which solve all online payment problems and transfers made easy.

Despite such hurdles, the Pakistani freelancer community is ranked fourth globally in market share and has 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 considerable delays in the payment holding on the freelancing site, transfer speed, and limited options issues.

 Some of the significant challenges faced by Pakistani freelancers and online businesses are:

  • Difficulty in sending and receiving money worldwide.
  • Pakistani freelancers are offered limited payment to global.
  • Not getting payments on time because banks take time to verify payment sources.
  • No PayPal existence
  • Strict government regulations

Read More: Best Virtual Card Provider in Pakistan

Pakistani laws are forced individuals and businesses not to bring any money to Pakistan. If someone succeeds in getting his money to Pakistan, he faces another problem not sending his money around the world. It is an economic trap of using your property for yourself.

Best Bank for Freelancers in Pakistan

There are quite a number of those banks that provide facilities for freelancers. But a few of the best banks for freelancers in Pakistan are analyzed below

1. PayPal

Paypal Website

Paypal is not available in Pakistan officially, but you can use Paypal in different ways. If you want to get PayPal in Pakistan, I suggest you visit this 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.

Pros:

  • PayPal is very secure.
  • No financial information is required, and 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.

Cons:

  • Not available in Pakistan
  • Having an issue with verification while in Pakistan

2. Payoneer

Payoneer is a popular online payment platform that enables freelancers and businesses to receive and send payments globally. It offers multiple services, including online invoicing, cross-border payments, and working capital, to freelancers and companies. With a presence in more than 200 countries, Payoneer is an ideal choice for freelancers who work with international clients.

Payoneer also offers freelancers tools to manage their finances, including tracking payments, creating invoices, and operating expenses. These tools can help freelancers stay organized and on top of their finances, making it easier to get paid on time and track expenses.

Payoneer is a popular choice among freelancers in Pakistan due to its global presence, fast and secure payment transfers, low fees, and practical financial management tools. While it may not be the best bank for every freelancer in Pakistan, it is worth considering for those who work with international clients and need a reliable payment platform.

Create a Free Account Now and get $25!

Pros:

  • Global Acceptance
  • Save and send money in any Currency
  • Easy to make accounts for Anyone
  • Fast Receiving 
  • Receive payment directly from clients in any currency
  • Modern Mobile App

Cons:

  • Sometimes a significant transaction is frozen ( Keep valid proof of the receiving amount)
  • 30$ yearly charges
  • Only available online
  • The virtual card spent limit is not less than $1000 

3. United Bank Limited (UBL)

UBL is among one the best banks for freelancers in Pakistan. United bank limited offers MasterCard, which accepts all major platforms for purchase and making 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 more seamless with the ‘UBL WIZ Virtual Prepaid card.

United Bank has a particular account just for you if you’re a freelancer. With this account, you’ll get all the great features of a regular checking account and some extra perks explicitly designed for freelancers.

Pros:

  • Make online shopping easy.
  • Mastercard acceptance
  • Easy to make accounts for freelancers
  • Very secure by using a WIZ card
  • Fast Receiving 
  • Easy and Modern Mobile App

Cons:

  • Slow Processing Refunds
  • No fast support
  • Lower no of branches

4. 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 favourite online products or services while enjoying complete control over your money.

If you’re a freelancer, you know how important it is to have a bank account that works for you. That’s why Bank Alfalah offers a particular freelancer account designed to give you the features and benefits you need to run your business smoothly.

With the Bank Alfalah freelancer account, you’ll get the following:

  1. A dedicated account manager to help you with all your banking needs
  2. Preferential rates on a range of products and services
  3. A suite of digital tools to help you manage your finances on the go

So if you’re looking for a bank that understands the unique needs of freelancers, look no further than Bank Alfalah.

Pros:

  • No hidden charges
  • Instant Generation
  • No Activation Required for Alfa Virtual Debit Card 
  • Secure Online Payments: Powered by MasterCard
  • Make online shopping easy
  • Define your limits of payment
  • Easy to open an account

Cons:

  • 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?

Payoneer report

The Pakistani freelancing industry grows by 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 set off 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 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, and 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 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 guide you to the best Pakistan freelancer bank.

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Author

Niaz is a web and graphic designer with extensive SEO experience and a writer. He enjoys writing about technology, design, travel, and educational topics. In his spare time, Niaz is a paragliding pilot.

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sardar sikandar
May 24, 2021 4:43 am

Excellent Article Niaz! What about Standard Chartered and HBL? Also if someone was to get in touch with with you, how would it be possible?

Reply to  sardar sikandar
May 25, 2021 1:40 pm

I don’t think opening a Bank account as a freelancer in Standard Chartered is easy. And HBL card is always the issue of acceptance worldwide. Thanks, hope you understand?

Reply to  sardar sikandar
May 25, 2021 1:41 pm

You can contact me using any source mention in the author’s detail and also on my personal website https://www.niazali.com Thanks.

Sadia
June 6, 2021 7:27 am

Do you have experience with Allied Bank? Is it not suitable for freelancers?

Reply to  Sadia
June 6, 2021 3:36 pm

Yeah, Allied Bank has excellent quick support; however, the Allied card is powered by VISA and cannot accept the most popular sites. Also, allied has some weak security and unwanted charges.

August 4, 2021 7:17 am

It is recommended in the draft of the National Freelancing Facilitation Policy 2021, PSEB will work with the Finance Ministry and Federal Board of Revenue to ensure the foreign exchange export remittances received in freelancing codes will remain income tax exempted till 2030.

Niaz Ali
January 4, 2022 12:10 pm

if i am using my s.c bank account for freelaner. its can work or not plzz tell me.

Reply to  Niaz Ali
January 17, 2022 6:59 am

Thank you Ahsan, Yes definitely saving account work with freelancing. The main drawbacks of saving account are the cash withdrawal limit and annual taxes. It also depends upon which freelancing platform you are using. For Upwork and many others that directly send money to your local bank account but if you are using fiver then a Payoneer account will be better.

HUBAIB
March 23, 2022 9:17 am

KYA NBP FREELANCER ME KAAM KARTA HAY national bank

Reply to  HUBAIB
March 23, 2022 11:29 pm

To have a Freelancing account i suggest you to enjoy services of Meezan Bank or UBL, as their services regarding freelancers are quite well. NBP is not that active in this regard

May 14, 2022 5:05 pm

[…] View More Blog Best bank for freelancers in Pakistan […]

March 29, 2023 7:41 am

UBL Bank deducts $15 from the amount received from AdSense services.

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