Top 10 Banks in Pakistan
Mesan Ali
Whether you are starting a business in Pakistan, getting your first job, or have savings to secure, opening a bank account can be useful.
The banking sector in Pakistan is massive, with many local and international banks with a firm footing in the industry. Different banks lead the market in different categories.
However, choosing the right bank can be cumbersome. Since this is not a "one solution fits all" situation, we have compiled a list of the top 10 banks in Pakistan to make things easier for you.
Overview of Banking in Pakistan
Pakistan's banking sector is full of national and international financial institutions and it plays a crucial role in the nation's economic development. With a mix of private and state-owned institutions, it provides services ranging from personal accounts and loans to corporate financing.
Along with local and international banks, Islamic banks are another common differentiator for banks in Pakistan. These banks usually don't offer credit cards, savings accounts, and other interest-associated dealings.
Document Requirements
To open a bank account in Pakistan, you usually need the following documents:
Proof of Identity (CNIC or NICOP for Pakistani citizens)
Proof of Income (salary slip, employment letter, etc.)
Proof of Address (utility bill, lease agreement, etc.)
Passport (for non-residents or foreigners)
Biometric verification
Recent photograph
Source of funds for initial deposit
Top Banks in Pakistan
1. Habib Bank Limited (HBL)
Founded in 1941, Habib Bank Limited is headquartered in Karachi, Pakistan. It is a Private institution. HBL is operational in multiple countries and is categorized as an International bank.
It offers you a wide range of banking services and is widely recognized and trusted across Pakistan. HBL is considered a pioneer in the banking sector, offering all primary banking services, including Personal, Corporate, Islamic, and Digital Banking.
While HBL charges you a monthly fee for most services, you are not required to maintain a minimum balance. HBL stands out because it has the largest network and highest assets in Pakistan, with more than 1,700+ branches.
Opening a USD account with HBL is free, but you must maintain a minimum balance to keep your account active and pay an initial deposit. While HBL does not charge a fee for receiving international remittances, it is known for offering poor conversion rates like all other local banks.
2. Meezan Bank
Headquartered in Karachi, Pakistan, Meezan Bank was founded in 1997 as Pakistan's first dedicated Islamic bank. Although relatively new, Meezan Bank has made quite a name in Pakistan's banking sector.
A National bank that mainly operates and adheres to providing its services to the domestic market. Meezan Bank's services include Personal, Business, Corporate, Islamic, Digital Banking.
Regarding fees and charges, Meezan Bank does not charge a maintenance fee for your accounts as long as you maintain the minimum required balance. Meezan Bank is also known for its wide network of branches, which has expanded to 940 branches.
Opening a USD account with Meezan Bank costs nothing. However, you must maintain the minimum balance to keep your account active, and no initial deposit is required. Receiving international transfers can be costly with Meezan Bank because of the unreasonable conversion rates offered.
3. Standard Chartered
Standard Chartered was founded in 1863 and is headquartered in Karachi, Pakistan. As a Private bank with a International presence, Standard Chartered offers a broad range of banking services. These include Personal, Corporate, Wealth Management, Islamic Banking, catering to both individual and corporate clients.
Known for its premium services, Standard Chartered typically charges account maintenance fees for various services. Its High-quality digital and priority banking is a hallmark of its appeal, making it stand out in the market. Opening a USD account with Standard Chartered is simple, but maintaining a minimum balance is necessary to avoid extra charges. Fees may apply for receiving foreign remittances, and Standard Chartered is not particularly competitive for international transactions due to high costs.
4. Bank Alfalah
Bank Alfalah was founded in 1997 and is headquartered in Karachi, Pakistan. As a Private bank, it operates primarily within National with a few international branches. Bank Alfalah offers a broad range of services, including Personal, Corporate, Islamic, Digital Banking, while focusing heavily on digital banking solutions.
Though fees apply for certain services like ATM withdrawals and international transfers, Bank Alfalah is praised for its User-friendly digital banking experience. Opening a USD account is free, but maintaining a minimum balance is necessary to avoid fees. Remittance services are available, though fees may apply for international transfers.
5. Faysal Bank
Faysal Bank was founded in 1994 and is headquartered in Karachi, Pakistan. It is a Private bank, operating National. Faysal Bank offers services like Personal, Corporate, Islamic Banking, Investment Banking and is recognized for Shariah-compliant banking solutions.
The bank charges Higher fees for certain services for account maintenance, ATM usage, and international transfers, with fees often higher than those at competing institutions. Opening a USD account is free, but you must maintain a minimum balance to avoid fees, and international remittances may come with additional charges.
6. Allied Bank
Allied Bank was founded in 1942 and is headquartered in Lahore. It is privately owned and categorized as a national bank, focusing primarily on the domestic market.
Allied Bank offers a wide variety of services, including personal and corporate banking, digital and mobile banking, with an increasing emphasis on digital and mobile banking. The bank applies digital banking platform for accounts that do not meet minimum balance requirements and charges for international transfers.
Allied Bank's standout feature is maintenance fees for accounts not meeting minimum balance, which is particularly user-friendly. Opening a USD account is free, but maintaining a minimum balance is necessary to avoid monthly fees, and there may be fees for receiving international remittances.
7. National Bank of Pakistan
Founded in 1949, National Bank of Pakistan is headquartered in Karachi and is state-owned. It plays a crucial role in managing national's financial operations and focuses on personal banking, corporate finance, and Islamic banking.
8. Bank Al Habib
Bank Al Habib was founded in 1991 and is headquartered in Karachi. As a Private bank categorized as National, Bank Al Habib is well known for its customer service and emphasis on small and medium-sized businesses.
9. United Bank Limited (UBL)
United Bank Limited (UBL) was founded in 1959 and is headquartered in Karachi. As a Private bank with a International presence, United Bank Limited (UBL) offers a wide range of banking services, including Personal banking, investment solutions, and digital banking.
10. MCB Bank
MCB Bank was founded in 1947 and is headquartered in Lahore. As a Private bank with a National presence, MCB Bank offers a wide range of banking services, including Personal, corporate, and digital banking.
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Conclusion
This guide should be your go-to review when looking for options to open your bank account in Pakistan. Find everything you need to know and more about all the top banks in your country, and you shall not be disappointed with your decision.
Pakistan banking sector is home to some big names; therefore, the final decision will come down to your personal or business needs. By evaluating these 10 banks, you should be able to identify the unique services of each bank and make the right decision that works best in your interests.