Imran Khan
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can someone please shed light on goods and bads Roshan Digital Account ? i searched on internet but can not find it .
goods and bads Roshan Digital Account ???
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Norwegian
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Good:
You can have a digital bank account in Pakistan from anywhere in the world
You bring in badly needed foreign exchange reserve to your homeland
You get interest on your money saved in Pakistani banks
Bad:
None
Imran Khan
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Can you transfer money in foreign currency from Roshan account back to foreign bank abroad. If yes, will there be charges on it.
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Yes. No restrictions
Good:
Overall, it seems like an initiative implemented and executed in a rush without proper SOPs and requirements being laid out by State Bank.
Yet to experience the certificate maturity process - I hope that goes by smoothly!
- As long as the documentation is complete account opening is usually quick
- Good rates
- Complete digital opening
- For most banks (I have tried two) its clear that not a lot of thought or UAT has gone into designing the forms and getting customer info. I gave up on one bank and was only able to get it opened with 2nd one after several tries and back and forth over 2 weeks. Ultimately even though the account was opened, mistakes were made by the bank meaning the details of first and second account holders were mixed in their systems causing issues with the online banking registration.
- The process of naya pakistan certificate issuance is quite rudimentary. I got an email confirming that certificates have been purchased with no info on rate, certificate number or any other detail that would give me comfort that I have been issued a security. No info appearing on the online banking portal too. Heard its the same or worse with other banks as well
Overall, it seems like an initiative implemented and executed in a rush without proper SOPs and requirements being laid out by State Bank.
Yet to experience the certificate maturity process - I hope that goes by smoothly!
your opinion is biased
next please...........................................!!!
Sir G, with respect - you are really naughty ...
May I ask which bank offer good rates or is there any bank you would advise for Roshan account.
WebMaster
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Sounds like bad IT and Business processes of the banks, nothing to do with the initiative.
Assuming you will be investing in Naya Pakistan certificates, the rates are the same across the banks since these are GoP issued securities.
To an extent, yes. But part of the initiative ought to be SBP testing banks' processes and procedures and ensuring that they comply with communicated SOPs and timelines. What you don't want and can ill afford at this stage is NRPs disillusioned with this initiative or the system overall since they represent a significant source of FDI / Forex inflows.
Wikki019
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I have one question, In my country of stay, I have my own bank account. If now I have roshan digital account and I want to transfer money from my bank account to Roshan digital account, will there be extra charges?
I was very excited about this initiative thinking that I could open a full fledged bank account in Pakistan without having to go. However, upon reading up on it, I decided to not make an account for 1 main reason which is....
You can only fund your RDA via a primary source bank account in your country of residence and the account must be registered to your name. That for me was a big negative as essentially this voids it from being a full fledged bank account as you are not able to credit your account by other means.
So I guess I'm still going to have to go to Pakistan to set up a proper bank account in person.
You can only fund your RDA via a primary source bank account in your country of residence and the account must be registered to your name. That for me was a big negative as essentially this voids it from being a full fledged bank account as you are not able to credit your account by other means.
So I guess I'm still going to have to go to Pakistan to set up a proper bank account in person.
blueazure
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none are using it , atleast that i know of
i work with a couple of freelancers , all of them are using crypto to bring in money to pakistan
no one is using Roshan
It’s meant for over seas Pakistanis only.
sur
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Few things that you won't find out from official web pages etc, and things that the banks are hiding too:
- MCB bank has a monthly fee, although very small but still no other bank that I know of is charging any monthly fee. On top of that their representatives either don't know about that monthly fee or just lie that there's no fee. See #1 below.
- HBL is the ONLY bank that is sending CDC account opening request physically by mail, while all other banks send CDC request electronically. Hence HBL takes well over a month to open CDC account.
- HBL and MCB's bank's RDA representatives have pathetic communication, English, and email writing skills. They often lie in your face. And keep bugging you to send them money. See #2 below.
- I called CDC and lady didn't get my question. She lost patience just on my repeating the question!
- Forms are poorly designed, they send you forms to sign where there's no place provided to sign.
- Instructions they send you are often unclear. Especially if you haven't been in touch with ways of office work in Pakistan in a long time and have forgotten the system there, you'll be scratching your head.
- They use lots of abbreviations that you may know only if you are in touch of Pakistani official banking language. If you grew up abroad then you may struggle to understand.
- Terminology used in banks abroad may mean something else to a Pakistani bank. e.g. the word "Beneficiary" is understood differently by RDA reps.
- If you are half the world across, like in North America, then banks' web portals may take over a minute to load on every link you click. Especially MCB was the slowest so far, literally taking more than a minute to load every page you navigate to.
- If you are in Americas, RDA reps will call you in middle of the night while you are sleeping. Like 3AM, 4AM etc.
- There is 10% withholding tax on Naya Pakistan Certs (double check, I may have this one incorrect), 15% capital gain tax for tax-filer, 30% cap-gain tax for non-tax-filer. 15% tax on dividends.
- No information available on tax receipts to show foreign countries' tax agency that you already paid taxes in Pakistan. So you "may" or may not have to pay taxes again once you repatriate you money.
- MCB will open an account & then will NOT allow you to access it online (web portal) until you deposited some money into the account. At least that's what their account-opening email says. See #3 below.
- Here's a Reddit link with some other people's experiences (link).
#1 - MCB's monthly fee officially posted. But they keep telling you there's no monthly fee.
While MCB's rep said:
But when I send him above schedule, he replied with below, that I 'm still trying to understand
#2 - examples of communication skills of RDA reps:
#3 - MCB says you cannot login unless you hand them some money
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