How to pay suppliers in Pakistan from the US: IBAN, USD wires and Form E
To pay a supplier in Pakistan, collect its 24-character IBAN starting PK, its bank's SWIFT code and, for goods, the Form E (EFE) number, then send US dollars by SWIFT wire to the account the supplier declared for the shipment. Send the wire with OUR charges so the full invoice value arrives. This guide covers the details to collect, the State Bank of Pakistan rules that shape the payment, rails, holidays, published fees and why payments are delayed.
- A Pakistani IBAN has 24 characters: PK, two check digits, a four-character bank code and a 16-digit account number.
- Chapter 12 of the SBP Foreign Exchange Manual requires export proceeds to be received through an authorized dealer bank within 120 days of shipment, or 45 days on sight, DP and CAD terms.
- A Pakistani exporter names the bank for its proceeds on Pakistan Single Window, and that bank issues the electronic Form E (EFE) your payment should quote.
- Chapter 6 of the Manual does not allow payments for goods exported from Pakistan to be credited to an ordinary foreign currency account.
- Wise states that it can send PKR only to personal accounts in Pakistan and is currently unable to send business payments in PKR.
- Bank AL Habib's July to December 2026 schedule lists no charge for inward foreign remittances, but intermediary banks can deduct fees unless the wire is sent with OUR charges.
USD or PKR: which currency should you pay?
Start with the currency on the supplier's invoice, and expect it to be US dollars or another convertible currency. Pakistan's foreign exchange rules are set by the State Bank of Pakistan (SBP) in its Foreign Exchange Manual, and Chapter 12 of that Manual governs exports. It states that export proceeds must be received through an authorized dealer, a bank licensed by the SBP to deal in foreign exchange, in a convertible currency in which that bank holds accounts, or in rupees from a repatriable non-resident rupee account (SBP Foreign Exchange Manual, Chapter 12).
That rule decides the practical answer for a US buyer. A Pakistani exporter is not choosing where it would like to be paid. It is meeting a requirement that ties each export to a named bank and a deadline. Paying in dollars by international wire to the account the supplier has declared for the shipment is the route the rules are built around.
Paying in Pakistani rupees (PKR) from abroad is limited. Wise, for example, states that it can send payments only to personal accounts in Pakistan and is currently unable to send business payments in PKR (Wise, currencies you can send to).
| Invoice currency | What you send | What happens at the supplier's bank | Who carries the exchange rate risk |
|---|---|---|---|
| USD | US dollars by SWIFT wire to the supplier's IBAN | Matched to the export, then converted to rupees except the share the supplier may retain | The supplier |
| EUR, GBP or another convertible currency | That currency by SWIFT wire | Received if the bank holds accounts in that currency; otherwise ask first | The supplier |
| PKR | Rupees through a provider that pays out locally | Wise does not currently send business payments in PKR | You, the buyer |
Source: SBP Foreign Exchange Manual, Chapter 12; Wise, what currencies can I send to and from; as published on 29 October 2026.
Once the dollars arrive, most are converted to rupees. Chapter 12 lets the supplier hold proceeds for 3 working days in a Special Exporters' Account before conversion, and lets services exporters keep 35% of net foreign exchange earnings in foreign currency. Software, IT, IT enabled services and freelance exporters may keep $5,000 a month or 50% of proceeds, whichever is higher, under SBP EPD Circular Letter No. 17 of 2023. The retained share is what the supplier uses for its own costs abroad, so a short or late payment affects more than the invoice.
Details to collect from a Pakistani supplier
Collect the payment details once, in writing, on the supplier's letterhead or commercial invoice. The key number is the IBAN, the International Bank Account Number, a standard format that identifies an account across borders. Pakistani banks have used IBAN for payments since 30 June 2013. A Pakistani IBAN has 24 characters: PK, two check digits that catch typing errors, a four-character bank code and the 16-digit account number. Citibank's published example is PK36CITI1000001004331059 (Citibank Pakistan, IBAN FAQs).
| Detail | Example or format | Why it matters |
|---|---|---|
| Beneficiary name | The supplier's registered name, exactly as on its bank account | A mismatch causes queries at the correspondent and the Pakistani bank |
| Beneficiary address | Full street address in Pakistan | Required on SWIFT wires |
| IBAN | 24 characters starting PK, written without spaces | Banks may hold a payment to an account that is not in IBAN format |
| Bank name, branch address and SWIFT/BIC code | 8 or 11 characters, from the supplier's bank | Routes the wire to the right bank |
| Intermediary (correspondent) bank | The US bank the supplier's bank uses for dollars, with its SWIFT code | Some US banks ask for it; leaving it out can slow routing |
| Invoice number and Form E (EFE) number | As issued for the shipment | Lets the supplier's bank match your payment to the export |
| National Tax Number (NTN) | The supplier's tax number from the Federal Board of Revenue | Lets you match the bank details to the invoicing company |
Source: Citibank Pakistan, IBAN FAQs; SBP Foreign Exchange Manual, Chapter 12; as published on 29 October 2026. The IBAN shown is Citibank's published example.
A correspondent bank is a bank that holds an account for another bank and settles payments in its currency; Pakistani banks receive dollars through correspondents in the United States. Treat any change of bank details as a fraud risk. Confirm a new IBAN by calling a contact you already know, on a number you already hold, and check that the four-letter bank code inside the IBAN matches the bank the supplier named. Our SWIFT code lookup helps confirm the bank code.
Pakistani export rules that affect your payment
Three documents tie a Pakistani export to its payment. The supplier files an export declaration on Pakistan Single Window (PSW), the government's online platform for trade declarations, and names the bank account through which the proceeds will arrive. That bank, the authorized dealer, issues the electronic financial instrument for the export, known as EFE or electronic Form E. After shipment, the supplier passes the shipping documents to the bank within 14 days (Chapter 12). Your payment closes the file when it reaches that bank in time.
| Payment terms | Deadline for the supplier to receive proceeds | Chapter 12 reference |
|---|---|---|
| Standard terms | 120 days from shipment, or the due date if earlier | Para 6(i) |
| Sight, documents against payment (DP) or cash against documents (CAD) | 45 days from shipment | Para 6(i) |
| 120 day usance | Up to 135 days from shipment | Para 6(i) |
| Advance payment | Shipment within one year of receiving the advance; the bank needs the contract, purchase order, proforma invoice or indent | Para 27 |
| Business to consumer (B2C) e-commerce | 60 days from shipment, or earlier | Para 39(iv) |
Source: State Bank of Pakistan, Foreign Exchange Manual, Chapter 12 (Exports), as published on 29 October 2026.
DP and CAD mean the buyer's bank releases the shipping documents only when the buyer pays. Usance means the buyer has an agreed number of days after shipment or sight of documents to pay. Two other rules affect buyers directly. Paragraph 20 states that the bill amount must not be less than the value declared on the export form, so a discount agreed after shipment needs the supplier's bank to be told in writing. And Chapter 6 of the Manual does not allow payments for goods exported from Pakistan to be credited to an ordinary foreign currency account (SBP Foreign Exchange Manual, Chapter 6). Pay the account named for the shipment, not another dollar account the supplier happens to hold.
How the money moves: SWIFT wires and other routes
A payment from a US account reaches a Pakistani bank as an international wire. Your bank sends it over SWIFT, the global messaging network banks use for cross-border payments, and the dollars settle in the United States on Fedwire, the Federal Reserve's system for large-value transfers, through the Pakistani bank's correspondent. Every SWIFT wire carries a charges instruction: OUR means you pay all bank charges, SHA means each side pays its own bank, and BEN means all charges come out of the amount sent.
| Route | Currency the supplier receives | Who it suits | Notes |
|---|---|---|---|
| SWIFT wire to the supplier's IBAN | USD or another convertible currency | Goods and services exporters | The standard route; quote the invoice and EFE numbers |
| Letter of credit or documentary collection | USD | Larger or first orders | Banks exchange documents and payment; 45 day deadline on sight, DP and CAD terms |
| Payment platform receiving account | USD into the supplier's platform account | Freelancers and service firms | Payoneer describes USD receiving accounts and withdrawal to a Pakistani bank |
| PKR local payout | PKR | Personal payments | Wise does not currently send business payments in PKR |
Source: SBP Foreign Exchange Manual, Chapter 12; Payoneer, Pakistan country guide; Wise; as published on 29 October 2026.
A letter of credit is a bank's promise to pay the supplier when the shipping documents match the agreed terms. Documentary collection sends the documents through the banks, and the buyer receives them only after paying. For a first order with a new supplier, either one gives both sides a bank in the middle; for repeat orders on open account, a SWIFT wire is simpler. Our guide to SWIFT, ACH and Fedwire explains the US side.
Helm sends international payments to suppliers by SWIFT from the buyer's own account, and shows the rate, fee and expected arrival before you send. Helm does not currently provide USD account details to companies based in Pakistan; this guide is about paying them from abroad.
Cut-offs, time difference and holidays
On the US side, the Fedwire Funds Service day opens at 9:00 p.m. Eastern Time (ET) on the previous calendar day and closes at 7:00 p.m. ET, with a 6:45 p.m. ET cut-off for customer transfers (Federal Reserve Financial Services). Your bank's own cut-off for international wires is earlier.
Pakistan Standard Time is UTC+5, which is 10 hours ahead of New York in winter. A wire you send at 10:00 a.m. in New York arrives after the Pakistani working day, so it is credited on the next Pakistani business day at the earliest. The realization deadline runs in calendar days from shipment, so pay several business days before it, especially around holidays. Pakistani banks also close for public dealing on bank holidays that are not public holidays, including 1 January.
| Date | Closed | Plan for |
|---|---|---|
| Monday 9 November 2026 | Pakistan (Allama Iqbal Day) | Wires credited the next Pakistani business day |
| Wednesday 11 November 2026 | US Fedwire (Veterans Day) | Send US wires by 10 November |
| Thursday 26 November 2026 | US Fedwire (Thanksgiving) | Send US wires by 25 November |
| Friday 25 December 2026 | Both (Quaid-e-Azam Day and Christmas) | Send year-end payments by 23 December |
| Friday 1 January 2027 | Both (bank holiday in Pakistan, New Year's Day in the US) | Send by 30 December |
| Monday 18 January 2027 | US Fedwire (Martin Luther King, Jr. Day) | Send US wires by 15 January |
Source: Cabinet Division notification of 2026 public holidays, as reported by Daily Pakistan; Federal Reserve holiday schedule K.8; as published on 29 October 2026. Eid holidays follow the moon and move each year.
Fees as published
A payment to Pakistan can carry four costs: your provider's sending fee, the exchange rate if you convert, intermediary bank deductions on a SWIFT wire, and the supplier's bank charges. Pakistani banks publish schedules of charges. The example below is Bank AL Habib's schedule for July to December 2026.
| Item | Published charge | Who pays it |
|---|---|---|
| Inward foreign remittance (Bank AL Habib) | Nil | Supplier |
| Inward clean collection (Bank AL Habib) | $10 or equivalent, plus actual charges | Supplier |
| Generation of financial instrument on open account export (Bank AL Habib) | Rs. 1,400 per request | Supplier |
| Transfer of export proceeds to another bank, no documents handled locally (Bank AL Habib) | Rs. 1,650 plus SWIFT charges | Supplier |
| Payoneer: payer pays by US ACH bank debit | 1% | Payer |
| Payoneer: withdrawal with conversion to local currency | 1.2% to 4% | Supplier |
| Intermediary banks | Deducted in transit on SHA and BEN wires | Whoever the charges code assigns |
| Helm | Agreed in writing before the account opens | Buyer |
Source: Bank AL Habib, Schedule of Charges July to December 2026; Payoneer fees page (last updated 1 January 2026); as published on 29 October 2026.
A nil inward charge at the Pakistani bank does not mean the full amount arrives. On SHA terms, the correspondent and any intermediary bank can deduct fees on the way, and a short payment leaves the bill below the declared export value. Send supplier payments with OUR charges unless the contract says otherwise. Helm agrees pricing with each business before the account opens; speak to the team.
Common reasons payments are delayed or returned
Most problems come from a payment that the supplier's bank cannot match to an export, or that arrives short or late.
| Problem | What happens | How to prevent it |
|---|---|---|
| Paid to a different bank from the one on the EFE | The supplier may need to transfer the proceeds, and its bank charges for it | Pay only the account the supplier names for that shipment |
| Old account number instead of IBAN | Payment held or rejected | Use the 24-character IBAN starting PK |
| Beneficiary name does not match | Correspondent or receiving bank queries the payment | Use the registered name exactly as on the bank account |
| No invoice or EFE reference | Bank cannot close the export file | Quote both in the payment reference |
| Wire sent as SHA or BEN | Supplier receives less than the declared value | Use OUR charges |
| Paid close to the deadline before a holiday | Credited after the realization period | Pay several business days early |
Source: SBP Foreign Exchange Manual, Chapter 12; Bank AL Habib schedule of charges; as published on 29 October 2026.
If a wire has left but not arrived, ask your bank for the UETR (Unique End-to-end Transaction Reference), the tracking code that stays the same along the whole SWIFT chain, and send it to the supplier with your payment confirmation so its bank can trace the funds.
Step by step: paying a supplier in Pakistan
- Agree the currency and terms. Set USD (or another convertible currency), the payment term and OUR charges in the contract.
- Collect details once. Get the registered name, address, IBAN, bank SWIFT code and correspondent details in writing, with the NTN.
- Verify by phone. Call a known contact to confirm the details before the first payment and after any change.
- Ask for the EFE number. For goods, confirm which bank the supplier declared on PSW and pay that account.
- Check the quote. Compare the rate, fee and expected arrival before you confirm.
- Time it. Pay before the realization deadline and away from Pakistani and US holidays.
- Send proof. Share the UETR and SWIFT confirmation with the invoice and EFE numbers.
- Reconcile. Match the payment to the invoice and keep both for your records.
For the supplier's side of the same corridor, see how Pakistani exporters receive USD. If you also buy from Bangladesh, read how to pay suppliers in Bangladesh.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What is the best way to pay a supplier in Pakistan from the US?
Send US dollars by SWIFT wire to the IBAN of the bank account the supplier declared for the shipment, quoting the invoice and Form E numbers. Use the OUR charges instruction so the supplier receives the full declared value.
What bank details do I need to pay a Pakistani supplier?
You need the supplier's registered name, its address, its 24-character IBAN starting PK, the bank's name, branch address and SWIFT code, and the bank's US correspondent if your bank asks for it. For goods, also ask for the Form E (EFE) number so the bank can match your payment to the export.
Can I pay a Pakistani supplier in rupees?
Business payments in rupees from abroad are limited. Wise states that it can send PKR only to personal accounts in Pakistan and cannot currently send business payments in PKR. SBP rules expect export proceeds in a convertible currency through an authorized dealer bank, so most buyers pay in US dollars.
What is Form E or EFE in Pakistan?
Form E is the State Bank of Pakistan form that links an export shipment to the bank that must receive its proceeds. Today it is issued electronically as the EFE by the supplier's authorized dealer bank after the export declaration is filed on Pakistan Single Window.
How long does a Pakistani supplier have to receive payment?
Under Chapter 12 of the SBP Foreign Exchange Manual, export proceeds must arrive within 120 days of shipment on standard terms, or by the due date if earlier. On sight, documents against payment and cash against documents terms, the period is 45 days.
Can I pay a Pakistani supplier in advance?
Yes. The supplier's bank needs a copy of the contract, purchase order, proforma invoice or indent, and the goods must be shipped within one year of the advance payment, under paragraph 27 of Chapter 12.
How long does a wire to Pakistan take?
The wire settles in the US on Fedwire and is credited on a Pakistani business day. Because Pakistan is 9 or 10 hours ahead of New York, a payment sent during the US working day is usually credited on the next Pakistani business day at the earliest.
Why did my Pakistani supplier receive less than I sent?
Correspondent and intermediary banks can deduct fees from a wire sent with SHA or BEN charges. Sending with OUR charges makes you responsible for those fees, so the supplier receives the amount on the invoice and the declared export value.
Can I pay a supplier in Pakistan with USDT or USDC?
Chapter 12 requires export proceeds to be received through an authorized dealer bank in Pakistan, and reports of the 2026 virtual asset framework do not say that export proceeds may be received in stablecoins. Pay by bank wire unless the supplier's bank confirms otherwise.
References
- State Bank of Pakistan: Foreign Exchange Manual, Chapter 12 (Exports)
- State Bank of Pakistan: Foreign Exchange Manual, Chapter 6 (Foreign currency accounts)
- Citibank Pakistan: IBAN frequently asked questions
- Bank AL Habib: Schedule of Charges, July to December 2026
- Wise: What currencies can I send to and from?
- Federal Reserve Financial Services: Fedwire Funds Service operating hours
- Board of Governors of the Federal Reserve System: Holidays Observed (K.8)
- Daily Pakistan: Public holidays in Pakistan 2026, Cabinet Division notification
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.