USD business account in Pakistan
A Pakistani company holds US dollars in a foreign currency account at an authorized dealer bank in Pakistan, and exporters keep a permitted share of their proceeds in an Exporters' Special Foreign Currency Account. Online USD accounts from providers abroad are limited for Pakistani companies: Wise lists Pakistan among addresses that cannot get USD account details, and Airwallex does not list Pakistan. This guide covers the State Bank of Pakistan rules, the providers that do serve Pakistan, the US company route, documents and the legal position of stablecoins.
- Under Chapter 6 of the SBP Foreign Exchange Manual, firms and companies established and functioning in Pakistan may open foreign currency accounts at authorized dealer banks.
- Chapter 6 lets these accounts be fed by remittances received from abroad, but not by payments for goods exported from Pakistan or by foreign exchange bought from an authorized dealer in Pakistan.
- Export proceeds must be received through an authorized dealer within 120 days of shipment, and software, IT and freelance exporters may retain $5,000 a month or 50% of proceeds, whichever is higher.
- Wise lists Pakistan among addresses that cannot get USD account details, and Airwallex does not list Pakistan as a supported registration location.
- The Virtual Assets Act 2026 established the Pakistan Virtual Asset Regulatory Authority, and in April 2026 the SBP replaced its 2018 ban by letting banks serve PVARA-licensed virtual asset service providers.
- Helm does not currently provide USD account details to companies based in Pakistan, so the routes in this guide are the bank, provider and company options available today.
USD business account options in Pakistan: the short answer
A company in Pakistan can hold and receive US dollars in four ways: a foreign currency account at an authorized dealer bank in Pakistan, an export retention account at the same kind of bank, a USD account with a provider outside Pakistan that accepts Pakistani businesses, or a separate US company with its own US account. An authorized dealer is a bank licensed by the State Bank of Pakistan (SBP) to deal in foreign exchange.
The SBP Foreign Exchange Manual decides which of these a company can use for which money. Chapter 6 covers foreign currency accounts. Chapter 12 covers exports, including how fast proceeds must arrive and how much may stay in dollars. A foreign account does not change those rules: export proceeds still have to be received through an authorized dealer in Pakistan.
Each type of business meets the rules at a different point. An exporter of goods works mainly under Chapter 12. A software house or agency billing US clients is a services exporter with its own retention limit. An importer needs dollars to pay suppliers abroad, which it buys from its bank against import documents. A trading group may need several routes at once.
This guide sets out the options, the SBP rules, what foreign providers state about Pakistan on their own pages, the US company route, documents and the legal position of stablecoins such as USDC and USDT. Exporters who want the step-by-step collection process should read our guide on how Pakistan exporters receive USD payments.
The options compared
The table compares the option types. It is not a ranking, and most Pakistani trading companies use a bank account in Pakistan plus one other route.
| Option | Account name and location | How payers pay it | Main rules and limits |
|---|---|---|---|
| Foreign currency account | Company's own name, authorized dealer bank in Pakistan | International wire (SWIFT) through the bank's US correspondent | SBP FE Manual Chapter 6; not fed by goods export proceeds or dollars bought locally |
| Exporters' Special Foreign Currency Account (ESFCA) | Company's own name, the bank that handles its exports | SWIFT wire quoting the invoice and export reference | Chapter 12 retention limits; set uses abroad |
| USD account with a foreign provider | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Provider's country list decides eligibility; export proceeds must still be received through an authorized dealer |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company, US tax number and filings; some providers exclude Pakistani addresses |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | Virtual Assets Act 2026; services through PVARA-licensed providers |
Sources: SBP Foreign Exchange Manual, Chapters 6 and 12; Dawn and The Express Tribune reports of the SBP virtual assets circular, April 2026. As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system that US companies use for routine payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments. A US client that sees only SWIFT details must send an international wire, which costs it more than an ACH payment and takes longer to arrive.
How to choose: start with where the dollars come from. Goods exporters need the bank that holds their export documents and, for the retained share, an ESFCA. Services exporters also collect through an authorized dealer and keep their permitted share in dollars. A company that receives other remittances from abroad, such as investment or reimbursements from a foreign parent, uses the Chapter 6 foreign currency account. The foreign provider and US company routes suit specific cases, covered below.
SBP rules on foreign currency accounts for companies
Chapter 6 of the SBP Foreign Exchange Manual sets out who may hold foreign currency accounts in Pakistan and what may be paid into them. Chapter 12 then decides what happens to export proceeds. The key points are below.
| Rule | What the Manual says | Reference |
|---|---|---|
| Who may open | Firms and companies established or incorporated and functioning in Pakistan, including those with foreign shareholding; not airlines, shipping companies, investment banks, leasing companies or modarabas | Chapter 6, para 1(i) |
| Permitted credits | Remittances received from abroad, travelers cheques issued outside Pakistan and foreign currency notes | Chapter 6, para 1(iv) |
| Credits not permitted | Payments for goods exported from Pakistan; foreign exchange purchased from an authorized dealer in Pakistan | Chapter 6, para 1(ii) |
| Kerb market | Corporate bodies and legal entities cannot generate funds from the kerb market | Chapter 6, para 1(iii) |
| Using the balance | Holders may operate the account to the extent of the balance, for local payments or remittance to any country and for any purpose | Chapter 6, para 1(vi) |
| Export proceeds deadline | Within 120 days of shipment, or the due date if earlier; 45 days for sight, DP and CAD terms | Chapter 12, para 6(i) |
| Services exporters' retention | 35% of net foreign exchange earnings | Chapter 12, para 36 |
| Software, IT and freelance retention | $5,000 a month or 50% of proceeds, whichever is higher | Chapter 12, para 12(iii)(b); EPD Circular Letter 17 of 2023 |
Sources: State Bank of Pakistan, Foreign Exchange Manual, Chapters 6 and 12; SBP EPD Circular Letter No. 17 of 23 October 2023. As published on 29 October 2026.
The kerb market is the informal currency market outside the banks. DP, documents against payment, and CAD, cash against documents, are export terms under which the buyer's bank releases the shipping documents only when the buyer pays.
What the rules mean in practice
Paying goods export proceeds into the general foreign currency account is not allowed: those proceeds arrive at the authorized dealer named for the shipment and are converted to rupees, except for the share the exporter may retain in an ESFCA. The SBP raised the retention limit for software, IT, IT enabled services and freelance exporters from 35% to 50% on 23 October 2023, and allowed them to make current payments abroad from these accounts without prior SBP approval. Dollars a company buys from its bank for an import go straight to the supplier against the import documents; they cannot be parked in the foreign currency account.
Pakistani banks publish their charges. Bank AL Habib's schedule for July to December 2026, for example, lists no charge for inward foreign remittances and $5 per standing instruction on a foreign currency account, plus remittance charges (Bank AL Habib schedule of charges). Intermediary banks can still deduct fees from an incoming wire unless the payer pays on OUR terms, which means the sender pays all transfer fees.
Foreign USD account providers and Pakistan
Many Pakistani businesses look first at an online USD account from a provider outside Pakistan. Eligibility is set by each provider, and several of the best-known names do not serve Pakistan. The table records what each provider states on its own pages.
| Provider | What its own pages state for Pakistan |
|---|---|
| Wise | Pakistan is on the list of addresses that cannot get USD account details; a US business with an address in Pakistan also cannot get them |
| Airwallex | Pakistan is not on its list of supported registration locations; unlisted locations cannot be processed |
| WorldFirst | Its South Asia pages address businesses in Pakistan and Bangladesh and describe local receiving account details in more than 15 currencies, including USD |
| Payoneer | Its Pakistan guide describes receiving accounts in USD, EUR and GBP and withdrawal to a Pakistani bank |
| nsave | Its Pakistan page states that its business account accepts registered companies without a US company |
| Mercury | Accepts only companies formed and registered in the United States or a US territory |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Payoneer publishes its fees on its own fees page, last updated 1 January 2026:
| Payoneer item | Published fee |
|---|---|
| Receiving into a local currency receiving account, such as USD by a US payer | Free |
| Receiving into a non-local currency account | 1%, minimum $1 |
| Payer pays by credit card | Up to 3.99% plus $0.49 |
| Payer pays by US ACH bank debit | 1% |
| Withdrawal with conversion to local currency | 1.2% to 4% |
| Annual account fee | $29.95, only for accounts receiving less than $6,000 in 12 consecutive months |
Sources: Payoneer fees page (last updated 1 January 2026) and pricing page, as published on 29 October 2026. Payoneer states that fees depend on locations, payment method and currencies.
Payoneer's receiving accounts FAQ adds two conditions: payments must come from business accounts, as payments from personal bank accounts are declined, and receiving accounts can receive funds but not send them.
Before applying to any provider, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails they accept: ACH only, or also Fedwire and SWIFT. Third, how the dollars reach Pakistan, because export proceeds must be received through an authorized dealer within the Chapter 12 deadline and declared on the export documents.
Provider pages used: Airwallex eligible countries, WorldFirst South Asia, Payoneer Pakistan guide, Payoneer receiving accounts FAQ, nsave Pakistan and Mercury eligibility.
The US company route
Some Pakistani founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, with existing or planned US operations, and states that founders do not need to be US citizens or residents. Mercury also publishes a list of countries where it cannot support founders, so check it before you form the company.
The address matters as much as the company. Wise states that a US business with an address in Pakistan cannot get USD account details. A US company run from Pakistan therefore does not solve the eligibility question with every provider.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no principal place of business in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
The trade-off is structure. The US company is a separate legal entity with its own tax filings, and money it earns belongs to it, not to the Pakistani company. Goods and services exported from Pakistan remain subject to Chapter 12 whichever entity invoices the buyer. Take Pakistani and US tax and legal advice before choosing this route.
Documents you need
Banks and providers ask for a similar company file. The table is a typical checklist; each bank sets its own.
| Document | Bank in Pakistan | Foreign provider (typical) |
|---|---|---|
| Certificate of incorporation from the Securities and Exchange Commission of Pakistan (SECP) | Yes | Yes |
| Memorandum and articles of association | Yes | Usually |
| Board resolution to open the account and name signatories | Yes | Usually |
| National Tax Number (NTN) certificate | Yes | Often |
| Identity documents of directors and signatories | Yes, CNIC | Yes, passport or CNIC |
| Details of owners of 25% or more | Under the bank's KYC policy | Yes |
| Proof of business address | Yes | Yes |
| Description of trade, counterparties and expected volumes | Under the bank's KYC policy | Yes |
| Export documents for each shipment | Export declaration on Pakistan Single Window and electronic Form E | Invoices or contracts for large payments |
Typical requirements compiled by the Helm Editorial Team; export documents from the SBP Foreign Exchange Manual, Chapter 12. As published on 29 October 2026.
The CNIC is the Computerized National Identity Card issued to Pakistani citizens. The NTN is the tax number issued by the Federal Board of Revenue. Pakistan Single Window is the government's online platform for trade declarations, and electronic Form E is the SBP form that links an export shipment to the bank that must receive its proceeds. KYC, short for know your customer, is the identity and ownership check every bank and provider runs before opening an account. Keep the company name identical on every document.
Stablecoins in Pakistan: USDC, USDT and the Virtual Assets Act 2026
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. Pakistan's position changed in 2026.
- The Virtual Assets Act 2026. As reported by Dawn on 15 April 2026, an SBP circular stated that the Act has been enacted and that the Pakistan Virtual Asset Regulatory Authority (PVARA) has been established under it.
- The SBP circular. The Express Tribune reports that the circular replaces the SBP's 2018 circular that prohibited dealing in virtual currencies. Banks may open accounts for virtual asset service providers (VASPs) licensed by PVARA, after verifying the license with PVARA, and limited-purpose accounts for entities holding a PVARA no objection certificate so they can apply for a license.
- Client money. Banks must keep VASP client funds in separate client money accounts that are rupee denominated, pay no return and allow no cash deposits or withdrawals.
- Banks' own activity. Banks may not invest, trade or hold virtual assets with their own funds or customer deposits.
| Question | What the sources say |
|---|---|
| Are virtual asset services legal in Pakistan? | Yes, under the Virtual Assets Act 2026, through providers licensed by PVARA |
| Can banks serve crypto businesses? | Yes, PVARA-licensed VASPs, under the SBP's April 2026 conditions |
| What replaced the 2018 ban? | The April 2026 SBP circular on VASP accounts |
| Does this change export proceeds rules? | The reports do not say so; Chapter 12 still requires proceeds through an authorized dealer |
Sources: Dawn, 15 April 2026; The Express Tribune report of the SBP circular. As published on 29 October 2026.
A Pakistani company that a buyer offers to pay in USDC or USDT should take advice first. The reports of the 2026 framework cover licensing of service providers and bank accounts; they do not say that export proceeds may be received in stablecoins, and Chapter 12 still requires proceeds to arrive through an authorized dealer.
Where Helm fits, and where it does not
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm does not currently provide USD account details to companies based in Pakistan. A Pakistani company should therefore use the routes above: its foreign currency account and ESFCA at an authorized dealer, or a provider that states it serves Pakistan.
Helm accounts can receive, send and convert USDC and USDT to USD. For a company based in Pakistan, any use of stablecoins sits under the Virtual Assets Act 2026, PVARA licensing and the SBP's export rules, so take Pakistani legal advice before relying on it, and ask about current eligibility through Helm's contact page. Helm's general eligibility rules are on the eligibility page.
Pakistani firms whose need is collecting export proceeds should start with the bank side: our guide to how Pakistan exporters receive USD payments covers the realization period, IBAN format, invoice details, fees and holidays.
Freelancers and IT exporters
Pakistani freelancers and small software firms are services exporters under Chapter 12. They receive proceeds through an authorized dealer and may keep $5,000 a month or 50% of proceeds, whichever is higher, in an ESFCA. The SBP's October 2020 answers to questions on foreign currency accounts state that entities exporting IT services can open special foreign currency accounts under the existing regulations.
Platforms are the other common route. Payoneer's Pakistan guide describes receiving accounts in USD, EUR and GBP, withdrawal to a Pakistani bank, and advises using purpose codes accurately when withdrawing. A purpose code is the code a bank uses to classify why a foreign payment arrived, for example IT services. Wise lists Pakistan among addresses that cannot get USD account details, for personal and business profiles.
A freelancer who grows into an agency should incorporate and open accounts in the company's name, so client payments, retention balances and personal money stay separate.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a Pakistani company open a USD account?
Yes. Under Chapter 6 of the SBP Foreign Exchange Manual, firms and companies established and functioning in Pakistan may open foreign currency accounts at authorized dealer banks. Exporters may also keep a permitted share of proceeds in an Exporters' Special Foreign Currency Account.
What can be paid into a company foreign currency account in Pakistan?
Chapter 6 permits remittances received from abroad, travelers cheques issued outside Pakistan and foreign currency notes. It does not permit payments for goods exported from Pakistan or foreign exchange purchased from an authorized dealer in Pakistan.
Can a Pakistani business open a Wise USD account?
Wise lists Pakistan among addresses that cannot get USD account details, for personal and business profiles. It also states that a US business with an address in Pakistan cannot get USD account details.
Does Airwallex accept Pakistani companies?
Airwallex does not list Pakistan as a supported registration location, and states that it cannot process applications from locations not on its list. Check its eligibility page for changes.
How much of their dollars can Pakistani IT exporters keep?
Software, IT, IT enabled services and freelance exporters may retain $5,000 a month or 50% of export proceeds, whichever is higher, in an Exporters' Special Foreign Currency Account. Other services exporters may retain 35% of net foreign exchange earnings.
Can Pakistani exporters receive payment into a foreign account?
Chapter 12 of the SBP Foreign Exchange Manual requires export proceeds to be received in Pakistan through an authorized dealer within 120 days of shipment, or by the due date if earlier. A foreign account does not replace that requirement.
Is crypto legal in Pakistan in 2026?
Pakistan enacted the Virtual Assets Act 2026, which established the Pakistan Virtual Asset Regulatory Authority. In April 2026 the SBP replaced its 2018 ban with rules letting banks serve PVARA-licensed virtual asset service providers.
Does Helm offer USD accounts to Pakistani companies?
Helm does not currently provide USD account details to companies based in Pakistan. Pakistani companies should use a foreign currency account at an authorized dealer bank or a provider that states it serves Pakistan.
Can a Pakistani founder get a US EIN?
Yes. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 to obtain an EIN, and state that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
References
- State Bank of Pakistan: Foreign Exchange Manual, Chapter 6 (Foreign currency accounts)
- State Bank of Pakistan: Foreign Exchange Manual, Chapter 12 (Exports)
- State Bank of Pakistan: EPD Circular Letter No. 17 of 2023, export of software, IT, ITeS and freelance services
- State Bank of Pakistan: FAQs on foreign currency accounts (11 October 2020)
- Dawn: Pakistan legalises virtual assets (15 April 2026)
- The Express Tribune: SBP replaces 2018 crypto ban with new VASP rules
- Wise: Can I get USD account details?
- Payoneer: Fees
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.