Opening a bank account was a baby’s task some years back. It’s still simple and easy but due to terrorism activities in Pakistan it needs some banking processes (ordered by State Bank of Pakistan) to follow for opening a Bank Account.
Basic Types of Banking Accounts
1. Current Account
2. Savings Account
In Current account, you deposit you money and get no reward or interests on deposited amount where as in saving account you get some percentage from bank that is variable bank to bank. Both accounts have the basic requirement.
- The income Source: How you earn the money you want to deposit in bank?
- Valid Computerized National Identity card with copies
- Valid postal address of your home/office to receive letters from bank
How Free Lancers can open bank account in Pakistan?
Collect all the documents and visit nearest branch of any bank you like, there are many options and every bank is giving different services and have some different requirements as well as benefits of opening account at their bank like free cheque books, free atm cards, monthly, semi annually or annually statements as well as online banking and mobile banking.
The problem for freelancers
As free lancer, you cannot provide valid income source as you are neither an employee nor a business. You are just providing services online.
The fact, “Pakistan is one of those countries providing a large number of free lancers worldwide. Pakistan is ranked at no. 4 out of 10”
How to make a valid & authentic income source?
Note: In this way, your account will be opened with person’s name and not your service providing business name. If you want to open an account with your service providing name, like ABC Services, you will need to register yourself for NTN (National Tax Number) and enjoy,
Reading: “Business Registration benefits“
Furthermore, If you are opening through this way. Bank may demand your client’s name, to whom you are providing or have provided your services in present and past respectively.
Disclaimer: This is general account opening process for free lancers and we shared it only to help them. We strongly discourage using the above way if you are not a freelancer.