Pakistan Lowers The Foreign Currency Carrying Limit Overseas

KARACHI: The central bank agreed to further rationalize the limit on carrying foreign money overseas for trips on Tuesday.

According to the new restrictions, people over the age of 18 (adults) are now allowed to take out of Pakistan foreign cash worth $5,000 every visit, while children under the age of 18 (minors) are only allowed to take out foreign currency worth $2,500 per visit.

The SBP further mentioned that the annual ceiling to take foreign currency abroad for adults and minors shall be $30,000 and $15,000, respectively.

Per-visit limits will take effect right away, according to the SBP, while annual limits will take effect on January 1, 2023.

The central bank has also seen that debit and credit cards are being used for transactions that are either intended for business purposes or do not fit the user’s profile.

Therefore, SBP has encouraged banks to make sure that cardholders’ personal needs are the only ones being served by using their debit and credit cards for foreign transactions.

Additionally, an annual cap of $30,000 has been set for personal overseas transactions.

The objective of debit and credit cards, according to the central bank, is to make it easier for people to make payments for personal transactions.

The statement read, “Therefore, the restrictions on these cards as well as payments using them, both domestic and international, should be in line with the profile of the cardholder.”

The central bank also informed customers that it is their duty to make sure their annual limit is not exceeded at any moment. However, banks are required to track these caps for every person on a combined basis.

Additionally, an annual cap of $30,000 has been set for personal overseas transactions.

Written by Aly Bukshi

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