Mobile Wallet Fast and Secure Best for Home Remittances
Mobile Wallet Fast and Secure Best for Home Remittances: To Accelerate the flow of home remittances through banking channels and facilitate expatriates with a reliable, swift and cost effective conduit to transfer money to Pakistan, SBP has launched an M-Wallet Scheme for promotion of Home Remittances (see Circular to banks).
These M-wallets are specifically called Branchless Banking Home Remittance Accounts (BB-HRA). Home remittances are a major source of income for families of expatriate Pakistanis and contribute significantly in country’s economic activities. Moreover, these are a vital source of foreign exchange for the country.
Under the scheme, banks in partnership with telcos have introduced new, or tag the existing, M-wallets for home remittances. Users of these M-wallets will be able to receive home remittances in their accounts and use them when needed to withdraw cash or transfer funds, make purchases or pay bills.
Every US dollar equivalent of money received in these accounts will also be provided with an airtime of two rupees equivalent in their mobile phones.
Salient Features
Easy Account Opening
Accounts may instantly be opened/ activated at a bank branch or a branchless banking agent location with minimum documentation through biometric verification. Already opened M-wallets (Branchless Banking Level 1 accounts) may also be designated as BB- HRA through an easy registration process.
Free Airtime
On receiving home remittances in BB-HRAs, free airtime will be extended in the SIMs registered against these accounts. For example, on receiving USD 100, you will receive free airtime of Rs. 200 on the registered SIM.
No More Queues
Home remittance can now be received directly in M-wallets and there is no requirement to visit a bank branch, fill forms or stand in a que to receive your remittances.
Cash from any ATM or BB Agent
You can also withdraw cash from an ATM by using ATM cards issued against M-wallets. Remittances received in M-wallets may be withdrawn from branchless banking agent network throughout the country.
Transfer of Funds
Funds from M-wallets may be transferred to any other branchless or conventional banking account for easy payments to friends, family or anyone.
Payment of Utility Bills
M-wallets can also be used for payment of electric, gas, telephone and mobile phone bills or top ups.
Return on Account Balance
Banks will remunerate the balance available in M-wallets as per their policy and guidelines.
Who can open Mobile-Wallet?
Individuals can open these accounts on singular basis.
This account is meant for beneficiaries of home remittances i.e. individuals having Pakistani nationality only.
One CNIC holder can open only one M-wallet (BB-HRA) in a bank.
How much you can receive in your M-wallet?
These M-wallets can only be fed with home remittances i.e. money sent from abroad. No local deposit is allowed.
You can keep a maximum balance of PKR. 1,500,000 in your account.
There is restriction on receiving home remittance on a daily basis (subject to maximum balance limit).
How much you can withdraw cash from your M-wallet?
You can withdraw cash up to PKR 50,000 per day and up to a maximum of PKR 500,000 in a month.
Read also:
https://accountsgala.com/can-you-open-a-bank-account-in-pakistan-without-source-of-income/
Conclusion:
Wallet account are a convenient way to open a bank account without physically visiting the branch.
It gives freedom to housewife and specially all those customer’s who cannot visit branch due to many reason’s .
Banking has surely progressed to the next level in Pakistan way and now customer has various option to meet there financial needs .Many customer are at comfort for opening there wallet account with the numerous trusted financial institution operating in Pakistan and providing customer great service in this competitive era of digital banking.
