State Bank increased foreign exchange limit for overseas payments

Islamabad: State Bank has increased the exchange rate limit for foreign payments through debit and credit cards for travel purposes.

According to Leading News, the State Bank of Pakistan has revised the existing limit of carrying foreign currency for travel purposes.

According to the revised limit, persons aged 18 years and above can now carry foreign currency equivalent to US$5,000 per visit from Pakistan, while persons below 18 years of age can carry foreign currency equivalent to US$2,500 per visit. Carrying local currency will be allowed.

The annual foreign currency carrying limit for adults and minors will be US$30,000 and US$15,000 respectively, while the old foreign currency limit for those traveling to Afghanistan will remain in place.

The foreign currency per visit limits will be effective immediately while the annual limits will be effective from January 1, 2023.

The State Bank has directed banks to ensure that the use of debit/credit cards for international payments is tailored to the individual characteristics of the cardholders and only for their personal needs.

Under the Foreign Exchange Manual on the use of overseas cards for business purposes, those seeking digital services may designate a bank to avail the facility within the relevant financial limits specified in the said framework.