Pakistani Freelancers Embrace Dollar ATMs for Hassle-Free Withdrawals
This total amount can easily be withdrawn using a Dollar debit card, issued to freelancers once they commit to their role.
Karobar
In light of the challenges faced by Pakistani freelancers in navigating the formalities of withdrawing dollars from their foreign accounts, it is crucial to highlight the existence of 13 registered Dollar Automated Teller Machines (ATMs) scattered across the nation.
Indigenous freelancers often encounter obstacles due to hefty charges on foreign inflows and the country's ongoing struggles to streamline its payment gateway, compounded by specific requirements set by the central bank.
The primary aspiration of IT professionals in this scenario is the seamless withdrawal and utilization of their dollar earnings when necessary.
Given the potential of the IT & Telecom sector to be a cornerstone for Pakistan's exports, the central bank has recently relaxed regulations, making it easier for freelancers to open U.S. Dollar accounts.
Chairman of the Pakistan Freelancers Association (PAFLA), Ibrahim Amin, notes that freelancers are pushing for a 100% retention of their foreign currency, a demand the government cannot meet due to persistent Dollar shortages.
As a result, IT professionals often invest their foreign earnings abroad, where they can freely access and spend without governmental restrictions and charges.
On a positive note, the State Bank of Pakistan (SBP) has introduced a 50% retention policy, allowing half of the earnings to be converted into Pakistani Rupees (PKR), while the remaining half is retained in U.S. Dollars.
This development brings substantial relief to IT experts who previously lacked authorized payment gateways, leading to significant delays in processing hard-earned foreign currency from international clients, sometimes taking 5-6 months.
Now, individuals can establish their own cost-free payment gateway by opening a remote Dollar bank account.
Regarding the distribution of Dollar ATMs, Karachi and Lahore are the major hubs, boasting four ATMs each. Islamabad follows with two ATMs, while Rahim Yar Khan, Sialkot, and Rawalpindi each have one ATM.
