In Pakistan, residents buying foreign currency from an exchange company specifically to credit a foreign-currency (FCY) account must use banking channels for both sides of the transaction: the foreign currency goes into the customer’s FCY account, and the Pakistani-rupee payment comes from that customer’s personal account. This is not evidence of a blanket ban on cash foreign-currency purchases for every purpose.
Which foreign-currency purchases does the rule cover?
The State Bank of Pakistan (SBP) Exchange Policy Department’s Regulatory Framework for Exchange Companies applies the account-to-account requirement to sales to resident citizens for credit into a foreign-currency account. It does not, on the evidence available in the framework provision, establish that every foreign-currency purchase for every purpose must be cashless.
The framework’s footnote says the relevant sale paragraph was revised by EPD Circular Letter No. 10, dated November 14, 2025. The SBP circular listing identifies the letter as “Amendment in Instructions Related to Sale of Foreign Currencies to Individuals.” The linked circular text was not accessible for independent review, so the framework is the basis for the specific transaction requirements described here. SBP Regulatory Framework for Exchange Companies SBP EPD circular listing
How to pay when the foreign currency is going into your FCY account
- Arrange the purchase through an exchange company. Tell it the foreign currency is to be credited to your FCY account.
- Provide the receiving account details. Under the framework, the exchange company credits the foreign currency directly to the customer’s FCY account by cheque, pay order, or another banking channel.
- Pay the PKR from your personal account. The rupee amount must come from the customer’s personal account by bank transfer or another banking channel. A cash handover is not the method specified for this account-credit transaction.
- Complete the applicable checks. The exchange company must apply identification, biometric, documentation, and payment requirements according to the transaction amount, as well as applicable purpose-specific limits.
Thresholds and limits in the SBP framework
The following thresholds and limits are stated in the SBP Exchange Policy Department framework, whose footnote reflects the November 14, 2025 amendment. The thresholds are equivalent-value amounts and apply to individual sales under the framework.
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| Transaction amount | Framework requirement |
|---|---|
| All individual sales | The exchange company retains identification records. |
| USD 500 equivalent or above | Biometric verification is required for Pakistani nationals. |
| USD 1,000 equivalent or above | The company records the transaction purpose, obtains supporting documents, and records the source of funds. |
| USD 2,000 equivalent or above | The company receives PKR by bank transfer or cheque from the customer’s personal account and records transaction or instrument details and bank details on the receipt. |
| USD 10,000 equivalent per person per day | Maximum across exchange companies, covering cash, account transfer, or outward remittance; purpose-specific limits also apply. |
| USD 100,000 equivalent per person per calendar year | Maximum across exchange companies, covering cash, account transfer, or outward remittance; purpose-specific limits also apply. |
The framework also requires an undertaking from the customer and system checks at the exchange-company level. These compliance thresholds do not mean that a customer may automatically buy up to the daily or annual maximum: the relevant purpose-specific limits and other requirements still govern.
Can you still buy foreign currency in cash?
The account-credit provision does not by itself answer every question about cash purchases for travel or other purposes. TechJuice reported on November 17, 2025, that purchases for travel, education, medical needs, or religious pilgrimage remained permitted subject to documentation, biometric verification, and a declared purpose for cash purchases above USD 500. That list and the description of permitted purposes are secondary-source reporting, not independently confirmed wording from the full SBP circular. TechJuice report, November 17, 2025
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For a purchase that is not intended to credit an FCY account, check with the exchange company about the current rules for your specific purpose and amount. The framework contains separate verification and transaction-limit requirements; do not infer from the account-credit rule alone that cash is either always allowed or always prohibited for other transactions.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the change may mean for transfer timing
TechJuice relayed currency experts’ estimates of up to 25 days for cross-bank cheque clearance for non-dollar currencies and at least five days for dollar transfers. These are estimates attributed to unnamed experts, not SBP processing standards or guaranteed timelines. The report also described money changers’ concerns that the arrangement could disadvantage independent outlets relative to bank-owned exchange companies; that is a reported industry concern, not a measured effect.
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If timing matters, ask the exchange company and receiving bank which channel they will use, what processing time they currently expect, and whether any account or documentation detail could delay credit. The framework allows a cheque, pay order, or another banking channel for crediting the FCY account, but the available material does not establish a guaranteed completion time.
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