Bank Al Habib International Transfers & Exchange Rates
This relatively young commercial banking group is based in Pakistan and offers customers a range of financial products and services. Bank Al Habib is a popular option within the Islamic banking industry, competing directly with rival Pakistani group, Meezan Bank. Find out how this bank fares in terms of international money transfer services, in our full review of the company.
About Bank Al Habib
Bank AL Habib is one of Pakistan's most prominent banks, owned by the Dawood Habib family and formed in 1991 by Esmail Habib. The bank has 650 branches (regular, Islamic, and sub-branches) around the country, as well as offshore branches in Bahrain and Turkey.
The Habib family was the first to create a private bank in Pakistan, Bank AL-Habib, after being granted permission under the Privatization Scheme Act of 1991.
Retail banking, commercial banking, retail brokerage, and geographic sectors are all part of the Bank's operations. Its retail banking division provides private individuals and small companies with retail lending, deposits, and banking services. The bank also offers a variety of internet banking services and benefits to its valued customers.
Bank Al Habib Exchange Rates and Fees
Forex.pk, Pakistan's most popular currency rates website, keeps you up to current on Pakistan's interbank rates.
Exchange Rates
In Pakistan, currency exchange rates, particularly the dollar rate, are not exactly the same as on the open market. The currency is usually converted at a higher rate at Bank AL Habib. It regularly updates currency rates on its website in PDF format.
Transfer Fees
If you want to transfer cash from one BAHL account to another, there are no fees. Charges for transferring funds from a BAHL account to another bank account are as follows:
Rs 20: Up to Rs 10,000/-
Rs 40: Above Rs 10,000/- & up to Rs. 50,000/-
Rs 60: Above Rs 50,000/- & up to Rs. 75,000/-
Rs 90: Above Rs 75,000/- & up to Rs. 150,000/-
Additional Costs
Most recent additional costs charged by Bank Al Habib is found on its website here. It is only available in PDF format and is not available in English, which is a drawback for non-Arabic speakers.
How Do Bank Al Habib Transfer Fees Compare to Using Other Money Transfer Providers?
International wire transfer is one of the most efficient methods of sending and receiving money from other countries. The SWIFT network is used by Bank AL Habib to exchange messages necessary for international wire transfers. To begin the fast transfer, the receiving bank (in Pakistan) and the sending bank (in another country) or vice versa usually need to have a direct agreement in place - this is known as correspondent banking.
If your money transfer requires currency conversion, there's a possibility you'll get a bad exchange rate from Bank AL Habiband end up paying high hidden costs as a result. Apart from the wire transfer fees, Bank AL Habib makesprofit from currency conversions by providing you with retail conversion rates, which are typically 1-2% lower than market rates.
In most cases, it is preferable to use specialist foreign exchange providers over Bank AL Habib because they are generally cheaper, faster, more transparent, and just as secure as banks.
Bank Al Habib Pros and Cons
Bank Al Habib, like all other online banks, has its own set of benefits and drawbacks.
Pros
Cons
Bank Al Habib Swift Codes
| Bank | Country | City |
|---|---|---|
| Bank Al Habib Limited | Bahrain | Manama |
| Bank Al Habib Limited | Pakistan | Faisalabad |
| Bank Al Habib Limited | Pakistan | Islamabad |
| Bank Al Habib Limited | Pakistan | Karachi |
| Bank Al Habib Limited | Pakistan | Lahore |
| Bank Al Habib Limited | Pakistan | Multan |
How to Open an Account and Transfer Money With Bank Al Habib
Bank AL-Habib offers three different types of accounts: current account, savings account, and young savers account.
Opening an Account
Some documents, as well as the different types of people who can apply for a current account and their corresponding age limits, are necessary to apply for a current account at Bank Al-Habib.
Types of people:
Individual who is employed (Age limit: 21 to 60 years old)
Business owner (Age limit: 21 to 65 years old)
Working Individual: Necessary documents are requiredto apply for a current account as a working individual, such as CNIC, proof of employment (provided by your employer), and utility bills
Entrepreneur:Entrepreneurs do not need to submit a copy of their utility bills; instead, they must provide aCNIC and proof of business.
When you have these documents, go to the bank, where the banker may offer you some more necessary forms to fill out, including a minimum account opening fee of 1,000 PKR.
The process of opening a savings account is quite similar to the process of opening a current account.
If you're under the age of 18, you may also open a young savers account. To open a young savers account, fill out the application form supplied by the bank or fill it out at home using the link provided on the bank's website. With your parents, go to your nearest Bank Al-Habib branch and open a young savers account with as little as 5 PKR.
Transferring Money
BAHL Electronic FundsTransfer (EFT)is a service that allows you to transfer cash between your personal account, a beneficiary account, any BAHL account, and another bank account via ATM/Debit Card and iBanking. Customers can transfer funds using the following methods:
BAHL ATM through ATM / Debit Card
AL Habib Netbanking
AL Habib Agile
Customer Service Details for Users of Bank Al Habib
For Pakistani Customers: dial the number from your landline phone, then dial 111-014-014 to reach Bank Al Habib Phone Banking in Pakistan. If you're calling from a mobile phone, dial 021-111-014-014 or 111-014-014 (City Code).
For international customers:dial +92(city code) 111-014-014 OR +92-21-111-014-014 to reach Bank Al Habib's hotline.
Can I Use Bank Al Habib for International Bank Transfers?
Yes, to send international wire transfer from your Bank Al Habib Limited account, you need to know the following information about the person or company receiving the money:
The account name and address of the receiver
The recipient's IBAN (International Bank Account Number) or account number
The recipient's bank's name and address, as well as the BIC (Business Identifier Code) / SWIFT code / clearing code
Summary
Bank AL Habib provides commercial banking services to corporate clients, multinational corporations, government and semi-government agencies and institutions. Equity, money market, and foreign currency brokerage, equity research, and corporate financial advising and consultancy services are among its retail brokerage activities. It works in four geographic regions: Pakistan, the Middle East, Asia Pacific and Africa.
To open an account, go to a Bank AL Habib branch near you or download an account opening form online and submit it together with all supporting papers to any Bank AL Habib branch. Fees and charges will be determined in accordance with the bank's current fee schedule. All taxes will be levied in accordance with government regulations and theState Bank of Pakistan guidelines.
WorldRemit has partnered with Bank AL Habib to make transferring money to Pakistan easier, quicker, and more affordable. People in over 50 countries can transfer money to Bank AL Habib in Pakistan online in just a few minutes with itsmobile-first, digital model in banking.
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Answers to key questions about Bank Al Habib
Here are some of the most frequently asked Bank AL Habib questions.