Meezan Bank International Transfers & Exchange Rates

Known as "The Premier Islamic Bank," Meezan Bank is the first of its kind to acquire an Islamic commercial banking license. Headquartered in Pakistan, this financial institution has a network of over 835 branches and is estimated to have a 35% market share of the Pakistani banking industry. Find out more about the bank's international transfer services in our full review of the company.

About Meezan Bank

Meezan Bank is a major Islamic bank that was founded in 2002 and is based in Karachi, Pakistan. The bank is a publicly listed company with paid-up capital of about USD94.8 million.

The Bank does business in the areas of corporate, commercial, consumer, investment, and retail banking. It provides a variety of Islamic banking products and services to its corporate, commercial, and small and medium-sized company (SME) customers through a retail banking network of over 835 branches in about 140 cities.

Personal banking, commercial banking, premium banking, and branchless banking are all available. Agriculture, food, forestry, and fishing, as well as cement, are among its assets. The Bank is exclusively active in Pakistan.

Meezan Bank Exchange Rates and Fees

Exchange rate

Meezan's spot buying rate for EUR is 192.43 and selling rate is 196.90 at the time of writing; buying rate for USD is 163.65 and selling rate is 167.46; buying rate for GBP is 224.15 and selling rate is 229.36; buying rate for CHF is 178.36 and selling rate is 182.44; and so on.

Foreign Exchange Currency Deposits, DBC/FCBC, Special US$ Bond Profits, and Forward Cover For Deposits (Excluding FE-25 Deposits) have the following conversion rates:

• USD: 165.7720

• EUR: 194.9313

• JPY: 1.5043

• GBP: 227.6878

Transfer Fees

Your account will almost certainly come with fees, regardless of where you bank. These might vary significantly depending on the account, so it's a good idea to go over the fees list at Meezan Bank before deciding to create one.

ATM costs, account maintenance fees, minimum balance charges, and foreign transfer fees are just a few of the expenses you'll likely encounter when banking in Meezan Bank.

Its latest Schedule of Charges can be found here on the Meezan Bank website.

Additional Costs

Meezan Bank’s service charges cover a variety of legitimate and compensating services provided by the bank on various transactions.

According to the Shariah Supervisory Board's guidelines, it is not permissible to collect a fee/commission only for the issuing of any financial promise or guarantee, since these obligations are Uqood–eGhair Muawada (non-compensatory). However, if the bank additionally renders/performs other relevant services, it is permissible to charge a fee.

How Do Meezan Bank Transfer Fees Compare to Using Other Money Transfer Providers?

The State Bank of Pakistan has now issued instructions to banks to provide free digital cash transfer services to individual clients up to a monthly aggregate sending limit of Rs25,000 per account or wallet.

The State Bank of Pakistan authorized banks and other service providers to charge a small fee for high-value transactions, but low-income people would continue to be able to use digital transactions for free.

Following Covid's outbreak in the first quarter of 2020, the State Bank took a number of steps to deal with the unusual situation, including advising banks and other service providers to provide free Inter Bank Fund Transfer (IBFT) services to all of their customers, regardless of transaction size.

On the other hand, there are a multitude of money transfer companies from which to select. Although PayPal is a helpful alternative for many countries, it is not the ideal method for receiving money in Pakistan.

Wise is a new type of financial firm that allows you to send money worldwide for a minimal fee. Their approach is based on local bank account transfers, which reduces the cost of international transfers compared to what banks and other providers charge. They impose a modest transaction fee ranging from 0.5% to 2%, depending on the route. They are, however, 8 times less expensive than banks, and their costs are transparent.

Payoneer is a great way to transfer and receive money. They're also one of the only means of receiving money that works in virtually every country, and the recipient may receive their money on a debit card and withdraw it from an ATM. They also have the option of sending money directly to the recipient's bank account. If you receive more than $100 via this method, they will give you a $50 bonus.

Meezan Bank Pros and Cons

It's essential to understand Meezan's operating environment, as well as its own strengths and limitations, before deciding to employ its services.

Meezan Bank Swift Codes

How to Open an Account and Transfer Money With Meezan Bank

Meezan Bank, Pakistan's top Islamic banking services provider, recognized an opportunity to boost its competitiveness by providing a simple account-opening process.

Opening an Account

Opening a bank account might feel like an uphill battle with all the paperwork, meetings, and seemingly endless waiting. Meezan Bank reinvented the account-opening process from the customer's perspective to encourage newcomers to join up for its services - and now, the bank leverages digital processes to get new accounts up and running in only one day.

A valid CNIC/SNIC / Passport / National Identity Card for Overseas Pakistanis (NICOP) / Pakistan Origin Card (POC) / Alien Registration Card (ARC) issued by National Aliens Registration Authority (NARA) / Pension Book is all that is required to open a Meezan Bank account.

Non-resident Pakistani’s (NRPs) can create a Meezan Roshan Digital Account by visiting the Meezan Bank website at www.meezanbank.com. Customers must complete the online Account Opening Form (AOF), which may be found here. After filling out the form, customers must upload scanned copies of all needed papers and submit an account opening request to the bank for processing.

Transferring Money

Customers can use services like online banking to debit monies from their account once the account has been activated. They may also use the internet banking facility in Pakistan for bill payments, IBFT, cellphone top-ups, and donations, among other things. They can also send/repatriate money outside Pakistan up to the amount of the account's balance without obtaining permission from Meezan Bank or the State Bank of Pakistan.

To make a request for money transfer, use the ‘Remittance Application Form' found here: charges will be determined in accordance with the Bank's Charges Schedule (SOC).

Customer Service Details for Users of Meezan Bank

Simply dial 111-331-331 or 111-331-332 to reach Meezan Bank Customer Service, and for additional information, email info@meezanbank.com or call +92 (21) 38103500 or +92 (21) 37133500.

Summary

Meezan Bank has firmly established itself as Pakistan's largest Islamic bank, with the country's largest Islamic banking branch network. The banking industry is undergoing a substantial paradigm shift away from old business practices in order to meet the needs of an increasingly savvy and demanding financial consumer who is also becoming more aware of Islamic banking.

Meezan Bank paves the way for the establishment of a stable and vibrant Islamic banking system, complete with innovative products and services. It firmly believes in bringing value to its clients' lives and businesses by providing creative and competitive products and services that meet their demands while adhering to Shariah principles. At the same time, it strives to provide its stakeholders with competitive risk-adjusted returns.

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