Money & Costs

Money & Costs

Rupee (Rs) is the official unit of Pakistani money which is further divided into 100 paisa. The currency has denomination in paper notes (Rs. 5000, Rs.1000, Rs. 500, Rs. 100, Rs. 50, Rs. 20 and Rs. 10) and in coins (Rs. 5, Rs. 2 and Rs. 1). However, looking back into the history of exchange rate, the Pakistani currency is unsteadily devaluing over the time. It is a convertible currency and an updated exchange rate can be checked with a reliable website though one can observe slight variations between bank rate and open market rate. There are number of ways you can manage your currency while travelling in Pakistan.

• You can carry cash but not all the stock in one basket. Just for safe side, have a credit card on you as well as some travelers’ cheques. Don’t depend as much on travelers’ cheques as you do on currency bills. And don’t also forget to note down the serial number of travelers’ cheques.
• ATMs (automatic teller machines) are widely installed in all major cities of Pakistan. Major Banks accept MasterCard and Visa but not always all cards that work in western banks. Rely less on ATMs than on cash. In smaller towns you must have hard cash preferably in local currency because exchange rate in the remote areas is comparatively lower than in major cities.
• If you come across financial problems, Western Union in Pakistan has services of fast money transfers. Western Union operates in all major cities as well as in Post Offices.
• Leading hotels, airlines and stores in Pakistan accept most credit cards which are the best alternate for hard cash.
• Other major foreign currencies can also be exchanged in Pakistan but only in major cities. In the remote areas you must not rely most and you should have preferably some local currency on. Always ask for receipt for your transactions, just for the safe side.

The authorized money changers remain open from 0900 to 1700 Hours (Monday to Saturday) but are usually closed on Sunday. Also, there are no restrictions on import of any foreign currency into Pakistan. It is important to bring the fresh currency notes as old, worn out, and stamped bills are hard to exchange. US Dollars, Euro, Pound Sterling and other major currencies are readily exchanged in Pakistan.

Banking Hours:

Monday to Thursday: 0900 – 18:00 Hours

Friday: 0900 – 1230 & 14:00 – 18:00 Hours

Saturday & Sunday: Closed

While traveling out of Pakistan one can reconvert any un-spent Pakistani rupees into the foreign currency from banks or money changers. This service is available at all major airports too but the rates may vary.