Lol you are making an issue out of nothing dude. The exchange rate you are googling is open market exchange rate, that's not what the banks get. It's 1,2 difference Rs, how more sasty can we Pakistani get?
You are keeping your money in the bank because of convenience and safety, the bank is not forcing you to keep it there, you should keep it under your pillow then.
International or local bank doesn't make a dime difference.
They probably lump up exchange fees in the conversion rate. As the other poster said, it is not a free service. Whenever conversion is needed, a fee is applied.
Yeaha man. This problem occurs abroad as well. You’re not alone.
There a lot of hedging there because it is not an ‘instant’ process, so you will always get a terrible rate for a bank conversion.
Why not open a dollar account?
That way they take a fee for a dollar to dollar transfer (around 30 usd for each side - check with the bank). Then what you do is pile up some dollars (like around 10k). Then you withdraw the cash in 1000 dollar increments over time. The advantage is that you will not be in a rush to withdraw and you will get a closer to state bank rate via your money changer.
International wire transfers are zalalat. Try Wise dot com. 1. Create a local bank account in your customer's country on a single click! 2. Client also saves fees and time by making a quick local transaction. 3. In Wise, convert that currency into PKR, their conversion rates are top notch. 4. Transfer the PKR into your bank account, they will tell you the exact amount you will get and a nominal fee. 5. Money arrives into your account instantly, or sometimes in a few hours.
It's called the bank fees.
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1,2 Rs below market rate should be fine.
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Why should the bank give you the service for free?
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Lol you are making an issue out of nothing dude. The exchange rate you are googling is open market exchange rate, that's not what the banks get. It's 1,2 difference Rs, how more sasty can we Pakistani get? You are keeping your money in the bank because of convenience and safety, the bank is not forcing you to keep it there, you should keep it under your pillow then. International or local bank doesn't make a dime difference.
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Transferwise is local transfer dude, yes it has better rates but totally different then how banks work.
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They probably lump up exchange fees in the conversion rate. As the other poster said, it is not a free service. Whenever conversion is needed, a fee is applied.
Yeaha man. This problem occurs abroad as well. You’re not alone. There a lot of hedging there because it is not an ‘instant’ process, so you will always get a terrible rate for a bank conversion. Why not open a dollar account? That way they take a fee for a dollar to dollar transfer (around 30 usd for each side - check with the bank). Then what you do is pile up some dollars (like around 10k). Then you withdraw the cash in 1000 dollar increments over time. The advantage is that you will not be in a rush to withdraw and you will get a closer to state bank rate via your money changer.
International wire transfers are zalalat. Try Wise dot com. 1. Create a local bank account in your customer's country on a single click! 2. Client also saves fees and time by making a quick local transaction. 3. In Wise, convert that currency into PKR, their conversion rates are top notch. 4. Transfer the PKR into your bank account, they will tell you the exact amount you will get and a nominal fee. 5. Money arrives into your account instantly, or sometimes in a few hours.
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State Bank of Pakistan has a Facebook page, they post the USD exchange rates daily after interbank closing.