Product Features & Benefits
- No minimum balance requirement
- Easy & Quick account opening process
- Free online banking transactions from branch counter on current account variant.
- Free access to E-statement
- Smooth inward foreign remittance
- Free access to 24/7 mobile application and WhatsApp banking
- Available in both current and saving variants
- Bi-annually profit payout on saving category account
- Conversion of account: Not Allowed
- Availability of PKR Visa Debit Card in several variants with their dedicated features upon meeting the eligibility criteria (Charges apply as per SOC)
- Account opening channels: Digital channels (ABL Website & myABL application & Branch Counter.
- Provision of a linked special foreign currency retention account where up to 50% of freelance earnings can be retained in the form of foreign currency.
Eligibility Criteria
Allied Freelancer Account is available for:
- Individuals including Minors with valid CNIC numbers, Resident in Pakistan.
- Individuals/ Self-employed providing Services online from all over Pakistan to different Clients through recognized website portals and mediums.
- All individuals engaged in provision of any digital services, including IT and IT related services.
Exporter’s Special Foreign Currency Account
ABL has introduced a special foreign Currency retention account for all Pakistani Freelancers and IT companies engaged in provision of any digital/online services, including IT and IT enabled Services (ITeS) against which payments are received from abroad. It is a foreign currency retention account with dedicated debit card along with any of the account for making business payments abroad. Up to 50% of the export’s proceeds can be credited into the special foreign currency account for FCY retention and further utilization of funds.
Eligibility Criteria
- Pakistani National
- Entities and Freelancers engaged in provision of any digital/online services
- Entities and Freelancers engaged in Software, Information Technology (IT) services and IT Enabled Services (ITeS).
- IT Exporters/freelancers registered with Software Export Board (PSEB) or Pakistan Software Houses Association (P@SHA), and involved in the export of Software, Information Technology (IT) services, IT Enabled Services (ITeS).
Q1. How can Allied Freelancer account be opened?
Allied Freelancer Account can be opened using following channels:
- By visiting your nearest ABL Branch
- By using digital Modes such as ABL Website & MyAbl Mobile Application
Q2. Can I open my Freelancer account in foreign currency?
No, freelancer account cannot be opened in foreign currency. However, a linked exporter special foreign currency account in USD is being offered along with your primary PKR Freelancer account.
Q3. What exchange rates ABL apply to convert FCY remittances?
For inward foreign remittance, conversion rates are declared by the Bank on a daily basis.
Q4. Can I deposit cash into my Allied freelancer account (conventional or digital)?
This account can be fed by foreign remittance only.
Q5. What proof of income do I need to submit to open Allied freelancer account?
Proof of profession such as copy of agreement/certificate/ letter-based correspondence that may include:
- A written self-declaration that the source of funds is freelance activities
- Website name through which services are provided
- Nature of services
- Scope of work
- Copy of Sale Tax NTN Certificate (if any)
Q6. What is Exporters’ Special Foreign Currency Account (ESFCA)?
This is a foreign currency retention account in USD, which is linked to your PKR Allied Freelancer account. Up to 50% of the export’s proceeds can be credited into ESFCA for retention of USD or making business payments abroad.
Q7. Who is eligible to open IT exporters and freelancers special FCY account?
Any IT Exporter or freelancer registered with Software Export Board (PSEB) or Pakistan Software Houses Association (P@SHA), and involved in the export of Software, Information Technology (IT) services, IT Enabled Services (ITeS) is eligible to open the account and avail the facility of FCY retention.
Q8. Is there any balance or transaction limit on Allied Freelancer PKR account and Exporter special foreign currency account?
No, there is no maximum balance limit on Allied Freelancer product suite. However, you are allowed to retain USD 5,000/- per month or 50% of the export proceeds, whichever is higher, in ESFCAs.