How much will I be charged for transactions in foreign currencies?
You’re here because you may have noticed that when you make international transactions now, the exchange rate has changed
This is because we’re now using the “open market” rate for international transactions.
But wait - what’s an “open market rate”?
The open market rate is simply the rate available to our partner bank at this moment. Please note that this is not the same as the 'interbank' rate (which is the rate you see on Google).
Want to know more about financial institutions having to settle international transactions by buying dollars from the open market? Here are a couple of articles that can explain further.
Okay got it. Why did you switch though?
To be consistent with the rate we’re being charged by our banking partner, we have to pass on the same rate to our users ,All other financial institutions in Pakistan are also currently offering open market rates.
Don’t worry though; we’re still doing everything possible to offer the best rates for international transactions, in addition to the lowest foreign exchange cost in the country at 1.5%!
