Over the past few years home remittances have been the strongest and most stable economic indicator for the Pakistani economy with remittances reaching more than USD 11 billion per annum and expected to grow further at a remarkable pace.
UBL, one of the largest commercial banks in country with a domestic network of over 1,100 branches and overseas footprint in 11 countries has already acknowledged this fact, and has assumed a leading role for facilitating overseas Pakistanis in sending funds to their loved ones in Pakistan with the launch of customised product offerings such as the UBL Tezraftaar account services for Non Resident Pakistanis (NRPs), which allows expatriates to open an account in Pakistan from abroad.
To further provide value and convenience to NRPs and their families, UBL is now introducing a unique and pioneering product for the beneficiaries receiving home remittances in Pakistan. The "UBL Tezraftaar Pardes Card", launched in collaboration with the Pakistan Remittance Initiative (PRI), allows beneficiaries to receive their remittances on a regular basis on the card without the hassle of visiting the branches to collect their funds. The NRPs can remit their funds through an extensive global network of UBL branches, correspondents and tie-ups whereas the beneficiary card holders can access these funds in Pakistan through thousands of ATMs and VISA accepting locations in Pakistan whenever and wherever required.
The card will be instantly available free of cost from UBL branches with no annual or recurring fees, with the added benefit of exemption from Withholding tax (WHT) on cash withdrawals from ATMs. Furthermore, the cardholder will also be entitled to a 5 percent return on the remittances as per a regular savings account.
With the launch of the UBL Tezraftaar Pardes Card, UBL seeks to play a pivotal role in encouraging home remittances through official channels and provide impetus for further growth of home remittances in Pakistan, a cause long espoused by the State Bank of Pakistan.
On the launch of the product, the acting Governor, State Bank of Pakistan, Yaseen Anwar, praised UBL's initiative to introduce the Pardes Card to further facilitate the remittances to Pakistan. He commented "The Pakistan Remittance Initiative has been taken to achieve the objective of facilitating convenient and legal flow of remittances to Pakistanis. With remittances into Pakistan hitting a record high, UBL's launching of the Pardes Card is a step in the right direction". Atif R Bokhari, President UBL, said "UBL has always strived to provide innovative solutions to our customers at every touch point. With the launch of the UBL Tezraftaar Pardes Card, sending money to loved ones from abroad has been further simplified...".-PR