While Pakistan is often avoided because of political instability, a trip to this South Asian jewel will offer a different insight to that shown in the media. Dig deep enough, and you’ll find a stunningly beautiful country steeped in history, and filled with a rich culture and tradition.
As a plus, Pakistan is also very cheap to visit. You can easily get by on just $100 USD a week!
But how do you get your hands on enough money to enjoy this unique experience to the fullest?
Read on to find out all there’s to know about banks and money in Pakistan.
Currency in Pakistan
The official currency of Pakistan is the Pakistani Rupee (PKR). It has been a free floating currency since 2000, and its exchange rate fluctuates daily.
Rs1 is made up of 100 Paisa. However, Paisa are no longer in circulation. And as of 2013, they’re no longer accepted as a form of payment.
Rupees are available in coins of Rs 1, 2 and 5. Banknotes come in denominations of Rs 10, 20, 50, 100, 500 and 1,000. 5,000 rupees notes exist but are rarely used. In 2005, old banknotes were phased out in favour of new, more secure notes. Always make sure you have the newer, undamaged notes, as otherwise they won’t be accepted.
As is the case in India, in Pakistan large values of Rupees are referred to using distinctive terminology: 1 lakh means Rs100 thousand; and 1 crore means Rs10 million.
Exchanging currency in Pakistan
US Dollars and Euros are the easiest and most reliable currencies to exchange in Pakistan. It’s best to exchange your money once you arrive in the country, as you’re unlikely to get a good rate at home.
International airports have 24-hour exchange bureaus. However, the exchange rate at airports are often unfavourable; and they’ll add a 3% commission or even more on top. Hotels that have foreign exchange services offer equally unfavourable deals.
The larger cities have a range of exchange bureaus, usually clumped together in the same district. The best place in Lahore to change your money is at Charing Cross on the Mall Road or at the Anarkali Bazaar. In Islamabad, head to the so-called blue area (the financial district), where you’ll find various exchange bureaus and banks.
