The high fees and red tape that many Pakistani freelancers face make it difficult for them to access their hard-earned international profits. The State Bank of Pakistan (SBP) has relaxed regulations, making it easier for independent contractors to create US dollar accounts, which has resulted in recent developments that are encouraging.
THE IMPORTANCE OF DOLLAR ATMS
To facilitate this process further, there are now 13 registered Dollar Automated Teller Machines (ATMs) strategically located across the country. These ATMs provide freelancers with a convenient way to withdraw their foreign currency whenever needed, eliminating the need for costly conversions and cumbersome processes.
ACCESSING DOLLAR ATMS: LOCATIONS
Dollar ATMs are currently available in various cities across Pakistan, with Karachi and Lahore hosting the majority. In Karachi, you can find these ATMs at Hassan Square Branch, Khyaban-e-Hafiz DHA, HBL Tower Branch, and World Trade Centre Br Clifton. Similarly, Lahore boasts four Dollar ATMs located at DHA Phase 5 Branch, Corporate Branch Wapda House, Z Block DHA Branch, and Main Boulevard Gulberg Kabana Br.
| S. No | ATM ID | Location | City | Location Type |
|---|---|---|---|---|
| 1 | 1178 | Hassan Square Branch Karachi PK | Karachi | Onsite |
| 2 | 2265 | Karachi-Khyaban-e-Hafiz, DHA | Karachi | Onsite |
| 3 | 2525 | HBL Tower Branch | Karachi | Onsite |
| 4 | 5441 | World Trade Centre Br Clifton | Karachi | Onsite |
| 5 | 2551 | DHA Phase 5 BR Lahore PK | Lahore | Onsite |
| 6 | 0552 | Corporate branch Wapda House | Lahore | Onsite |
| 7 | 2264 | Z Block DHA Branch | Lahore | Onsite |
| 8 | 2297 | Main Boulevard Gulberg Kabana Br (Prestige Hall) | Lahore | Onsite |
| 9 | 0814 | SDV Rawalpindi | Rawalpindi | Onsite |
| 10 | 0160 | Shahi Road Rahim Yar Khan | Rahim Yar Khan | Onsite |
| 11 | 0519 | Cantt. Branch | Sialkot | Onsite |
| 12 | 2384 | Diplomatic Enclave Branch | Islamabad | Onsite |
| 13 | 9907 | College Road F7 Prestige Hall 2nd ATM | Islamabad | Onsite |
BEYOND KARACHI AND LAHORE
While Karachi and Lahore lead in ATM availability, other cities like Islamabad, Rawalpindi, Rahim Yar Khan, and Sialkot also have Dollar ATMs. Islamabad, for instance, has two ATMs located at Diplomatic Enclave Branch and College Road F7 Prestige Hall.
REGULATORY CHANGES AND FREELANCER DEMANDS
Ibrahim Amin, Chairman of the Pakistan Freelancers Association (PAFLA), highlights the demand for 100% retention of foreign currency by freelancers. While the government can’t fulfill this demand due to Dollar shortages, the SBP’s 50% retention policy offers a compromise. This policy allows freelancers to retain half of their earnings in U.S. Dollars, providing them with greater financial flexibility.
CONCLUSION
For Pakistani independent contractors, the introduction of Dollar ATMs represents a major advancement as it gives them easier access to their outside income. Freelancers can now handle the financial environment more effectively thanks to enhanced banking facilities and legislative improvements, which is opening up new opportunities for the IT industry’s growth and success.
