SBP reduces foreign currency cash carrying limits for travelling

KARACHI: The State Bank of Pakistan (SBP) Tuesday reviewed the existing foreign currency cash-carrying limits for travel purposes, ARY News reported.

According to a statement issued by the central bank, as per the revised limits, individuals of age 18 years and above (adults) can now take foreign currency out of Pakistan equivalent to $5,000 per visit, while those below the age of 18 years (minors) can carry equivalent to $2,500 per visit.

“Furthermore, the annual ceiling to take foreign currency abroad for adults and minors shall be $30,000 and $15,000, respectively,” it added.

The SBP further said: “For taking out foreign currencies by persons travelling to Afghanistan, the existing limits prescribed earlier as per SBP Notification No. F.E 2/2021-SB dated October 06, 2021, shall remain unchanged.”

In addition, the central bank has observed that debit and credit cards are being used for transactions, which are not aligned with the profile of the individual or are intended for commercial purposes.

Therefore, SBP has advised banks to ensure that the use of debit and credit cards for international transactions is aligned with the profile of cardholders and for their personal needs only.

Besides, an annual limit of $30,000 has been prescribed for individuals for international transactions.

The central bank emphasised that the purpose of debit and credit cards is to facilitate individuals in making payments for transactions that are of personal nature.

“The limits on these cards as well as payments through them, both domestic and international, should therefore be aligned with the profile of the cardholder,” the statement read.