Roshan Digital Account Remittances Surge Over $4 billion by April-end

Roshan Digital Accounts (RDA) continue to witness an overwhelming response from the overseas Pakistanis as inflows under this service crossed the mark of $4 billion by the end of April 2022.

According to data released by the State Bank of Pakistan (SBP), RDA inflows reached $4.2 billion, with the fresh inflows of $245 million recorded in April 2022.

So far, 403,750 accounts have been opened by various Pakistanis from 175 countries, mainly from the USA, the Gulf, and the UK.

The noteworthy inflows of remittances through RDA were reported due to the month of Ramadan, in which overseas Pakistanis usually remit relatively higher amounts to their relatives for Eid celebrations and the religious obligation of Zakat and Fitra.

In this regard, the State Bank of Pakistan ran a promotional TVC campaign to attract inflows under RDA from overseas Pakistanis.

Presently, 14 commercial banks are offering this service to expatriate Pakistanis.

Furthermore, RDA Banks have waived off the charges for incoming and outgoing funds transferred by RDA customers. However, customers may incur charges imposed by their corresponding bank abroad. To facilitate customers, RDA banks have made special arrangements with some correspondent banks (Citi Bank, Deutsche Bank, JP Morgan, and Standard Chartered Bank) to bring the transfer charges down to $5-$9. To avail of this rate when transferring funds through these banks, customers should use the special Bank Identification Code (BIC) provided by their RDA bank.