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If you’re planning a trip to Pakistan in the near future, you may want to exchange some of your U.S. dollars into rupee, the country’s official currency. The international symbol for the currency is PKR.
The rupee, issued by the State Bank of Pakistan, is available in denominations of 10, 20, 50, 100, 500, 1,000 and 5,000.
This post has everything you need to know about converting USD to PKR, including where to secure the best exchange rates and how to avoid paying high fees on your conversion.
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How to Convert USD to PKR
Calculating a conversion of USD to PKR is fairly simple. You can make the conversion using a calculator or do it by hand.
1. Use a Currency Calculator
Using a currency conversion calculator is often the easiest way to get an estimate when you’re converting currency. Since exchange rates fluctuate on a daily basis, using a calculator can ensure your math is correct.
Keep in mind that exchanging currency often comes with added fees that a conversion calculator won’t be able to predict. For instance, credit card companies and ATM networks usually charge a 1% conversion fee on all foreign transactions. Individual merchants may also charge supplemental fees if you ask them to convert the price of an item to your home currency at checkout.
2. Calculate it Manually
The other option is to do the calculation manually using a simple mathematical formula. However, in order to do this, you need to know the current exchange rate. At the time of writing, 1 USD is worth 225.2 PKR.
Once you know that information, multiply the amount you have in USD by the current exchange rate. The resulting number will show you the amount of rupee that you have to spend on your trip.
Manual Currency Conversion Example
Let’s say you have 600 USD and would like to figure out how much rupee you have for a trip to Pakistan. Using the current exchange rate, the formula for your conversion would look like this:
600 USD x 225.2 = 135,120 PKR
How to Buy Pakistani Rupee
When you’re ready to buy rupee, it’s a good idea to plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees:
- Exchange at a bank or credit union before your trip: Heading to your bank before your trip is often the most cost-effective way to exchange currency. Since you have an existing relationship with them, your bank is likely to give you the best exchange rates and charge the lowest fees. For example, Bank of America doesn’t charge its account holders an exchange fee. However, it does charge a shipping fee of $7.50 USD on foreign currency orders of less than $1,000 USD.
- Use your bank’s ATM abroad for withdrawals where possible: Similarly, if you need to exchange more money while you’re on your trip, try to find an in-network ATM. Most banking apps have an “ATM locator” feature to help you find the closest option, and using an ATM affiliated with your bank can help you avoid excess fees. Keep in mind that it may be tough to find an ATM in Pakistan, as there are fewer than 16,000 active ATMs in a country with nearly 230 million residents.
- Order currency online: If your bank doesn’t offer online shipping, you can also use a third party to get currency delivered to your door. However, be aware of the costs with some of these vendors. Currency Exchange International (CXI), for instance, advertises that it does not charge an exchange fee for home deliveries. However, the delivery fee might be as high as $30 USD.
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What to Avoid When Exchanging Currency
- Exchanging currency at the airport: While exchanging currency at the airport is convenient, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
- Paying with a credit card: Try to pay in cash while you’re in Pakistan rather than with a credit card. Why? Because a credit card issuer might give you a worse foreign exchange rate than a bank.
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