GBP To PKR: Convert British Pound Sterling to Pakistani Rupee - Forbes

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If you're planning a trip to Pakistan in the near future, you may want to exchange some of your money into Pakistani rupees, the country's official currency. The international symbol for the currency is PKR.

Unlike pounds sterling, the abbreviation for PKR is different for singular and plural rupees. The abbreviation "Rp" is used for a singular rupee and "Rs" for multiple rupees. In other words, one rupee is Rp 1 and two rupees are Rs 2. 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 GBP 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 GBP to PKR

Calculating a conversion of pounds to rupees is fairly simple. You can make the conversion using a calculator or 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 conversion fee of 2.75% or more on foreign currency 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 mathematical formula. To do this, you need to know the current exchange rate. At the time of writing, £1 GBP is worth Rs 238.27 PKR.

Once you know that information, multiply the amount you have in GBP by the current exchange rate. The resulting number will show you the amount of rupees that you have to spend on your trip.

Manual Currency Conversion Example

Let's say you have 500 GBP and would like to figure out how many rupees you have for a trip to Pakistan. Using the current exchange rate, the formula for your conversion would look like this:

£500 GBP x 238.27 = Rs 119,135 PKR

How to Buy PKR

When you're ready to buy PKR, plan ahead to ensure that you pay the fewest fees. Here are three ways to get the currency you need while minimizing the fees you'll be charged:

  • 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, Natwest Bank doesn't charge an exchange fee and waives the delivery fee for orders over £5. Barclays Bank UK doesn't charge its account holders an exchange fee or a delivery fee, as long as they don't make the purchase with a Barclaycard credit card.
  • Use your bank's ATM abroad: Similarly, if you need to exchange more money while you're on your trip, try to find an in-network ATM. For example, HSBC doesn't charge a transaction fee if you use an HSBC-affiliated ATM while abroad. 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. It's worth noting that it may be hard to find an ATM in Pakistan, as there are fewer than 16,000 active ATMs in a country with almost 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 sure to compare conversion fees, commissions, delivery fees and minimum purchase amounts. Travelex, for instance, charges a shipping fee for orders valued under £600.

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What to Avoid When Exchanging Currency

  • Exchanging currency at the airport: While exchanging currency at the airport is unquestionably convenient, these kiosks often offer some of the worst exchange rates while charging some of the highest fees.
  • Currency exchange stores and kiosks: You can find currency exchange stores in large cities like Karachi and Lahore, and exchange kiosks and ATMs may be available as well. Still, you'll likely pay a premium to use one of these convenient locations.

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