FAQ - Freelancer Account

A freelancer is a self-employed person who offers services, often working on several jobs for multiple clients at one time. Freelancers usually earn money on a per-job basis, charging hourly or daily rates for their work. While a freelancer is not officially employed by another company, they can be subcontracted by other businesses. It’s common for freelancers to work on several different jobs or projects at once, but some freelance contracts may restrict who else the freelancer can work for until they complete the project.

Freelancing is where a person takes on a contract work of company(ies) and organization(s) through freelancing platform. Freelancing refers to a person working on a project or multiple projects at the same time for company(ies) or organization(s) at an agreed amount of money within defined timelines. Freelancing work is usually short-term.

Freelance platforms help companies find and hire independent professionals for temporary job roles or special projects. These platforms offer a marketplace for businesses to browse profiles of freelancer candidates based on skills, experience, location, or other criteria. Alternatively, companies can also post a project description and solicit proposals from freelancers. These capabilities help companies of all sizes outsource work on projects that require specialized skills or additional manpower, freeing up full-time employees to focus on other business activities. Some platforms focus on sourcing freelancers with certain skills, such as writing, design, or programming, while others provide marketplaces for professionals with a wide variety of skills. Most common freelance platforms are Fiverr, Toptal, Guru, Upwork, Freelancer.com, People Per Hour, etc.

Yes, Freelancers can open an account with bank by providing basic documentation.

For Freelancer account opening following documents are required:

• Original CNIC/ NICOP/ POC/li>
• Utility Bill
• Certificate/ Statement of earnings for last 3 months OR
• Agreement(s) or email/ letter-based correspondence with the clients mentioning basic details/ information regarding the underlying services.
• Declaration by customer that account will not be credited by more than USD 25,000 or PKR equivalent in a day/month

Yes, the freelancer account is offered in Islamic Banking. Following are the products offered in Islamic banking:

• Barkat Current Account (301)*
• Barkat Saving Account Individual (307)*

*Prevailing product features will be applicable

Yes, the freelancer account is offered in Conventional Banking. Following are the products offered in conventional banking:

• Faysal Sahulat Current Account (006)*
• PLS Savings Account (101)*

*Prevailing product features will be applicable

Yes, the freelancers can receive international payments directly in their accounts.

Yes, both Cheque book and debit card are offered to the Freelancer after account opening.

Yes, there will be charges applicable as per the latest prevailing Islamic SOC on issuance of cheque book and debit card in Islamic account.

Yes, there will be charges applicable as per the latest prevailing Convention Schedule of Charges (SOC) on issuance of cheque book and debit card in conventional account.

Yes, bio-metric verification will be required for further processing of Freelancer account after the customer has applied for an account digitally.

Customer will be contacted by Faysal Bank representative for bio-metric verification. Customer will visit the branch; they had selected in the digital portal at the time of account opening form submission.

Yes, As per SBP EPD Circular letter no. 03 of 2020 freelancer can only credit maximum of USD 25,000 or PKR equivalent in their account in a month.

No, if a customer has already credited their account by USD 25,000 or PKR equivalent then customer cannot make any other credit in their accounts for the rest of month.

Yes, please refer to the latest prevailing Schedule of Charges for the daily transactional limits on your Faysal Bank Debit.