Open Bank Account with SimSim Wallet Account Within a Minute

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SIM SIM Account is a mobile wallet by FINCA.

Do you think opening a bank account in Pakistan is as an easy process? Is it possible to open a bank account in Pakistan in one day?

Usual Problems in Opening Bank Account

Some of the processes that every Pakistani citizen has to go through for opening a bank account:

  • The first thing you have to do is to take some time out of your busy routine and visit a bank branch.
  • You then have to wait for your turn and when you finally meet the bank official
  • Bank officer gives you a list of documents that you need to provide to the bank in order to open an account. 
  • Once you have provided all the documents to the bank
  • You then have to pay the initial amount in cash to get the account running
  • Within 3-15 working days, you then receive a series of letter and instructions for account number, ATM card and check book

This is the usual process.

Problem Solved with SimSim Wallet Account

Wouldn’t it be nice to open an account without visiting the bank and transfer funds to anyone in Pakistan for free?

Today we are going to tell you about SimSim Wallet account that can be opened in one minute without visiting any bank. The SimSim eWallet account lets you perform your financial transactions and payments using your Smartphone.

How to Open SimSim Wallet Account?

Opening a SimSim wallet account is as easy as ABC. You are eligible for opening an account if you are a Pakistani with over 18 years of age with a Valid CNIC. All you need to do is to download the app on your android or IOS phone. Once you have downloaded the app, you can register your account within the app. The registration is a four step process and you are asked to provide the following

  • Your E-mail and mobile number (must be registered in your name)
  • Your CNIC details
  • Verification of your E-mail and mobile number (by one time password)
  • Set-up a four digit login PIN (You can change it to fingerprint login later if it is supported by your phone)

Your SimSim wallet account is up and running as soon as you verify your phone number and E-mail. Your mobile number is now your SimSim wallet account number. Now you have an account in your Smartphone with no paperwork, no initial cash deposit, No charges (FREE) and without visiting any branch.

How to Deposit Money in SimSim Wallet?

Login to your SimSim wallet and tap on add money option. You will see a list of options available for adding money into your SimSim account. These include

  • Inter Bank Funds Transfer using mobile or internet banking of other banks (IBFT, Other bank’s charges may apply)
  • ATMs (IBFT, Other bank’s charges may apply)
  • SimSim Users, you can add money in your SimSim wallet by sending a request to other SimSim user
  • UBL Omni Agents (Free)
  • If you have a FINCA account linked with your SimSim wallet, you can add money to your SimSim Wallet for free.
  • Cash-in at your doorstep, for SimSim wallet users based in Lahore only. You can request a Cash-in at your doorstep for free (Minimum Rs. 500, Maximum Rs. 5000)

With every option inside the app, you are provided a video guide and it makes it very easy to understand.

How to Send Money from SimSim Wallet?

Login to your SimSim wallet and tap on send money.  You can send money to the following beneficiaries

  • To any SimSim user using their SimSim wallet (mobile number) (for free)
  • To any bank account in Pakistan (Using IBFT)
    • For free up to Rs 10,000/-
    • For Rs. 8 if the amount is Rs. 10,001-250,000/-
  • Pay anyone with a CNIC and mobile number for free (Receiver will have to register SimSim Wallet for claiming money)
  • You can scan and pay by scanning or choosing a QR code from the gallery to pay anyone instantly
  • You can send money to other FINCA accounts for free
  • You can donate money to major charitable organisations in Pakistan.

Billers and Payment Partners of SimSim Wallet

SimSim wallet app houses hundreds of payment partners. You can pay the following bills and buy the following services using your SimSim wallet account as of now

  • Prepaid top ups and post-paid mobile bills
  • Broadband, Education, Electricity, Gas, Landline, Water / Sanitation, Insurance, Shaheen Airlines, ASKINV, Call Courier, EFBR, MCBAH, Sindh Revenue Board and online billers such as daraz.pk (The details of each category can be accessed inside SimSim app)
  • Buy Tickets of Daewoo and Skyways
  • Movies and Events Tickets in Lahore, Islamabad/Rawalpindi, Karachi, Faisalabad, Gujrat, Gujranwala, Murree, Hyderabad, Multan, and Sialkot
  • Buy IGI Auto insurance
  • Find Top deals on Restaurants in Lahore, Karachi and Islamabad
  • Buy vouchers for Amazon, Facebook, Google Play, iTunes, League of Legends, Netflix, Nintendo, Play Station Network, Skype Steam, World of Warcraft, Xbox, Xbox live and Minecraft Game car.

Transaction Levels & Limits of SimSim Wallet

Initially when you open a SimSim Wallet by providing your CNIC and phone number details, by default you open a level zero account which has the following limits.

  1.  Level  Zero transaction limits
  2. Rs. 25,000 per day
  3. Rs. 40,000 per month
  4. Rs. 200,000 per year
  5. Maximum Balance Limit = Rs. 200,000

If you want to move to level 1 to increase your transaction limits, you need to capture your CNIC front picture and a selfie and send it to [email protected]. After verification your SimSim wallet will be upgraded to Level 1 within 3-4 days with the following transactions limits.

Level One transaction limits

  • Rs. 50,000 per day
  • Rs. 80,000 per month
  • Rs. 800,000 per year
  • Maximum Balance Limit = Rs. 400,000

Level Two

Level 2 is determined by FINCA Bank subject to full KYC requirement according to the risk profile of the customer. To upgrade your wallet from Level 1 to Level 2, you have to get yourself verified by visiting your nearest FINCA branch along with your income or account statement.

Withdraw Money from SimSim Wallet

SimSim wallet account is focused on making your transactions cash-less and digital i.e. making payments by transfers and in-app purchases.  However you can withdraw your money in cash using the following

  • Easypaisa agents
  • UBL Omni Agents
  • FINCA ATM

Managing SimSim Wallet Account

You can check all the details of your SimSim wallet for free within your SimSim app such as

  • Account Balance
  • Mini statement (last 10 transactions)
  • Get your account statement E-mailed to your E-mail
  • Add payees to quick pay
  • View your account level
  • View your remaining  monthly limit
  • Order ATM Card

Conclusion

SimSim is an amazing wallet account which efforts to include every Pakistani in the digital economy. SimSim gives you a bank account in one minute with no paperwork, no initial cash deposit and no charges. If you are looking for an instant account for satisfying your payment needs with no transaction fees then SimSim is the right choice for you. However, as majority of Pakistani economy relies on cash, this digital form of payments will take time to grow.

Bilal is a banker, YouTuber and a tech enthusiast. He holds an MBA degree and has over five years of diversified experience in Telecom, auditing and financial services. He has a keen interest in tech coupled with sound knowledge of financial services in Pakistan. His contribution to TechVise Pakistan will be based on his personal experiences as well as detailed knowledge about technology, financial services and online shopping in Pakistan.

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