Brit Chick

What's the best way of transferring large sums of money (from sale of property/land) from pakistan to the UK?

My husband and I have bank accounts in the UK but not in pak. I know Western Union is an option but the transfer fees are going to be extortionate and I was wondering how others in similar situations bring money here.

I really don't want to have to bring back the cash in my handbag!

SaadiaB

dont u have relatives in pakistan that have bank accounts in pakistan, u can ask them or u can open one in pakistan when u are there.

Brit Chick

So there's no way of doing it without opening a bank account (don't want to ask a third party to use their account)

I suppose my next question should be - how difficult is it to open a bank account in pak when you're living in the UK?

prototype

not too difficult if it is a rupee account.foreign currency account is a bit difficult to do but still..not too bad.but i've heard it is still better to have a rupee account.
how abt travellers cheques?

shona09

travellers cheques, whats that?

syani1

My husband and I were actually wondering about the same thing regarding my father-in-law, who wants to sell some property and buy a home in the US. So if a relative does have a bank acct, then what? Do they make a wire transfer to the receiver's account?

Brit Chick

Well I'd want to collect the money in the UK in GB pounds rather than going through the hassle of converting rupees into pounds (especially since the last time I went into a travel exchange here they had signs up saying that no pakistani rupees could be exchanged for other currency. If that rule is still in place then effectively the money will be useless)

I would've though the commission with converting large sums of money into travellers cheques would be the same as sending it through western union?

prototype

brit chick are you in Lahore?I know quite a few places in Lahore that would be helpful to you.

Brit Chick

No, I'm in the UK at the moment and will be in NWFP when we go to pak, so need somewhere either in peshawar or islamabad.

prototype

aHaan...

I asked some people around.they suggested that the best way would be to get your amount converted into GBP here from any local agency(banks wont give you good conversion rates) and take the cash with you,packed in different places in your accompanied handbags/luggage.any bank will charge you heavy transfer fee if you do it officially.

Brit Chick

^ I don't mind having to pay bank transfer fees as I'll need official documentation to confirm the transfer anyway as the money will be used to purchase property in the UK (hence why it's a big too much to just bring back by concealing it in my handbag )

Xenophanez

I will not suggest going to those PRIVATE money changers for large amounts, in Pakistan. Since you are selling property in Pakistan, best option for you would be to do a bank transfer. For your own safety & legal reasons. YOu simply can't bring money UK without showing a legit source of those funds; otherwise Inland revenue will be on your throat.
I take since yuo are selling the property, someone (who OWNS the property) will go to pakistan? if yes then he/she can open a bank account there in no time and recieve payment in THAT account and then transfer funds to UK bank.

ADDENDUM: Open an internation banking personal account in Citibank UK. you can deposit money in that account from anywhere in the world.

arjay

[quote=Brit Chick;6367748]What's the best way of transferring large sums of money (from sale of property/land) from pakistan to the UK?

My husband and I have bank accounts in the UK but not in pak. I know Western Union is an option but the transfer fees are going to be extortionate and I was wondering how others in similar situations bring money here.

I really don't want to have to bring back the cash in my handbag![/quote]

The good thing about your frank-staement is that its from a pseudonym!

On a more serious note--things have been pretty uptight on the free movement of money outside Pakistan....after the credit-crunch.

No probs on bringing the money IN....
Issues on taking it OUT of the country! even if you have FCY account.

The easy way could be DEBIT WIZ CARD you may purchase by depositing money in any branch of UBL and obtain a DEBIT VISA CARD a.k.a WIZ CARD...and then you can use the money anywhere in the world...its just like a credit card with VISA stake...but here its your money which the bank takes in advance and tops up your WIZ card. If the card is utilized..it can be topped up again....

There is a limit on amount...not to exceed Rs.200k--which means that you, your husband or your sis or his bro...have to obtain the WIZ by going through KYC (Know Your Customer) and CNIC process. In case you do not have CNIC..I mean the BENEFICIARY does not have a CNIC (Computerised National ID Card...) even then its possible by virtue of using the CNIC of someone who could be listed as gifting you the money......but I believe the overseas based or foreign passport holder Pakistanis by naturalization..do have the CNIC under the different classification.

If you need more help--visit www.ubl.com.pk and be guided accordingly.

desi ostrich

hi your best bet is through bank to bank transfer because these money transfer shops are not trustworth because i transfered from faisalabad two years ago and his agent in uk used it and iam now getting in installments.
is horrible

desi ostrich

becareful from currency transfer shops you might lose your money
some are cheaters. your best bet is bank which is safe.
also some bank officials in pakistan asks you to keep money in your account in pakistan for few months please dont do it. bring your money back as soon as possible through bank

Brit Chick

Yes I learnt that the hard way during my last trip to pakistan. We had some money in the bank account that my husband has there and needed to withdraw it. Long story short, the bank manager basically refused to let us withdraw the money asking us to let the money stay in the account until his branch audit or some review had taken place - we argued that no, we needed the money urgently. The bank manager then took it upon himself to visit my bro-in-law and asked him to talk my husband into not withdrawing the money just yet. The worse part was that the transaction was a confidential matter, we hadn't told anyone else in the family since it was none of their business and the manager just 'outed' us. Needless to say, my husband closed his account the following morning

Brit Chick

This is the kind of option I was looking at. Yes, we are going back to pak in a couple of weeks purely to sort out the sale and so I guess our first step will be to open a bank account. Couple of questions though - do we open a foreign currency account or a rupee account? Secondly, since my husband and I both reside in the UK, how hard will it be to open such an account? Can we do it there and then by going into the bank with our passports and proof of UK address?

Fashionikuri

Hi Britchick,

I am in the same boat as you. My husband sold some property a few years ago in Pak and the money is still lying there. I do not know how to bring it to UK. We are law abiding people, but the bank transfer charges are EXTORTIONATE.

I am also very wary of money changers who do transfer through HUNDI.

I have both Pakistani rupee accounts in Pakistan and Foreign Exchange accounts in Pakistan too.

I was thinking it might be a good way to find people who require rupees in Pakistan (I could give them a cheque) and I could be paid in Pounds here.

Have you found of way to solve your problem. If any sister or brother has a solution to the problem I would be very interested to know - as I have now been waiting two years to solve this.

Allah Hafiz

Iggle

You need to be aware of your tax status in UK. Any large sum of money even coming in via Western Union is noticed and income even from the sales of overseas property will be liable to full UK income tax.

The best way is to use Western Union. Lots to think about as this is very tricky and we would all love to avoid the fees and taxes. Good luck.

gul-e-bakauli

I don't think the pakistani government allows any transfer of pakistani rupee to US/UK/CAD currencies since around Dec 2008 and has seized the HUNDI business. I dont' believe Western Union transfer big amounts, over 10 k.