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Remittance question,

(105339)
   NabeelŽ
Tuesday, August 23, 2016 05:51 AM 
Reply: >
Friends,

I had some money deposited in my account after selling a plot. I wish to remit it to Dubai. I asked MCB and they have said it is not possible to do outward international remittance through bank account as it is not allowed by State Bank of Pakistan?

Is this correct? I thought government wanted us to use proper banking channels?
PakistanŽ replied on Tuesday, August 23, 2016 05:58 AM 

Meezan bank told me same
Adeel KhanŽ replied on Tuesday, August 23, 2016 06:43 AM 

Following are the possibilities:

1-Remit Through Dollar East Exchange. Pay them in Local Currency and they will remit for you or make demand draft in beneficiary name to be drawn on specified bank in the country you wish to transfer money.

Alternatively,

2- Open a foreign currency account in any bank (Ask first if they do the international wire transfer through foreign currency account)then deposit US Dollars (Cash) in the account then you can wire transfer from your that account to your account abroad.

3- Make a Demand Draft in Foreign Currency in your name drawn on the bank in the country you you wish to transfer. You can deposit that Draft in your country abroad.

I did this through Soneri Bank Limited.

Thanks & Regards.
Adnan replied on Tuesday, August 23, 2016 06:49 AM 

Go to Link Exchange on main boulevard gulberg lahore, give them cash or cheque of your local account, they would need your details in dubai, passport, copy of iqama, bank details including IBAN and Swift code, thats it. You will get the money in 4 working days. I keep using their services for my remittances from pakistan to bahrain, last week i got 11 lacs, took 4 days, their rate of conversion is slightly higher and that is where they make money. But its not too bad at all. And the limit for remittances out of pakistan has recently been increased from 10,000 $ to 50,000 $, so you can remit upto 5 million rupees in one transaction instead of breaking it up in parts like in the past. good luck.
NabeelŽ replied on Tuesday, August 23, 2016 08:41 AM 

Thanks for your suggestions brothers. I am reluctant to open a foreign currency account in Pak after seeing my brother's experience in Standard Chartered Pakistan. They are happy when you deposit your money but whenever one needs to withdraw dollars, they say they don't have them and it will take time.

I lost a couple of real estate deals as they could not arrange to give out even 10,000 USD in 10 days! Rather they could not give even 100 USD within 7 days. This is for a Premium account customer.
tallal replied on Tuesday, August 23, 2016 10:27 AM 

Same thing happened to me in alfalah bank they take a long time to pay and gave bad dollar bills,i had to go twice to change them, and they were not happy about it,
Babbi replied on Tuesday, August 23, 2016 04:22 PM 

I have good experience with UBL regarding foreign currency account/transactions etc.
Habib replied on Tuesday, August 23, 2016 05:41 PM 

Most bank create hurdle in accessing Dollars but in 7,8 days this issue is sorted, Dollars can be changed to Pak rupees radially on interbank rate [same rate as that of Tez rafter from UAE] So I don't think one need to invite Money changer in the Bank to Change the Dollar to Pak currency and they also give you rate slightly less than market rate as they have to provide this service. The only temptation is when Dollar is on Black in Market which is rare case then open market rate is far high than interbank rate. Keep in mind Changing Dollars from open market can make your white money Black or you will have to do effort to prove that and keep all transection records.

On Opposite direction Dollars from Foreign currency account can easily be transferred out [Up to certain limit] but you have to give the reason and obtain permission from state bank which is 3,4 days process.
AmmarŽ replied on Wednesday, August 24, 2016 05:25 AM 

Dear Habib,
you mentioned above that "Changing Dollars from open market can make your white money Black or you will have to do effort to prove that and keep all transection record"
you mean if one keeps all receipts given by open market dealer then he can avoid risk of making his white money into black?
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