Lahore Real Estate Forum

Start NEW Topic Or Post Advertisment

                                                          
 
Back to Forum |

Lahore Real Estate Forum: Property News & Community Talk : ,

(72538)
   Question
Saturday, June 2, 2012 10:55 AM 
Reply: >
Aslamoalikum

I know getting money into Pakistan is easy but what about getting it out to other country.

Is there any restriction on transferring legally money out of Pakistan, e.g. 50 lack or one chore?

what are the procedures and pro and cons etc?

thanks
jk replied on Saturday, June 2, 2012 11:06 AM 

if you are working and living abroad find out from your friend who wanted to send money Pakistan and exchange your funds with them . This the easiest and safest way. The money you wanted to get from Pakistan is not much and should not be an issue at all.
AQ replied on Saturday, June 2, 2012 02:24 PM 

in which courty you are if we are in same I have to send almost same amount may be we can make deal.
Question replied on Sunday, June 3, 2012 04:53 AM 

I am in Qatar, so are we saying there is no legal restriction?
JJJ replied on Sunday, June 3, 2012 06:18 AM 

Brother, You can send the money out of Country without any problem but once the person will do a transaction or series of transactions to send 50lacks or 1 crore, he may get a letter from CBR to explain the source of funds. They usually do if amount is more than 10lacs.
From Bahrain replied on Sunday, June 3, 2012 06:36 AM 

There are legal restrictions. The only way you can get money out of Pakistan is for business, meaning importing something and paying by TT or LC to a legitimate business in Qatar, with all sorts of documentation required. The other way is like I do, if you want to sell your property and take the money out, sell it to someone in Qatar, give him power of attorney attested by Pakistan embassy and take the money in Riyals, he can go to Pakistan and get the plot transfered into his name. If it is money, then do what JK suggested. If both dont work, then go back to Pakistan and spend that money. At least you will have some fun :-)
Onlooker replied on Sunday, June 3, 2012 07:12 AM 

To the best of my knowledge , if you are transferring money from your own foreign currency account in Pakistan to your own account abroad, there are no restrictions. Only limitation is that when you transfer more than 50'000 (not sure what is the current limit) dollars in one go, the bank has to report the deal to State Bank. However, transferring to your own account is perfectly legal.
Question replied on Sunday, June 3, 2012 10:35 AM 

Thanks but i think i cannot deposit in my foreign account
From Bahrain replied on Sunday, June 3, 2012 12:24 PM 

trust me, you cannot take a penny out of Pakistan.
Naveed Yaseen replied on Sunday, June 3, 2012 04:36 PM 

State Bank rule on export of foreign currency...

http://www.sbp.org.pk/updated%20fe%20manual/chapters/chapter18.htm#bullet11
lhh replied on Monday, June 4, 2012 02:41 PM 

No problems transfering money.
Only you need to deal with bankers who have experience in Foreign currency transactions.
Sometimes, State bank can send an enquiry why a transaction is done - money coming in or out but normally that is for larger transactions.
when you wire money, mention reason as personal savings or personal account etc and not business dealings to keep it simple.

If at some point ruppee falls for example 20-30% in a month, the State Bank may put capital controls but it does not look likely.
you can always take your cash in foreign currency and put it in a bank.

Normal wire transfer takes about 2 days for US / Europe.

If the money has been wired out, the State Bank cannot bring it back from a foreign bank - no control. So if you Rehman Malik or Raja Rental, just wire and out. The enquiries will take months and years and nothing will happen.
>