Advice on money transfer

Lifestyle Bazaar Talk
1

Salaam to all.

I am wanting to sell some property in Pakistan so I can purchase a house in the States.

Has anyone gone through this process and have advice. I’d like to transfer funds from Pakistan to USA but I understand it’s not as easy as it sounds?

Any advice is helpful.

Thanks.

2

Re: Advice on money transfer

Id say ask Ishaq Dar. Extensive knowledge and experience in the field.

But realistically, the process is not that complex. However, it depends on a few things.

  1. Are you a dual citizen? I assume so.
  2. Do you spend less than 180 days a year in Pakistan? I assume so, which would make you a non resident.
    The amount can be transferred through any bank where you hold an account, below a threshold of $5 million I believe. However, there will be some paperwork to sort out, justifying the source of funds, and justifying your reasons for remitting abroad. Under $10,000 can be done without any issues. Any amount above that has to be justified with documentation.
3

Re: Advice on money transfer

There will have to be a dollar account opened in Pakistan and then the money can be transferred. Ask the bank for more details. people sell property in Pakistan and bring it over all the time.

4

Re: Advice on money transfer

The stuff that is done ‘all of the time’ is hawala. outgoing bank transfers are very rare in Pakistan.