Hope everyone is well and those amongst who is fasting Ramdan Mubarak, days maybe long but every second and every minute is ibadat.
Guys wondering if you can help on the topic of transferring money from PK to UK, I have a UBL bank account in PK what are the logistics of transffering money from PK to UK.
My bottom line would be the safest transfer which I understand would be telegraphic transfer?
What are the tax implications once the money comes in to the UK?
Transfer would be approx 15k uk sterling
UBL Upper limits as to how much you can transfer
When I breifly spoke to the bank manager at the branch (this guy was seriously questionable) told me to take the money to the bizaar and get it changed to sterling bring it back and then we can transfer it. Is this right don’t like the idea of having that sort of money around plus he talked my uncle in to keeping the money in the account. literally begged him!!! Whats the idea behind this?
Re: Money Tranfer from PK to UK Any advice, tips, pitfalls.
Transfer to bank in UK or send it as cash?
For bank transfer, you can simply make a cheque and send it to UK and deposit it to any bank. It will take time but should be transferred free of charge.
OR, make a bank draft payable to account holder in UK and send the draft to UK.
What branch manager told you is true only in case you want to make a bank draft or pay order. Banks in Pakistan don't make these in $ or Pounds from local currency accounts so they advise you to get the currency changed from money changer.
To avoid taking out all your cash, just open a foreign currency account and transfer money into it and get pay order/drafts prepared without withdrawing cash.
Also, don't fall for the trap of some money changers making pay orders/bank drafts on cash, if they make it and if it gets lost in the way, you will lose all the money.