Transfer of money from Pak to UK

Lifestyle Bazaar Talk
41

Re: Transfer of money from Pak to UK

I called HMRC today and they said its depends on the amount of money you are getting transferred

Maheen do you have any idea what we would have to pay on the amount around £60k including tax, transfer fee etc ?

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Re: Transfer of money from Pak to UK

Maheen - Thanks for that - I can't explain how much of a help you have been! - some questions for you - If I may.

  1. Which bank in Pakistan did you open up a foreign currency account?
  2. How much did they transfer?
  3. How much did the Pakistan bank charge you for transfer??
  4. Is there a restriction on amount to be transferred?
  5. How long did the transfer take?
  6. Did the UK bank charge you only £15 for whole amount?

I would be very grateful for your help - as I know will so many of us who are in my predicament.

Allah Hafiz

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Re: Transfer of money from Pak to UK

Also Girls this is a really good time to convert rupees into pounds the exchange rtae today is

£1 = Rs.113 (which is very good - unfortunately due to the bad situation in Pakistan - the more unstable it becomes - the more the rupee falls against the pound) - but I guess its good news for people wanting to convert rupees to pounds.

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Ditto what FK said. Glad to hear from someone who has experience of a successful transfer.

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  1. rbs in pakistan, you can do it with mcb as well
  2. around £30k
  3. Pak bank did not charge, £15 was charged by intermediate bank - i think hsbc
  4. restriction - none that i am aware of, just that source of money should be legal and bank manager should know you and have a relationship with you professionally =)
  5. money was sent 9am pakistani time, saw it at 5pm uk time same day in my account
  6. uk bank did not charge me anything. usually money does not get transferred directly unless it is a big bank, usually there is one intermediate bank inbetween.
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There shouldn't be any tax unless you declare it as gift or inheritance money, even then i think there is a huge allowance. it all depends on your bank, etc... usually nothing unreasonable.

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Re: Transfer of money from Pak to UK

^ Thanks ! You really are a life saver

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Re: Transfer of money from Pak to UK

^- you're welcome :=)

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Re: Transfer of money from Pak to UK

Maheen - Many thanks for this !

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Hi:
When did you make this transaction? If this was done before the start of this year 09, then it might not be possible now.

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Re: Transfer of money from Pak to UK

Around 1st week of March, 2 weeks ago :=)

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Thanks for this information.

Can I just confirm with you that is rbs Royal Bank of Scoltland?! If so, when did that bank open in Pakistan? Lol. I know they have HSBC there but didn't know about rbs!

Did rbs help you trasfer your 30k to HSBC? Only £15! That's really brilliant. Western Union ripped me off then! Hehe! :)

Do you know roughly how much they would charge if you were to transfer 1 million ruppees to UK?

When I contacted the tax office a while back, they told me that any money in my bank account coming in from anywhere would be considered in my yearly income and I would get taxed on it. This is what is worrying me. My money is just sitting in Pakistan as I can't bring it back without most of it going in their pockets. :)

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Plus the bank take away 2.5% of your cash each year on the name of zakaat!

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a lot of people are in the same boat…have large sum of money in Pakistani banks and want to take it out. So getting incomed taxed means…ur life time saving sitting in Pak would get taxed to like roughly 40 % :rolleyes:
Isn’t there any other way???

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Gul - In Pakistan, you can sign a stamp paper for about 15 Rs saying that you are Zakat exempt, and that you will take full responsibility of it. That is what hubby told me. (But please people, obviously Zakat is compulsory for that money if you have had it for minimum of 1 year).

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Re: Transfer of money from Pak to UK

Double reply!

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Re: Transfer of money from Pak to UK

Hmmm,... This matter seems too serious for ppl all abroad. Well I am satisied with Hundi money laundering not so legally.. Then there isn't much hassle of paying taxes as the transfers are done on somebody else's account. The receiver get's the full amount.. I am talking about transferring money into Pakistan. I am sure there must be a way to transferring out as well. Anyone interested there's also another type of internet transfers just like paypal, payoneer .. you can get your money anywhere.. If someone wants some extraordinary kind of money transferring help I will put forth a good deal with a small percentage of commission cuttoff.. Your money will be transferred within 3-15 working days.You see I am payoneer account holder which is worldwide bank debit card.

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Re: Transfer of money from Pak to UK

Ok Everyone - you are allowed to bring upto 3000 pounds into the UK from abroad without notice

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Re: Transfer of money from Pak to UK

hello all

transferring money from Pak to UK is easy - but without bank account transfers you will find trouble....

i did it recently without much hassle but then i had the bank accounts to do it in... Uk and Pak.

there is a way - britChick - PM to find out.

best
AT

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Re: Transfer of money from Pak to UK

Hello I want to transfer money from Pakistan to the UK under the existing State Bank regulations. Can anyone please help me or shed some light?