Transferring Money from Pakistan to Canada

[Abbas90]

Hello,

I'm writing this post to inquire about the best way of transferring money from Pakistan to Canada. My dad has about 10 million PKR (roughly CA$130,000) and he would like to transfer it to Canada. The money is inheritance from his parents so on the Canadian side of things, he should be all good in terms of taxes and such.

However, the problem is that we don't know how to send the money out from Pakistan. We've talked to some people and they've said that it can't be done. Different people have given different opinions and none of them seem logical. We've heard that Pakistani government doesn't allow large amounts of money to be transferred overseas because they like to have the money stay in Pakistan. But to that, I'd say that if it's your own money, how can they stop you from moving it wherever you want?

I just want advice from someone here who has perhaps transferred money to either Canada or another from Pakistan and what's the best and most efficient way of doing it.

Thank you

[anon36782927]

This post was flagged by the community and is temporarily hidden.

[butwhy]

Hello,

I'm writing this post to inquire about the best way of transferring money from Pakistan to Canada. My dad has about 10 million PKR (roughly CA$130,000) and he would like to transfer it to Canada. The money is inheritance from his parents so on the Canadian side of things, he should be all good in terms of taxes and such.

However, the problem is that we don't know how to send the money out from Pakistan. We've talked to some people and they've said that it can't be done. Different people have given different opinions and none of them seem logical. We've heard that Pakistani government doesn't allow large amounts of money to be transferred overseas because they like to have the money stay in Pakistan. But to that, I'd say that if it's your own money, how can they stop you from moving it wherever you want?

I just want advice from someone here who has perhaps transferred money to either Canada or another from Pakistan and what's the best and most efficient way of doing it.

Thank you

Pakistan is a backwards country and once used have the requirement to get an NOC (No Objection Certificate) from the government before you could send money (which is obviously foreign currency) abroad (I know right !).

Just go to any major bank, standard chartered is a good decent reliable bank. Go to them, tell them you need to send your money abroad. Don't go talking to "people", people know nothing, go to the professionals.

Also, do you have this amount in CAD/USD or in PKR?

First you need to get foreign currency.

[Abbas90]

Hey guys, thanks for your responses. My dad is going to Pakistan next week but we just wanted to do some research beforehand so we have idea of what to expect. I guess when my dad goes, he'll go to a few banks and find out the procedure.

Ideally, we wouldn't mind paying some fees but we would want to avoid any taxes. In Canada, we'd have to report the money to the government and usually there would be a hefty tax charged on money coming from overseas but we'll be able to avoid those taxes in Canada by proving that it's from inheritance (there is no tax on inheritance; we've talked to tax accountants here). The only issue would be avoiding taxes in Pakistan.

The money right now is in PKR but my dad would either get it converted to US$ or CA$ before transferring it over.

[butwhy]

Hey guys, thanks for your responses. My dad is going to Pakistan next week but we just wanted to do some research beforehand so we have idea of what to expect. I guess when my dad goes, he'll go to a few banks and find out the procedure.

Ideally, we wouldn't mind paying some fees but we would want to avoid any taxes. In Canada, we'd have to report the money to the government and usually there would be a hefty tax charged on money coming from overseas but we'll be able to avoid those taxes in Canada by proving that it's from inheritance (there is no tax on inheritance; we've talked to tax accountants here). The only issue would be avoiding taxes in Pakistan.

The money right now is in PKR but my dad would either get it converted to US$ or CA$ before transferring it over.

According to what laws ? You meant if you declared it as income, right ? Foreign income is taxed in Canada ?

[Abbas90]

Yes, foreign income is taxed in Canada and must be reported. However, the laws for inheritance are different and even though it must be reported as "capital gains" it is not taxed.

[hash4u]

laws are very strict
to control money laundering

sadly corruption money easily goes out through services like Ayan Ali and Sherjeel launch services

and genuine money gets stuck
its better to open a dollar account in some bank(i am sure the amount is in some bank.Just convert it into dollar account)
and withdraw from there then

[Abbas90]

^^ What exactly do you mean by withdrawing money from the dollar account? The purpose is to transfer money from Pakistan to Canada and I don't think taking that much money in cash would be a good idea. Can you elaborate on your suggestion? Thanks.

[accord7362]

If the money is earn in pakistan & you had proof Canada government won't charge a penny as tax ........I sold my bahria town house in 2014 , show them the papers/deed & they wont apply any tax on my 100,000 US$ , just 33CAN$ for transfer to RBC Canada from pakistan , I had US$ account in RBC here , I am standard chartered Pakistan customer since 1999...... but

Sara k a n ger pana Pakistan may hay , salay kutay hainn , h ar mi mulq ko loot rahay hainn , or genuine people had to face all the hurdles , I need to give big danda to SCB Islamabad to proceed transaction.

[qwertypoiu]

^^ What exactly do you mean by withdrawing money from the dollar account? The purpose is to transfer money from Pakistan to Canada and I don't think taking that much money in cash would be a good idea. Can you elaborate on your suggestion? Thanks.

It means open a Dollar account in Pakistan in a Bank and then Transfer to Canada. There can be many methods for transfer and best one would be the cheapest. If you have more family members then Fly to Pakistan and take it by hand $9999 dollars per person..

[butwhy]

It means open a Dollar account in Pakistan in a Bank and then Transfer to Canada. There can be many methods for transfer and best one would be the cheapest. If you have more family members then Fly to Pakistan and take it by hand $9999 dollars per person..

with a return ticket cost upwards of $1,000, that will cost more than 10% of the amount.

[Abbas90]

If the money is earn in pakistan & you had proof Canada government won't charge a penny as tax ........I sold my bahria town house in 2014 , show them the papers/deed & they wont apply any tax on my 100,000 US$ , just 33CAN$ for transfer to RBC Canada from pakistan , I had US$ account in RBC here , I am standard chartered Pakistan customer since 1999...... but

Sara k a n ger pana Pakistan may hay , salay kutay hainn , h ar mi mulq ko loot rahay hainn , or genuine people had to face all the hurdles , I need to give big danda to SCB Islamabad to proceed transaction.

Yeah, there shouldn't be any problems on the Canadian side in terms of taxes and stuff. We've already discussed that with an accountant here. The only issue is getting the money sent from there. My dad has US Dollar account in TD Canada Trust so if he opens up US Dollar account with HSBC or SC, will he able to transfer the money to his TD account?

[tintin1]

This post was flagged by the community and is temporarily hidden.

[shereabdullah]

Hello,

I'm writing this post to inquire about the best way of transferring money from Pakistan to Canada. My dad has about 10 million PKR (roughly CA$130,000) and he would like to transfer it to Canada. The money is inheritance from his parents so on the Canadian side of things, he should be all good in terms of taxes and such.

However, the problem is that we don't know how to send the money out from Pakistan. We've talked to some people and they've said that it can't be done. Different people have given different opinions and none of them seem logical. We've heard that Pakistani government doesn't allow large amounts of money to be transferred overseas because they like to have the money stay in Pakistan. But to that, I'd say that if it's your own money, how can they stop you from moving it wherever you want?

I just want advice from someone here who has perhaps transferred money to either Canada or another from Pakistan and what's the best and most efficient way of doing it.

Thank you

just go to DOLLAREAST or Sadiq exchange or any other well known company,, they will send it for u,,, they will charge almost 1 or 1.5rs more than exchange rate plus 1500 tax and ur money will be transfered within 2 days,,, this is best way and easy way,,dont hesitate if u have any questuion

[qwertypoiu]

another option can be sending money via Western Union. But not all at once. Send this money in 10~15 parts and in the period of 2~4 months. Purpose of payment should be "sending money to family". Though sending cost will be there, but no questions will raise on either side. IMHO

For Rs100,000 they charged rs7000

[ratlike]

I am trying to do the same thing and cannot seem to understand what the best way would be. Did you figure anything out yet?

[tahasoomro]

I am a senior banker and want to tell you that banks not allow you to transfer money from PKR account if you have FCy account in PK bank you can show personal expenses and transfer amount on low cost around PKR 1500 charges on millions

Corolla GLI 2016 + SWIFT 90's

[tahasoomro]

Western and other channels are charging high fees

Corolla GLI 2016 + SWIFT 90's

[discovernlearn]

[QUOTE=Abbas90;5002375]Hey guys, thanks for your responses. My dad is going to Pakistan next week but we just wanted to do some research beforehand so we have idea of what to expect. I guess when my dad goes, he'll go to a few banks and find out the procedure.

QUOTE]

Please give the update on safe and economical transference of money to abroad. I would like to wire transfer money to my Mom in USA.

It is under my name and I'm a tax filer.
Should I take money in the form of Bank Draft or wire transfer to my mom.

[tahasoomro]

[QUOTE=Abbas90;5002375]Hey guys, thanks for your responses. My dad is going to Pakistan next week but we just wanted to do some research beforehand so we have idea of what to expect. I guess when my dad goes, he'll go to a few banks and find out the procedure.

QUOTE]

Please give the update on safe and economical transference of money to abroad. I would like to wire transfer money to my Mom in USA.

It is under my name and I'm a tax filer.
Should I take money in the form of Bank Draft or wire transfer to my mom.

Dear ,

I am a banker i will suggest you some things ask your father to open FCY account in Pakistan and he can easily support you and transfer money from Pakistan to USA in your bank account thru SWIFT for further help text me 0300-2060136

Corolla GLI 2016 + SWIFT 90's