• Tuesday, November 12, 2019

Overseas Pakistanis Remit $7.8 Billion During First Five Months of FY17

Discussion in 'Pakistan Economy' started by SherDil, Dec 10, 2016.

  1. SherDil

    SherDil FULL MEMBER

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    Overseas Pakistanis remitted US $7874.49 million in first five months (July to November) of FY17, slightly down from US $8072.21 million received during the same period in the preceding year.



    During November 2016 alone, the inflow of worker’s remittances amounted to US $1616.43 million, which is 3.63% higher than October 2016 and 3.27% higher than November 2015.

    The country wise details for the month of October 2016 remained as following:

    • Saudi Arabia: US $ 465.19 million
    • UAE: US $ 362.71 million
    • USA: US $193.98 million
    • UK: US $192.8 million
    • GCC countries (including Bahrain, Kuwait, Qatar and Oman): US $193.12 million
    • EU countries: US $37.03 million
    Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during November 2016 amounted to US $171.60 million together as against US $119.57 million received in November 2015.

    Source: https://propakistani.pk/2016/12/09/...s-fy17/?utm_source=all_users&utm_medium=notif
     
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  2. Dawood Ibrahim

    Dawood Ibrahim SENIOR MEMBER

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    Over here its because of the low oil price especially KSA and also a lag in international markets like China and Europe
     
  3. Sugarcane

    Sugarcane ELITE MEMBER

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    I had to withdraw 50K $ from my account, and it took one fcuking week to get my own money. Now I am seriously thinking to invest somewhere else instead of remitting to Pakistan.
     
  4. raihans

    raihans FULL MEMBER

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    Overseas Pakistanis in Kuwait can do more if our government get serious to resolve the visa ban issue for Pakistan nationals with Kuwait government
     
  5. Zaki

    Zaki MODERATOR

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    50k is a big amount to withdraw all of a sudden. Bank transfer goes smoothly but if you want to withdraw that much even in UK, it sometimes ask you unnecessary questions like tye reason of withdrawal etc
     
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  6. Sugarcane

    Sugarcane ELITE MEMBER

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    Asking reasons is something else, But what you will say when bank simply say that we don't have $$ to give you and need time to arrange?
     
  7. Zaki

    Zaki MODERATOR

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    Well even in UK, they usually had a limit of 2500 pounds (about 3500usd) of withdrawal limit per day unless request is made in advance... nowadays they increased it to 5000 pounds (6000-7000usd) per day...

    That is true for Barclays bank for sure, every nation have their own rules and you don't expect the bank to keep reserves of 100,000usd in cash so that the thief can come and steal itm They usually transfer all deposits elsewhere and only honour withdrawal requests made in advance
     
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  8. Mrc

    Mrc ELITE MEMBER

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    yeah banks need to get their fcking act together when dealing with foreign exchange
     
  9. The Diplomat

    The Diplomat FULL MEMBER

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    During my A-Levels, I worked in RBS for a while as work experience. I remember a couple of people requesting big amounts of cash drawls and it usually took RBS 2 days to get the cash ready. I'm guessing that's how it works everywhere.
     
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  10. Sugarcane

    Sugarcane ELITE MEMBER

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    There is no withdrawal limit on Forex in Pakistan so that's not the issue, I informed bank in 3 days in advance which should be more than enough to arrange the money, but first they delayed because month closing was near and branch managers wanted to achieve his deposit targets, than dollar rate in open market was high and going up, once it fell from 108 to 106 they arranged it within one day - In short they wasted my 9 days and I had to bear PKR 100K loss in conversion. So, all this was deliberate not because of any procedural or logistics. Lesson I learned is that not to keep my forex in Pakistan.
     
  11. Zaki

    Zaki MODERATOR

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    Thats how it works in UK for sure

    Just an attempt to prevent money laundering I reckon

    I think it depends on the bank and the branch you had to deal with

    I am nit saying the banking system in Pakistan is better than other countries but you do have to go through a process to higher than daily limit

    Balance transfer or using your card is no problem at all...
     
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