Money Transfer To UK

[Nassar Rana]

Its so easy to send money from UK to Pakistan, I can even do it on my mobile phone and it takes minutes. But I have recently sold some land in Pakistan and would like to bring the money into the UK. So this would be a Pakistan to UK transfer.

I have in total 405 Lak, please can someone advise me what the cheapest and safest means will be to bring this money into the UK. By cheapest I mean not having to pay the huge taxes that Pakistan demands.

Currently the money is in a Pakistani bank. What is the official and legal way to bring the money back to the UK please?

For example if I open a UK Habib bank account in the UK, pay the money into my Habib bank account in Pakistan. Will this work, can I withdraw the money in the UK?

I am really confused and need some help PLEASE

 

[WebMaster]

Its so easy to send money from UK to Pakistan, I can even do it on my mobile phone and it takes minutes. But I have recently sold some land in Pakistan and would like to bring the money into the UK. So this would be a Pakistan to UK transfer.

I have in total 405 Lak, please can someone advise me what the cheapest and safest means will be to bring this money into the UK. By cheapest I mean not having to pay the huge taxes that Pakistan demands.

Currently the money is in a Pakistani bank. What is the official and legal way to bring the money back to the UK please?

For example if I open a UK Habib bank account in the UK, pay the money into my Habib bank account in Pakistan. Will this work, can I withdraw the money in the UK?

I am really confused and need some help PLEASE

Someone help him.

 

[SecularNationalist]

Its so easy to send money from UK to Pakistan, I can even do it on my mobile phone and it takes minutes. But I have recently sold some land in Pakistan and would like to bring the money into the UK. So this would be a Pakistan to UK transfer.

I have in total 405 Lak, please can someone advise me what the cheapest and safest means will be to bring this money into the UK. By cheapest I mean not having to pay the huge taxes that Pakistan demands.

Currently the money is in a Pakistani bank. What is the official and legal way to bring the money back to the UK please?

For example if I open a UK Habib bank account in the UK, pay the money into my Habib bank account in Pakistan. Will this work, can I withdraw the money in the UK?

I am really confused and need some help PLEASE

That,s 4 crores and 5 lakh .Actually a huge amount.Thats 252,187 GBP according to todays exchange rate.
So the only cost effective solution for that much amount is the wire transfer.Convert that money into GBP in pakistan and open a foreign currency GBP account here.Well opening a foreign currency account here is pain in the a$$.But you have to do that because only foreign currency accounts can be used for wire transfers in pakistan.Once all done send the amount to your UK bank account.All you will pay is the foreign exchange fee i think.No taxes on such transactions in pakistan as far i remember.Last time in 2011 we sold a plot in DHA lahore and we did not any taxes.
Finally avoid hundi and hawala systems at all costs.They are these days illegal in pakistan and the FIA is very active.They may seize the whole amount.

 

[I.R.A]

Its so easy to send money from UK to Pakistan, I can even do it on my mobile phone and it takes minutes. But I have recently sold some land in Pakistan and would like to bring the money into the UK. So this would be a Pakistan to UK transfer.

I have in total 405 Lak, please can someone advise me what the cheapest and safest means will be to bring this money into the UK. By cheapest I mean not having to pay the huge taxes that Pakistan demands.

Currently the money is in a Pakistani bank. What is the official and legal way to bring the money back to the UK please?

For example if I open a UK Habib bank account in the UK, pay the money into my Habib bank account in Pakistan. Will this work, can I withdraw the money in the UK?

I am really confused and need some help PLEASE

First check if you have to pay tax on capital gain (profit between your purchase cost of land and selling price) under income tax ordinance 2001. It's normally dependent on holding period of the property (plus filer and non filer varying treatment). I think if you bought and held the property for more than 4 years, there shouldn't be any tax.

Second this would be an outward remittance and you have to check State Bank of Pakistan's rules and regulations for this. Read this link to better apprise you. Banking officers if you have that money in bank account should be able to provide you complete information on this.

 

[Wa Muhammada]

Its so easy to send money from UK to Pakistan, I can even do it on my mobile phone and it takes minutes. But I have recently sold some land in Pakistan and would like to bring the money into the UK. So this would be a Pakistan to UK transfer.

I have in total 405 Lak, please can someone advise me what the cheapest and safest means will be to bring this money into the UK. By cheapest I mean not having to pay the huge taxes that Pakistan demands.

Currently the money is in a Pakistani bank. What is the official and legal way to bring the money back to the UK please?

For example if I open a UK Habib bank account in the UK, pay the money into my Habib bank account in Pakistan. Will this work, can I withdraw the money in the UK?

I am really confused and need some help PLEASE

Bro

I regularly transfer money from Pak-Uk and visa Verda.

As advised by brothers above, add a foreign currency account to your regular pkr account.

Exchange the money from currency exchange markets. If need be go to Faisalabad as well as Lahore. With the amount you have you should be able to get a very good rate because you have a hefty amount, so bargain with them.

Make sure of 2 things - the Pound Sterling notes you receive should not have any writing on them and nor should they be torn. Otherwise your bank will not accept them. The currency market guys will try to unload their bad notes on you but you’v gotto be adamant with them, otherwise these notes are useless to you.

When you give the money to the bank, make sure you give them the documentation of the property sale too. And make sure you have something in English too otherwise JP Morgan which is the middle man, will take more time than usual.

When I transferred money last time, I transferred £10,000 each time which reduced the cost.

If I were you I would ask the bank if you should send via 2 different banks from Pakistan to 2 different banks in UK in UK to speed up the process.

Hope this helps.

O

Bro

I regularly transfer money from Pak-Uk and visa Verda.

As advised by brothers above, add a foreign currency account to your regular pkr account.

Exchange the money from currency exchange markets. If need be go to Faisalabad as well as Lahore. With the amount you have you should be able to get a very good rate because you have a hefty amount, so bargain with them.

Make sure of 2 things - the Pound Sterling notes you receive should not have any writing on them and nor should they be torn. Otherwise your bank will not accept them. The currency market guys will try to unload their bad notes on you but you’v gotto be adamant with them, otherwise these notes are useless to you.

When you give the money to the bank, make sure you give them the documentation of the property sale too. And make sure you have something in English too otherwise JP Morgan which is the middle man, will take more time than usual.

When I transferred money last time, I transferred £10,000 each time which reduced the cost.

If I were you I would ask the bank if you should send via 2 different banks from Pakistan to 2 different banks in UK in UK to speed up the process.

Hope this helps.

One more thing - you MUST get a receipt from the currency exchange guy..... that is extremely important!