How to transfer money from Pakistan to Canada.

[yasirhusain]

May I know, how you transferred your assets out of Pakistan? My condition is almost similar have visited Standard Chartered, UBL, Meezan and different money exchangers. Banks guide to open a Dollar account and then give rights to someone in family to transfer money once you open an account in Canadian Bank. No one is disclosing the charges for money transfer

 

[msajjad]

Hi, well things r not clear, unless someone recently transfer money from pak to cad. Few days bank islami informed me that now there is limitation of 10000 us dollar per transaction and each can cost u 25 dollar. But for sure u need account dollar acount in pak and then convert money from open market, deposit n ur dollar account and try to do transaction, same dollar account u need in cad. In addition u must have proof of ur this money. Banks r also saying that we need approval from statement which does not make sense to me, it is also not clear that 10000 us dollar limit is per month or per year.

If u have any info plz share to solve this riddle.

 

[Statbat]

Hi, well things r not clear, unless someone recently transfer money from pak to cad. Few days bank islami informed me that now there is limitation of 10000 us dollar per transaction and each can cost u 25 dollar. But for sure u need account dollar acount in pak and then convert money from open market, deposit n ur dollar account and try to do transaction, same dollar account u need in cad. In addition u must have proof of ur this money. Banks r also saying that we need approval from statement which does not make sense to me, it is also not clear that 10000 us dollar limit is per month or per year.

If u have any info plz share to solve this riddle.

I am in the similar situation. I can tell everyone here, information I found so far. Please let me know if there is an easier option.

Steps mentioned are: -

1. You have to be a TAX filer
2. Open USD account
3. Change PKR into US$ 10,000 and then deposit into bank account
4. Now wait 15 days as per NEW SBP REGULATIONS. You cannot send money immediately after deposit into USD account.
5. Go to branch again after 15 days and do a remittance/wire transfer from your USD account to your Canadian account for only USD 9,500/-
6. Now wait 30 days and repeat the process. It is 10,000 USD per month only.

So for a down payment of 100,000USD you need to wait for almost a year. What a shit...!

FYI: I also contacted an EXCHANGE company, they also gave similar information that they can only send, on my behalf, 10000 USD if I am filer and if receiver in Canada is also filer (NRP).

 

[Statbat]

May I know, how you transferred your assets out of Pakistan? My condition is almost similar have visited Standard Chartered, UBL, Meezan and different money exchangers. Banks guide to open a Dollar account and then give rights to someone in family to transfer money once you open an account in Canadian Bank. No one is disclosing the charges for money transfer

Limit has changed from 50,000USD to 10,000USD. Even if you open a USD account, be aware of all the restrictions I have mentioned above.
I am trying to find if there is an option to get a SBP wavier for a single remittance. Not sure. Will keep everyone updated.

It is stupid, plain cruel to make us wait 1 year for our money.

 

[msajjad]

Hi,

Exactly same experience i faced while transfering from pak to canada.
Plz keep us updated regarding ur state bank option. Limit is 10000us dollar and 1 month wait period for next transaction.

It really non sense behavior from government, as long as ur money is white with valid proof then there should b no issue.

Thanks

 

[yasirhusain]

Unfortunately, only 2 options are available to transfer money out of Pakistan

1. Create a Demand Draft from known forex exchange. Limit is 12000 USD per day.
2. Perform a remittance through bank or forex exchange. Do not know the daily/monthly limit.

For both cases you need to be a Filer in FBR repository.

 

[mariakhalid2019]

In order for someone to send the money to you into your bank account from Pakistan, do they ask for the IDs or passport number of the receiver?

 

[yasirhusain]

In order for someone to send the money to you into your bank account from Pakistan, do they ask for the IDs or passport number of the receiver?

No, only sender needs to provide his/her documents for verification. Just ensure that the sender knows the correct Swift Code + Bank account details of receiver.

 

[mariakhalid2019]

No, only sender needs to provide his/her documents for verification. Just ensure that the sender knows the correct Swift Code + Bank account details of receiver.

Thank you for your reply, in Pakistan since Imran Khan came to power, are banks still allowed to wire money to Canada? There are some people saying that Banks in Pakistan do not wire money to Canada basically internationally? And what you said only swift code and bank details of receiver is only needed, is this confirmed, it’s just that the same people who has to send money are saying this and I want to know the accurate information as to what these guys are doing?

 

[yasirhusain]

Thank you for your reply, in Pakistan since Imran Khan came to power, are banks still allowed to wire money to Canada? There are some people saying that Banks in Pakistan do not wire money to Canada basically internationally? And what you said only swift code and bank details of receiver is only needed, is this confirmed, it’s just that the same people who has to send money are saying this and I want to know the accurate information as to what these guys are doing?

AFAIK, Meezan Bank does provide the option to send money abroad in the form of remittance. Its a 3 day process as the remittance needs to be approved by State Bank first before it is actually credited into your account in Canada or any other country. Banks and Money Exchangers have a remittance form which asks for SWIFT code + Bank Account number. An incorrect information would result in processing delays.

Hope the answer is able to resolve your query.

 

[adilmk123]

This is what i did.
The daily deposit limit is usd 10,000 in pakistan. So i had to go with the hawala route.
I took cash from the bank, handed over to the money changer. I went to dubai, opened up a bank account and then deposited the whole amount in dubai. In dubai they do ask for source of funds, so i had to show them property sale deed. From dubai I did online transfer and the very next day it was in my canadian account.
Please note you will lose a lot due to hawala rate(pkr to aed) and then aed to cad. I lost around cad 15k in this process, but i had to do it as i had a closing here in canada.

Also note, when you are transferring from pakistan to canada, they will send the money in USD(you cant open CAD account in pakistan) and canadian banks will convert it to canadian dollar and the conversion rate is 3% more than normal rate.

 

[Johnny Ghaddar]

Hello Guys,

I am facing a similar situation for my funds' transfer. Unfortunately, I chose the worst time to leave Pakistan due to current fiscal conditions.

1. Banks are not allowed to send a remittance from PKR to CAD in your CAD account.
2. In order to send CAD to New Commer Scotia Bank A/C I need to take the FCY route stated above by members.
3. I have a SCB FCY a/c but not enough dollars in that so I have to buy $ at horrendous rates and then get them deposited in FCY a/c wait for 8 days clearance period (Will be doing it through check), then send it through Wire Transfer to CAD a/c and lose on conversion rate as well. I asked them for a USD 15,000 transfer and they told me it can be done.
4. Bank can also make a CAD DD against my USD a/c by applying conversion (SCB has operations in Canada so they will make their own)
5. Another option is NBP Exchange which will make CAD DD through their partner bank (Bank of Montreal). Which can be deposited in CAD account upon my arrival there. However, the clearance time for a DD is one month. However, the branch on Shahrah-e-Faisal told me that their limit has expired and they can't make the draft before 1st June.

With the dollar short in the market and extreme hike in prices, I am worried which route to take to avoid losing heavier amount in all these currencies conversion. Plus there is the added danger of GoP imposing restrictions on the amount which can be taken out in cash through airports ($3000 is the proposed restriction).

Can anyone guide me a better way? My total transfer is CAD 28,000 out of which I plan to take at least CAD 5,000 in Cash.

Would appreciate your feedback.

Regards

 

[yasirhusain]

Hello Guys,

I am facing a similar situation for my funds' transfer. Unfortunately, I chose the worst time to leave Pakistan due to current fiscal conditions.

1. Banks are not allowed to send a remittance from PKR to CAD in your CAD account.
2. In order to send CAD to New Commer Scotia Bank A/C I need to take the FCY route stated above by members.
3. I have a SCB FCY a/c but not enough dollars in that so I have to buy $ at horrendous rates and then get them deposited in FCY a/c wait for 8 days clearance period (Will be doing it through check), then send it through Wire Transfer to CAD a/c and lose on conversion rate as well. I asked them for a USD 15,000 transfer and they told me it can be done.
4. Bank can also make a CAD DD against my USD a/c by applying conversion (SCB has operations in Canada so they will make their own)
5. Another option is NBP Exchange which will make CAD DD through their partner bank (Bank of Montreal). Which can be deposited in CAD account upon my arrival there. However, the clearance time for a DD is one month. However, the branch on Shahrah-e-Faisal told me that their limit has expired and they can't make the draft before 1st June.

With the dollar short in the market and extreme hike in prices, I am worried which route to take to avoid losing heavier amount in all these currencies conversion. Plus there is the added danger of GoP imposing restrictions on the amount which can be taken out in cash through airports ($3000 is the proposed restriction).

Can anyone guide me a better way? My total transfer is CAD 28,000 out of which I plan to take at least CAD 5,000 in Cash.

Would appreciate your feedback.

Regards

Are you the only person traveling to Canada or do you have any accompanying family members as well? The best option would be to covert USD in CAD and personally carry cash of 10k CAD per adult. You can always create a DD for CAD it's the USD which is being under monitoring.

Or bring along the allowed cash in CAD to Canada and ask family members to wire transfer the remaining amount.

 

[Johnny Ghaddar]

Are you the only person traveling to Canada or do you have any accompanying family members as well? The best option would be to covert USD in CAD and personally carry cash of 10k CAD per adult. You can always create a DD for CAD it's the USD which is being under monitoring.

Or bring along the allowed cash in CAD to Canada and ask family members to wire transfer the remaining amount.

Actually, I am the only member coming to Canada. I would need some additional amount for my semester fees in Sept as I have secured admission in grad program.

 

[Szak3213]

Bring 5000 CAD cash with you. open dollar account in TD once in Canada.
Ask your family member to open usd account in Pakistan and wire the remaining amount to you.

once you get funds in Canada, they get the best rate from currency dealer. Go to TD and ask them to make draft for that dealer.
you get CAD.

best of luck.
S