USD account for GIC payment transfer

[Shazd85]

Hi, do we need to open an account in USD to transfer the money for GIC from pakistan to Canada? my bank has refused me to do so because i have a PKR account. please help

I send GIC to scotiabank from my PKR account with Allied Bank without any hassle.

 

[Maham malik]

I send GIC to scotiabank from my PKR account with Allied Bank without any hassle.

Strange..As per the rule of state bank no one can send the money from PKR to USD/CAD until you have a foriegn currency account and you must have to be tax filer also.

 

[Shazd85]

Strange..As per the rule of state bank no one can send the money from PKR to USD/CAD until you have a foriegn currency account and you must have to be tax filer also.

Yes you have to be a filer but yoy dont need usd account to send money. Many ppl have send it through normal pkr account including myself. Try to speak with bank manager most of the banks dont know the procedures. Which city you from?

 

[Amara Nasir]

Strange..As per the rule of state bank no one can send the money from PKR to USD/CAD until you have a foriegn currency account and you must have to be tax filer also.

Hello, u have 2 options:

1) use pkr account to send money. U will have to show purpose as educational expense and need to pay 5% educational tax. plus if non-filer then tax on transactions above pkr 50,000 (i think it is 0.6% plz cnfrm frst)
2) be a filer open a foreign currency account and send the money. if you are non filer, u can open a joint foreign currency accnt with ur parents if they are filer.

Here is a link to guide to use pkr account for the transaction.

Hope this helps.

 

[Maham malik]

Hello, u have 2 options:

1) use pkr account to send money. U will have to show purpose as educational expense and need to pay 5% educational tax. plus if non-filer then tax on transactions above pkr 50,000 (i think it is 0.6% plz cnfrm frst)
2) be a filer open a foreign currency account and send the money. if you are non filer, u can open a joint foreign currency accnt with ur parents if they are filer.

Here is a link to guide to use pkr account for the transaction.

Hope this helps.

Thanks for your big help

 

[Saad060]

I send GIC to scotiabank from my PKR account with Allied Bank without any hassle.

Can you share name and location of branch please.

 

[ayesha_llk2]

Thanks for your big help

The 5% tax is no longer applicable if its educational intent,