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How to transfer money from Pakistan to Canada.

Discussion in 'Housing' started by satd., Dec 5, 2016.

  1. Hello

    We are planning to buy a house here in Canada. My father in Pakistan wants to send me money to help me do the downpayment. Amount is around 70k. Can someone guide me how it will work out?

    Thanks
     
  2. From his bank account into yours?
     
  3. hi there,
    you must transfer from any pakistani bank to your account in canada. at the time of purchase a property bank will ask where you get this money then you can show i sell something in my back country or your father gift this money.




     
  4. Hi satd. easiest way is to find a bank in Pakistan that has an office in Canada then the process is done in the same institution is also faster. Make a letter saying I your dad's name gift this money to your name my son as downpayment to purchase a house sings it and dates it.
     
  5. A bank draft in Canadian collar from any Exchange Company like Dollar East can be done
     
  6. You or your dad (whoever is sending the funds) need to open a USD account with your bank here in Pakistan. Preferably in a bank with foreign roots like Faysal bank, Dubai Islamic, Al-Falah or Standard Chartered.

    Get your cash exchanged from a currency exchange and tell them you need the USD with receipt to deposit in your USD account. They will bring the USD to the branch and deposit them in your USD account and you will give them PKR at the decided rate in cash in branch (this is for your safety and convenient also). If you buy the USD without FBR receipt then you can only deposit less than $10,000 per day.

    Once the USD is deposited banks are allowed to send any amount in FCY as long as you have legitimate proof that the money was generated though legal sources.

    Give your banker proof about source of funds and he'll wire the funds into your CAD account. Typically takes 2/3 working days for the entire process.

    Usually the above 4 mentioned banks don't really pester you too much if the amount is below $ 75,000 and it's a one off transaction.

    Local banks like HBL, UBL, ABL, Meezan etc can and will do it for you but they will try their best to keep your money deposited in their bank as long as possible so they create unnecessary hurdles.

    Having a good personal banker or a friend/relative who works in the branch you are wiring from helps quite a bit.

    Also would recommend that you open a USD account in Canada. That way you will only be charged about $ 50 USD for the entire transaction and will get in USD what you deposited in USD in Pakistan. You can get withdraw in USD cash and get it converted at a currency exchange in Canada or ask the bank to give you a prefertial rate (they give you excellent rates if you convert more than 50,000 or 100,000).

    If you wire USD to your CAD account the bank will automatically apply the crappy bank rate between USD/CAD and deposit that in your account. On 70,000 you will lose about 1000 CAD.
     
  7. I agree with the above suggestion / comment
     
  8. I think you should contact your respective bank in the area and try to transfer the many online or through bank. It might be a bit long procedure but I think it should work.
     
  9. I think it will be better to contact you near by banks because there will be a law that related to FICA compliance to protect money laundry issue.
     
  10. Hi I have a similar situation which satd mentioned earlier.
    We have a FC account in Alfalah, my father is non tax filler as now he is retired and I am in Canada. Now is the above information is still valid.
    Because Bank manager is saying non tax filer cannot send more than 3K. I am looking for a legal way to transfer money.

    Thanks for your help in advance.
     
  11. you can have your father send you the money through Dollar East. It's quiet convenient and legal ofcourse.
     
  12. Hi, did anyone recently transfer money from Pakistan to Canada via bank ? Please let me know the name of bank.
    My family contacted 2 banks in pakistan but both are saying that it is not possible any more. We cannot deposit dollars from open market into your foreign currency account.
    Neither they have option to directly move money from pakistani rupee account to dollar account in canada.
    Nor they have option from international bank draft
    Nor any currency exchange transfer more than 3000 dollar

    Seems we r living in stone age in Pakistan.

    Thanks
    Sajjad
     
  13. Have you checked with Bank of China?
     
  14. Can you name the banks please? As per my recent experience, most of the bank managers have limited or no idea how to send money abroad. If you know someone in the banks head office they would guide you a legal way to transfer money out of Pakistan.

    Money exchangers are also spooked due to ongoing money laundering issue and would ask you for salary letter, bank statement, proof of funds, filer information and even your birth certificate :)
     

  15. I checked with MCB and Bank islami.
    Worker of Bank islami said it is legal as long as u have valid proof of money and they are sending money out of pakistan.
    One of MCB manager in Rawalpindi also mentioned that it can b done as long as we have valid proof

    But personally i think, the final decision is with statebank and they r definately monitoring the movement of Dollars.
    Personally i also think no one has any right to stop our hard earn money to move any where as long as they r white money.
     

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