3

Some Background

I have been working full time in UK for last 5 years and had been sending my savings through different means e.g. western union, taking with me while flying(undeclared as they were under 10,000 euros ALWAYS) to Pakistan to my parents.

In these 5 years they bought 2 properties on my name for me worth around £12000 x 2 = £24K, based on currency conversion rate of that time.

Now because of increase in value and off course currency conversion they are worth around £40K and I want to bring all this money back to UK. Just to add I want to buy a property in UK with this money.

Question

What options do I have to transfer money to UK from Pakistan ?

  • Can you clarify what is your query exactly ? The query topic says something else and your post says something else. – DumbCoder Jan 9 '17 at 7:53
  • @DumbCoder I think they are exactly same, however I updated my question for you, let me know if it's still confusing :) ta – user2262511 Jan 9 '17 at 8:16
  • Did you check what are the limits on money transfer from Pakistan and how will it be taxed or any rules for transferring ? Secondly your tax payable will be decided according to the double taxation treaty of UK with Pakistan. So it will be helpful if you contact an accountant with the leaglities of tax, as not many accountants frequent this website. – DumbCoder Jan 9 '17 at 8:32
  • @DumbCoder I know very little about money transfer so don't know where to start, I will search now money transfer limits, thanks – user2262511 Jan 9 '17 at 8:50
  • Better go and ask your bank in Pakistan. Much much easier. – DumbCoder Jan 9 '17 at 9:00
2

What options do I have to transfer money to UK from Pakistan ?

You can do a SWIFT / International Wire. Most Banks in Pakistan will allow you to do this.

Note:
Pakistan still Manages Forex and it is not freely convertible. You would need to comply with Foreign Exchange Act. You have to fill Form "M" giving the details and purpose of remittance.

Form M

In these 5 years they bought 2 properties on my name for me worth around £12000 x 2 = £24K, based on currency conversion rate of that time.

You would need to pay capital gains on this sale in Pakistan. You would also need to declare this gain in UK and pay taxes accordingly. Some relief can be claimed under DTAA [Dual Tax Avoidance Agreement]

  • Thanks for insights I am not UK citizen yet, do I still need to pay tax in UK too – user2262511 Jan 9 '17 at 12:28
  • @user2262511 it depends on your tax status in UK. This is slightly different from residency status. – Dheer Jan 9 '17 at 14:01
  • Do you know how much the average Pakistani bank, AND the average UK bank charge for international wire? Please keep in mind that there are both explicit charges, and hidden one (an exchange rate worse than the nominal one) – famargar Jan 9 '17 at 14:40
0

Bank transfers typically eat several percentage points in 1) poor exchange rates 2) fees, either exchange or transfer fees. Typical exchange rates are in the order of 3% in your disadvantage. You should use online services - you will find many nowadays - that offer exchange rates as low as 0.5%.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.