Selling My Plot in BT

Buying Property
#1

Hello,

I currently reside outside Pakistan and looking to sell my Plot.
What would be the best way to bring the money outside Pakistan after selling my plot?

  1. Set up a new bank account in Pakistan and then transfer abroad?
  2. Ask the buyer to send the money straight to my bank account abroad?
  3. Give power of attorney to my family member (uncle) in Pakistan who can sell my plot and then money can be transferred to his bank account locally in Pakistan. My uncle can then send money to my bank account abroad.

Any help is most welcome!
Thank you

#2

I guess you’ll need to open a PKR and another USD account in your name. After the property is sold and payment received in PKR, then you can convert in USD and deposit in your USD account. This will be a slow and long-term process as there is a daily and yearly limit on buying USD.

Exchange company and the bank will need proof of source of money.

Then you can remit your USD in overseas account.

Buying dollars and transferring overseas has become increasingly difficult. So you might want to check and confirm requirements for each step with a local Pakistani bank.

#3

None of the above shall help…
Taking money outside Pakistan based on few legal ways but also depends upon sending to which country?
…You have to be physically present in Pakistan or any of your blood relative, brother, sister , daughter , parents can send money abroad to your account.
…You need to approach registered money changer get the dollars , usually a couple of Rs high than that bank rates and show the last 3 months bank statement & you will pay Rs 3,000 to 4,000 as transaction fee but not more than 10,000 US Dollars per day.
…You can max send only 100,000 US dollars PER YEAR…No more …
…Not recommended in Pakistan but you can buy bitcoins , put money in your bitcoin wallet & transfer online to your account abroad …but bitcoin is now in trouble …
…You can send through Western Union but that will murder you both on exchange rates as well as in transaction fee. WU exchange rate is 15 to 20 Rs more than market rate plus huge transaction fee
…Last one is not recommended but since I myself never do that channel so I will not tell you …
REMEBER Pls:
Bitcoins now being taxed in abroad.
In Canada there is 13% on incoming.

#4

One of my relative from Canada just sold his plot and transferred money to his Canadian account. He took the same route. He had to be physically present here.

Rest is just gibberish !

  • Crypto is banned in Pakistan. People use third parties and escrow to trade.

  • If outward remittance limit is $100K then how can WU bypass that. All outward remittances are cleared by State Bank of Pakistan, which keeps track of the limit and purpose. So it doesn’t matter which channel you use to funnel your money.

  • Banks rates are higher than open market for buying and lower for selling. So your best bet is exchange companies.

So follow the straight path. Come to Pakistan and follow the steps in my previous post. Double-check with a Pakistani bank before executing your plan.

#5

Hello, thank you for your reply. By physically present meaning how many days I need to stay there in order to open the account?

#6

Account opening is very easy and quick now. You should choose Roshan Digital Account (RDA) which is for overseas Pakistanis, provides multi-currency option and can be opened online from anywhere. Most banks offer this account.

For local residents, there are also digital and physical account options that can be opened within a couple of days. Only cheque-book takes a week to arrive. You should visit some leading banks website and call their helpline to get further details. Some top banks with strong overseas presence are:

  • Habib Bank Ltd (HBL)
  • United Bank Ltd (UBL)
  • Standard Chartered Bank (SCB)
#7

Very important!!!
In Roshan account one cannot deposit money in Pakistan …
It is only for inward remittance in Pakistan.

#8

I agree with @yousafnoor the Roshan Digital bank does not allow local money to be deposited!! Which really makes things impossible… I guess the only option for me is to go there physically which will be another impossible task…

#9

Dear
Yes you need to be in Pakistan but as I told before, Ur daughter or parents also can send you money in dollars while you are NOT in Pakistan but problem the heavy amounts in your daughter or in your parents accounts have to be justified with FBR.
But since property is on Ur name & if sold after defined no of years as per FBR, you will pay ZERO gain tax even if in CRORES of Rs.
If you have a trustwirthy in Gulf then Riyals transfer to your residing country is fully legal & Riyals are plenty available with Pak currency exchange offices but dollars are not …
But still you can get take only 10,000 dollars out of Pakistan legally in one trip.
And in multi trips, only one lac US dollars in a year …
Best of luck …
I am helping my kids in Canada & my currency dealer is a good guy, if you like I can give you his contact.

#10

@iqbilayy, money transfer outside Pakistan is controlled and channeled through State Bank of Pakistan. Which allows it for any legitimate reason such as education fees, business transaction, etc. Overseas Pakistanis can also transfer their dollars out by showing documentary proofs. Your bank will process your request. That;s why my advise is to call a couple of banks and get details.

I wouldn’t advise using any illegals means including hawala/hundi or currency dealers. With increasing international measures for anti-money laundering and tax authorities’ tightening grip, the only safe path is the straight path.

Hope this helps.

#11

Wrong statement…
Currency dealers also deal with banks & state Bank involvement as per regulations. They cannot send direct transactions. All is done in bank.
Their functions are:
Arrange currency with legal means
Act to facilitate papers & liaise with banks on the sender behalf.
Now a days even from dollar account , banks are reluctant to give dollar Notes, they give Rs instead .
Best is to involve a registered currency dealer …
Half confirmed info must be avoided …
I am doing all the time fully on legal means.
Even a primary school kid knows what is money laundering…

#12

Beware of scammers. They come in all shapes and sizes. Do not hand over your hard-earned money to any currency dealer for remittance. If this was a legal method, its procedure would have been given on State Bank’s website.

#13

In Pakistan when people wanna do things straight they are not able to do it. My mom is sick and I sold a plot in DHA to get money for my ailing mom- after completing all the formalities required by the bank only to be told that the state bank of Pakistan does not allow the international outward transfer.

So there are only 2 ways.
One as guided above open an account in PKR and deposit the par order, and then open a dollar account and transfer from PKR account to dollar account. (this may take up to 15 days)
Even while transferring from the dollar account there are a lot of documents that need to be submitted, and prevailing the current situation in Pakistan this transfer will probably be rejected again by the state bank.

The second way is through hundi- and this could be successful only if you know someone who has reliable credentials.

unfortunately, Pakistan has stopped all international transfers due to money laundering. But the government is ignorant enough not to understand that the launderers never used to use the bank transfer channels.

Important note in order to do hundi you will need to withdraw a huge amount of cash - this is very dangerous to carry out cash in Pakistan - so in advance rest in peace.

Again a common man has been affected.

#14

Dear
Just visit any currency dealer’s office and see their business…
No one never give them money and go home.
At the same spot and time, you give Rs & get dollars …
They will give you receipt with their registration number, all legal office info on the receipt…
You put dollars in your pocket & go home.
Now if you want their service to go with you help in bank then they will charge Rs 3,000 to 5,000 for their help in bank white dollars are with you ALL THE TIME.
All legal & safe and there are 100s of offices in currency market …
Do not get carried away with non sense of the ones who are completely ignorant in this field.
But now under criminals govt, Dollars are being pumped out thru Indian planes in racks of millions every day but for poor " Reaaya" and bloody civilians no dollars…?

#15

Why does the government make it so hard for normal people to live life peacefully?
Why I have no freedom to take my own money and take it abroad without being questioned and harassed?
Is it difficult to open a bank account for overseas Pakistani? are a lot of documents required?
I will need to plan my trip accordingly as It will be my only and possibly last visit to Pakistan.

#16

@iqbalayy, as mentioned earlier, account opening is a smooth and quick process. Just visit few banks websites, check their account options, apply online and then visit a branch for bio-metric verification with NADRA and all is done.

Account opening is quick, takes a day or two max, check book and ATM card take 7-10 days to arrive at your registered address.

#17

Thank you an I will try to contact some banks…
Any recommendations for a reasonable bank in Pak which deals with Foreigners?

#18

All banks are regulated by State Bank of Pakistan therefore, they all follow same policies are procedures and offer similar products and services. You should chose among the top banks that have strong international presence. I have already listed 3 above, you can add ABL and Faysal bank in the second tier as well.

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