Kindly tell me how to convert pak rupees to us$? I am selling my property in islamabad, amount may come to over 10 crores, that i would like to transfer to my account abroad? I am an overseas pakistani and canadian citizen.Many thanks
@TK
You can convert PKR to any currency in open market, there are exchange companies everywhere.
To transfer outside Pakistan, you will need to open a foreign currency US$ account in a local bank and from there you can transfer outside to your overseas bank. For such an amount, your local bank will seek permission from State Bank of Pakistan before remittance.
You can not carry more than $10,000 in cash outside country.
@TK Following up on Isloo1 suggestion you can also ask the local bank to issue you a Mastercard backed debit card with a high daily withdrawal limit eg 5 lakhs per day that you can then use to withdraw money from ATMs in Canada that support Mastercard which is pretty muich all. The bank will make a charge for each withdrawal but that is a price worth paying IMHO. You will need to inform the local bank that you wish to use this card overseas before you leave Pakistan.
@Rauf Khan
There are exorbitant charges/tax on Pakistani Db/Cr Card transactions overseas. Plus the exchange rate bank applies is ridiculous. So the best solution is bank transfer.
Agree with Isloo1.
After collecting your proceeds in PKR, fill up the form to open a dollar account. Bank will send it for state bank's approval which takes like a day or two.
Then convert PKR into dollars and initiate transfer to your account in Canada. Whole process will take about 7 to 10 business days as Pakistani banks do not have presence in Canada and they use corressponding banks to electronically transfer funds.
No need to worry at all.
@Isloo1 & @Imran A. Yes, I agree regarding the fact that Pak banks charges are high when debit cards are used abroad but my debit card suggestion was in addition to the $ bank account mentioned by Isloo1 in his earlier post as this gives you greater flexibility and you can access your pkr cash in an emergency. I doubt the $ exchange rate the bank gives using bank transfer method will be competative compared to the open market rate but it will no doubt be much better then using the debit card overseas route.
Dear,
Isloo, Rauf Khan, Imran
Many thanks for your great advice. Much appreciated.
I already have a US$ account in Pakistan with Meezan Bank. Wonder if it is still working. It used to have about a $110.0 in it once upon a time.
I was also somewhat concerned about changing so much money to US$. How is that done. Inside the bank? Dont mind paying some extra money, in exchange for safety!
@Rauf Khan bro, your point regarding emergency cash is good. Indeed it is great help to access your PKR account while travelling overseas and draw cash in their local currency. In the good old days people used to carry travellers cheques for cash safety. Plus another advantage is that $10k limit on carrying cash across borders does not apply here.
@TK dear, this is the easiest part. Just scout the market for the best conversion rate, then walk in to your branch. See the manager, have a cup of tea and ask him to help you convert in open market. All bank staff have links in forex market and they would facilitate without charging you anything. Exchange company will send $ to the bank where you can exchange it securely. And you're done before tea is finished.
For another layer of personal safety, you can convert in 2 to 3 rounds. So, there is no big talk in town about 10 crore exchange.
According to new policy, a bank account goes dormant if no withdrawal is made in 1 year. You have to go to bank, sumbit application with proof of income and wait for couple of days.
Some exchange companies can actually come to you if it is thousands of $$.
You can call them to the bank where you have USD account. Once they give you USD in exchange to your PKR, you can deposit them in to your USD account at same time. This way you don't need to carry cash around.
But if you are going for large amount like 1crore+ PKR then you need to arrange it with bank before hand so that they have that much cash ready for you.
Thank you gents for your technical insights, lots to learn!
Just my two cents: While anyone who is at it, i.e., PKR to USD conversion best is to do it by Mar/Apr after that with fiscal budget in Jun, post May to Aug (generally) PKR starts to take the hit from USD and that may not be the best time for conversion ...
Agreed. Dollar decline was temporary.
You are all amazing people! This has all been extremely helpful. One more question: I just checked online, and it says one USD = 160.28 PKR, what sort of a premium do I have to pay on top of that?
Imtiaz sb, I am trying to come by March or April, but the Covid thing is stopping me, as the lockdown appears to be tightening up again for some reason. Hope I can get vaccinated by that time.
All the time best TK!
Google around 'USD to PKR Interbank' and 'USD to PKR Open Market' as google and other converters have some variances compared to on-ground pricing/value.
As Isloo suggested if Open Market rate can be remitted (via bank) that will be a Win-Win! May/Jun gets a bit tricky for PKR-USD parity with mostly USD on the winning end!
If you go to Meezan bank website and scroll to the bottom, there are two downloadable files
Foreign Exchange Rates
Foreign Remittance Rates
All banks are offering more or less same.
Interesting to know all this processes , imagining how easily bhagora and partners were taking out dollars from the country, and dar was keeping dollor so cheap for them to export.
Sohail sb good to see you back:
-- As things stand now: Those Dollars, Assets and all the Heck exported out and their invetigation have back fired in the name of Broad Sheet as not a single penny traced! (Ref. 200 Arab Dollar Laye Gi, 100 Arab IMF Kay Moun Par Maaray Gi ...)
-- Dollar is a global currency, the blood line for almost all intl. transactions. It's not Cheeni/Patti on Karyana Store to Keep High or Low just as you like. At max one could borrow (a certain limit) to keep it stable while paying back will once again bring that back to its original value. Artificial overvaluing local currency it will destroy exports (exporting countries) and undervaluing will destroy economy (importing countries). You can see State Bank's chase for Hot Money (in USDs) now starting to take it's bite as budget approaching ...
Due to FATF the money movement is very restricted (atleast for a common man). Though way-out are always there ( hundi, hawala, under invocing, mony carrying, payment in third country etc). Due to tight monitoring and control it is advisable to use proper channels and with documentation, even if someone has to pay interbank rates and some taxes. Rest are personal choices.
@Imtiaz, there were numerous objections from international monetary agencies on Pakistan Rupees value at that time.
China was also criticized on marking their values in own economic benefits. However the difference in Bhagora group was self interest only, the people in business of exporting dollars don't care on other factors you mentioned.
Regarding proof in this country terrorist were released respectfully so imagine for mafia like Bhagoras it will be so easy to play around and twisting the judiciary system.
If a clerk become billionaire in 10 years without doing anything and other illiterate start getting millions in monthly salary from UAE while sitting in Pakistan and we are searching the proof is bit funny.
.
The way overseas are investing in Naya Pakistan certificates, forget the incline of $ for few years at least.
Sohail,
How much collected in Naya Pakistan Certificates so far? Will appreciate a pointer to the source. Thanks.
(N.B. this should not include remittances through Roshan Digital Account which is just an easy pipeline to funnel the money back home to the family.)