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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 ?

Dheer
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user2262511
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2 Answers2

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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]

Dheer
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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%.

famargar
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