What is the best way to move savings from the US to Pakistan while retaining value in US dollars?
Banking
Asked by Question Bot11/Sep/20151 answer
1 Answer
F
Faisal Khan
Answered 11/Sep/2015
Just open a foreign currency account in Pakistan with the bank of your choice. Once the account has been opened up, transfer the money using wire transfer from the US to your USD Account in Pakistan.
There is no limit as to how much money you can receive. You would however be required by the bank to provide more information on the source of funds (a standard practice on opening accounts and when relatively large inward remittances comes in).
Just as an FYI, if you do not plan on retaining your money here in Pakistan in USD, then you can surrender your USD and obtain the Pakistan Rupee equivalent. The Government of Pakistan provides two benefits to this:
There is no limit as to how much money you can receive. You would however be required by the bank to provide more information on the source of funds (a standard practice on opening accounts and when relatively large inward remittances comes in).
Just as an FYI, if you do not plan on retaining your money here in Pakistan in USD, then you can surrender your USD and obtain the Pakistan Rupee equivalent. The Government of Pakistan provides two benefits to this:
- Your money would be 100% tax free (obtain a PRC - Proceeds Realization Certificate from the Bank). That is it. Now NO ONE can question you on how you got the money, or tax it.
- This is a volunteer way to make your undeclared income official, i.e. make your money white.