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Know How to Open a Bank Account and Send Funds Before You Transfer Money to Pakistan

davidguide — Sun, 09 Oct 2011 09:51:44 +0000

First, you should be aware that the currency is the Pakistani rupee. One U.S. dollar equals about 83.34261 rupees. Knowing the most recent exchange rate is helpful before you transfer money to Pakistan. Also, getting to know banks in the area before you move is good, as you will likely use one of these to receive money once you transfer it from your current bank.

Before you sign up for a bank in Pakistan, decide whether you want a bank that exists both in the U.S and Pakistan, or one that is local to your new home area only. There are plenty of both, and many United States banks offer remittances to banks in Pakistan. Some even have their own program specialized for the ability to transfer money to Pakistan easily and cheaply.

The National Bank of Pakistan has a program called PakRemit. Going this route to send money to your new bank should be quite easy. If you need to send $200 in rupees to your new account using an Internet check, there are no fees. If you need to transfer using your credit card, there is a fee of about $15. If you want to send money in U.S. dollars instead of rupees, the fee is $14, and closer to $20 if you use a credit card. The funds will be in your account within about three business days.

Now that you have an idea of bank fees, consider the steps to getting a bank account in Pakistan. In most cases, you can go to the selected bank’s website and print out a form to fill out. You can then send it along with a list of notarized documents. For example, to open an account at United Bank Limited, you will need notarized copies of your passport, paystub, employer reference, bank account statement from current bank, proof of employment, and copies of any business licenses you have. You will also have to send a check from your current account for 50,000 rupees. While this might seem like a lot of preparation to open an account, in most cases you can do so while still in the United States, which is convenient. You can transfer money before you move, which means you will have rupees to spend when you arrive.

If you do not have all the require documents for opening an account before you move, you can simply use a prepaid debit card until you are ready to get an account. You would just send funds to the card for the fee of $5 each time, and once you arrive in Pakistan, you can start using it to purchase things. You can also withdraw money like you would with any debit card. ATMs abound, especially in larger cities like Islamabad and Karachi.

If you are definitely moving and feel ready to open a new bank account, you can transfer money to Pakistan before the move so that you have money when you arrive. Otherwise, you will have to carry cash, either in dollars or rupees. This means you are risking either getting robbed of your money or paying exorbitant exchange fees. You can get around this issue by obtaining a prepaid debit card and sending enough money to it to get you by until you open an account. This way, if the card is stolen or lost, you can just cancel it immediately. Whatever you choose, be sure to think of convenience, safety, and cost-effectiveness.

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Send Money to Pakistan Using the Cheapest Services

davidguide — Sat, 08 Oct 2011 09:48:03 +0000

The majority of banks in the U.S. allow some sort of transfer to Pakistan. They charge varying fees, often depending on how much you want to send and whether you have an account. One example is Citibank, which charges $12 for you to send money from your Citibank account to your relative’s account in Pakistan. As the currency is rupees, you would send money in the US dollar, and your relative would withdraw rupees. This means you will need to pay attention to the exchange rate, and at this time $1 USD equals about 83 rupees.

Some overseas banks also allow U.S. residents to remit to Pakistan. For example, National Bank of Pakistan features PakRemit, which allows you to easily send money to Pakistan. To send $100 using an Internet check, there is a flat fee of $4. To pay with a credit card, there is a flat fee of $9 plus 2.89% of the amount, so the total fee would be nearly $12. The money takes about three business days to arrive in your relative’s account. United Bank has a similar fee structure, charging $5 for you to send up to $299 to Pakistan using an Internet check, and $10 plus 2.89% of the amount if you pay with credit card.

If you want to send the money in dollars so you don’t have to deal with exchange rates, most banks will allow you to do so. Usually, your relative is required to have a dollar account instead of just one that deals with rupees. The fees are usually larger to send money to Pakistan this way. For example, United Bank charges nearly $18 to send US dollars with a credit card, and $15 to use an Internet check. PakRemit charges almost $17 to use a credit card, and $14 with an Internet check.

If you enjoy using your credit card, clearly it will cost you more money with the listed banks. However, there are some ways to send money to Pakistan that not only do not charge much more to pay with your credit card, but also allow your relative to use a card. A prepaid debit card costs $5 for you to send money from your checking account to the card, and $8 to send money using your credit card. This means that if you want to use your credit card, there is no huge penalty, and the fees are flat instead of percentage-based. Thus, if you want to send a lot of money at once to the prepaid debit card, which your relative can use to either shop or withdraw rupees, it will cost you very little.

While debit card use may not be as rampant in Pakistan as in the United States, it is still possible to use cards there. If your relatives reside in major cities like Islamabad, Karachi, Lahore, or Faisalabad, there are thousands of ATMs and retail shops in the area that accept debit cards. However, if they are in smaller towns, you might want to ask before sending a prepaid debit card. Other than convenience for your relatives, before you send money to Pakistan, the important thing is to consider the fees that the different services have. Choosing the cheapest, fastest service is sure to make everyone happy.

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Army, judiciary pose no threat to government: Awan

davidguide — Sun, 03 Oct 2010 16:18:27 +0000

KARACHI: Federal Law Minister Babar Awan said on Sunday that the army and judiciary posed no threat to the government.

Speaking at the Karachi Pres Club, Awan said that some people were under the misunderstanding that freedom could be snatched away through conspiracies just because the names of those who opened the doors to dictatorship had been erased.

Talking about the status of former president Pervez Musharraf’s political party, Awan said that this was a “foreign” league and it would be hard for it to be a strong contender locally.

Awan also spoke regarding the current state of the judiciary, and said that the government respects all the decisions of the judiciary and according to the orders of the Supreme Court, all NAB cases will be immediately opened.

In regards to the killing of Nawab Akbar Bugti, Awan said that if the court wanted, it could contact Interpol about Musharraf’s return.

Speaking about President Asif Ali Zardari’s cases, Awan said that everyone must be held accountable, even those who waived off loans worth billions.

Awan said that the PPP did not only hold the Sindh card but held the support of all other provinces too. – DawnNews

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Pakistan Keeps NATO Supply Route Barred, Convoy Comes Under Attack

davidguide — Sat, 02 Oct 2010 15:56:10 +0000

Tejinder Singh – AHN News Correspondent

Washington, D.C., United States (AHN) – The United States on Friday continued to downplay the closure of a major supply route at the crossing at Torkham Gate along the border of Afghanistan and northwestern Pakistan after U.S. helicopters yesterday unknowingly killed several Pakistani border guards.

The Department of Defense spokesman, Col. Dave Lapan, confirmed on Friday to journalists at the Pentagon, “It is still the case, at last reports, that Torkham Gate remains closed,” adding, “We are still discussing with the Pakistan government that Pakistanis resolve this and get it re-opened, but in the meantime, there is still no immediate impact on our operations in Afghanistan.”

At the State Department briefing, spokesman PJ Crowley told journalists about the closed routes, “They’re important. They’re not the only means by which we resupply our efforts in Afghanistan.”

“We’ve got the northern distribution network that we’ve worked out with Russia and other countries in the region as well, but the land supply routes through Pakistan are vitally important,” Crowley added.

Lapan echoed Pakistani reason of “increased tensions” prompting closure of the gate, saying, “What the Pakistani military described to us was that the closure of the gate was due to their concerns over rising tensions.”

The incident is currently under investigation by ISAF and Pakistan’s government, he added.

“The focus of this assessment is defining those activities that happened in the border region,” he said. “The attack implies that the insurgents continue to use that border area to launch attacks, believing that they have refuge.

“Insurgents are attacking from this border region, and we’re countering,” Lapan added. “The exact circumstances of how this came to be and whether protocols were followed — it’s what we’re looking into.”

On the latest attack on NATO convoy in Pakistan, Crowley noted, “We’re not surprised that insurgents have in the past – and have done so again in the past few hours – attacked those routes, and – but they are important and we will work with Pakistan to make sure that we have the best security possible.”