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Discussion Starter #1
Good day!

This query is specifically for Pakistanis moved/moving to Australia. I want to sell my property and move the money to Australia and use the amount as down payment of mortgage. The amount would be about 80-85k AUD. I check with the bank but they don't directly transfer into AUD. So bank will first convert that amount to USD(obviously they will give ****ty rates). And once that amount come to Australia then it will be converted from USD to AUD(again ****ty rates expected). Now due to double conversion and poor forex rate + bank service fee, I will incur losses. I was wondering if we have any better alternative(strictly legal) to transfer such massive amount??
 

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Good day!

This query is specifically for Pakistanis moved/moving to Australia. I want to sell my property and move the money to Australia and use the amount as down payment of mortgage. The amount would be about 80-85k AUD. I check with the bank but they don't directly transfer into AUD. So bank will first convert that amount to USD(obviously they will give ****ty rates). And once that amount come to Australia then it will be converted from USD to AUD(again ****ty rates expected). Now due to double conversion and poor forex rate + bank service fee, I will incur losses. I was wondering if we have any better alternative(strictly legal) to transfer such massive amount??
Unfortunately Transferwise who is the cheapest and most reliable,, doesn’t operate in Pakistan

Look for similar agencies

Cheers
 

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18 Posts
Good day!

This query is specifically for Pakistanis moved/moving to Australia. I want to sell my property and move the money to Australia and use the amount as down payment of mortgage. The amount would be about 80-85k AUD. I check with the bank but they don't directly transfer into AUD. So bank will first convert that amount to USD(obviously they will give ****ty rates). And once that amount come to Australia then it will be converted from USD to AUD(again ****ty rates expected). Now due to double conversion and poor forex rate + bank service fee, I will incur losses. I was wondering if we have any better alternative(strictly legal) to transfer such massive amount??
Try the moneyexchange companies (e.g. Wallstreet exchange). Normally, they have a cap I think of around 15k USD (last I sent). You can transfer over # of days. The exchange rate is better and you maybe able to exchange AUD directly.

Last I remember there was a withholding tax on larger sums above $50k, if you wanted to send from Pk to abroad. Unfortunately, getting money out of PK is a nightmare.

Cheers
 

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Registered
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409 Posts
Discussion Starter #4
Good day!

This query is specifically for Pakistanis moved/moving to Australia. I want to sell my property and move the money to Australia and use the amount as down payment of mortgage. The amount would be about 80-85k AUD. I check with the bank but they don't directly transfer into AUD. So bank will first convert that amount to USD(obviously they will give ****ty rates). And once that amount come to Australia then it will be converted from USD to AUD(again ****ty rates expected). Now due to double conversion and poor forex rate + bank service fee, I will incur losses. I was wondering if we have any better alternative(strictly legal) to transfer such massive amount??
Try the moneyexchange companies (e.g. Wallstreet exchange). Normally, they have a cap I think of around 15k USD (last I sent). You can transfer over # of days. The exchange rate is better and you maybe able to exchange AUD directly.

Last I remember there was a withholding tax on larger sums above $50k, if you wanted to send from Pk to abroad. Unfortunately, getting money out of PK is a nightmare.

Cheers
Do they transfer to bank account directly in Pakistan? It would be good if they transfer as bank service charges are much higher than money exchange companies.
 

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Registered
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409 Posts
Discussion Starter #5
Good day!

This query is specifically for Pakistanis moved/moving to Australia. I want to sell my property and move the money to Australia and use the amount as down payment of mortgage. The amount would be about 80-85k AUD. I check with the bank but they don't directly transfer into AUD. So bank will first convert that amount to USD(obviously they will give ****ty rates). And once that amount come to Australia then it will be converted from USD to AUD(again ****ty rates expected). Now due to double conversion and poor forex rate + bank service fee, I will incur losses. I was wondering if we have any better alternative(strictly legal) to transfer such massive amount??
Unfortunately Transferwise who is the cheapest and most reliable,, doesn’t operate in Pakistan

Look for similar agencies

Cheers
You are right! I even created account and later realize that they don't operate in transferring from Pakistan.
 
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