Remittances from Overseas Pakistanis - Updates

[PK781]

Remittances are up, this is a good sign.

I'm glad to contribute when i send few hundred a year INTO my own Pakistani local bank account.

 

[PK781]

We pay tens of billions in dollars each year to IPPs, all of which go to overseas shell companies owned by the chor elites...Oil or any other legit imports is not the biggest driver of the deficit. Our chor military/mafia mobster alliance is the biggest driver of all economic malaise...

you nailed it......when everyone sees the Chors/Thugs/Mafia operate with impunity in the country (they are partners with establishment, judiciary, bureacrats,politicians, military).......then NOBODY is going to Invest.

Businessmen who have the capital to invest are not going to invest when they know its all chor mafias who run the country. When your local businessmen won't do that and will prefer the ME or EU or USA, then do not expect anyone else to do it.

Even the old telecom companies from overseas have left. No new player wants to come, heck even u cannot attact European airlines to service Pakistan due to many concerns/issues. SAFETY is # 1.
Look at the pathetic PIA privatization, so much time passed since the process was done/completed and still the state of the airline is at standstill. I had hoped for improvement but NOTHING seems to be happening. Nobody even responds to tenders anymore for equipment or spare parts. Thats how bad it looks.

Indicators are real when u see whats happening. The middle class has turned into poor class. People are stuggling to put food on table, have meds for sick family, even struggle for educating kids. Where is the Govt??

They keep getting IMF money every few months and depositing it into their personal accounts abroad........

no new hospitals, no end of corruption, no end of nepotism, no merit at all. CORRUPTION thug mafia still occupies the country.......from the presidency to the parliament, to judiciary to establishment and all.......Same faces hogging the country last 70 odd years and their chor tabbars.......

Only thing people from overseas buy is some fucking house or some fucking plot in some new housing society, that is not investment for economic prosperity.......even with that they're praying that its not a scam/fraud/ponzi scheme run by corrupt feudal mafias and thugs.....cuz if there is fraud, yeah good luck recovering even 1 rupee of your money........even police doesnt do shit as theyre all involved with policiticians and crimnal mafias (yes it happened to 2 family members of mine so its fucking real, and in Islamabad too of all places)

The piece of shit criminal thug status quo people (ALL of them together) have brought the country to a standstill. Even African poor countries are faring better as they realized their methods and set out to correct them. While we just can't get our shit together despite having nukes and military "power"

 

[Watandar]

I'm glad to contribute when i send few hundred a year INTO my own Pakistani local bank account.

I wanted to open a local bank account and well so that I can get a local debit card and avoid having to carry currency and all those conversions in my visits. However I was dissuaded from it by several people who said it requires excessive documentation , bothersome taxes and effort to maintain the account and prevent it from being frozen.

I then looked into the Roshan accounts and you can transfer foreign currency to it and its exempt from most of the bothersome attributes of local accounts, but you cannot use a Roshan account to transfer money to a local bank account ! Which makes its utility low.

 

[hydrabadi_arab]

I wanted to open a local bank account and well so that I can get a local debit card and avoid having to carry currency and all those conversions in my visits. However I was dissuaded from it by several people who said it requires excessive documentation , bothersome taxes and effort to maintain the account and prevent it from being frozen.

I then looked into the Roshan accounts and you can transfer foreign currency to it and its exempt from most of the bothersome attributes of local accounts, but you cannot use a Roshan account to transfer money to a local bank account ! Which makes its utility low.

You can transfer money from roshan account to any local account or withdraw cash from ATM.

 

[Aziqbal]

$41.5 billion is a serious number for nation like Pakistan

it helps Supports the rupee, Helps pay for imports, Supports foreign-exchange reserves and Massively reduces the current-account deficit

it also Supports household spending and the domestic economy

and So $40bn+ of annual remittances is almost like Pakistan having another enormous export industry

Remittances / goods exports is one of the highest in the world

 

[PK781]

I wanted to open a local bank account and well so that I can get a local debit card and avoid having to carry currency and all those conversions in my visits. However I was dissuaded from it by several people who said it requires excessive documentation , bothersome taxes and effort to maintain the account and prevent it from being frozen.

I then looked into the Roshan accounts and you can transfer foreign currency to it and its exempt from most of the bothersome attributes of local accounts, but you cannot use a Roshan account to transfer money to a local bank account ! Which makes its utility low.

The RDA can send/transfer money to other local accounts, but LOCAL accounts can't transfer money into the RDA......RDA can only receive foreign remittances from abroad.
You can easily do/pay debit transactions, do local mobile top-ups, do an e-transfer to someone else, use ATM for cash withdrawals, and pay for stuff with debit taps.

Keep in mind, it takes few days to receive the money into the RDA after u initiate the transfer(mine used to take a week)........When i had my RDA in HBL, it was nice in the beginning but then HBL started charging me per remittance (like 2300Rs) each time i send money into my own account. Yeah that's when I closed it.

Not all banks may have those high charges but I found that having local rupee account locally helps, its cheaper with the charges but the debit card bit has its own nuance........like when the debit card expires, u have to pickup the new one at your bank branch where u opened the account, they won't/don't/never send it home or give it to your family/relative. So u need to be in Pakistan to receive your card/pickup at that time roughly.......its a problem for overseas Pakistanis as we need the debit card the most.

You'll need to go open a local account (in-person) or use those digital accounts like Sadapay/Nayapay, but not sure if they ship card to overseas). RDA is the other option but avoid some banks (like HBL) who overcharge for receiving remittance.

I would encourage you to open a local rupee account in one of the banks you like, next time in Pak. I was able to open a local account (without a job in Pak or any letter other than my NICOP/CNIC) in Allied Bank.......hope more banks allow u to open some account with just CNIC, or u show them your american job letter/pay stub when u open it locally........it will be better than the RDA.