I hope you are all fine. I’m here to provide information and to clear a misconception that you must have an FC account to transfer the funds to your blocked account. most people are just aware of two methods
using FC account
using any exchange like Link, NBP, Money Gram exchange.
Actually, there is a third way too, which I think is cheap and fast.
You can use your PKR currency bank account to transfer the funds too, this method is called FTT ( foreign Telegraphic Transfer). Go to your bank and ask you want to do FTT for living expenses and education purposes. They will simply ask for your Admission letter, your latest educational degree, your passport, etc. This process takes 3 days, but in my case, they did it in one day.
I have a bank account in PKR currency in HBL UOG Hafiz Hayat Branch (code-2422).
I deposited all money there, here is what they charged from me.
exchange rate = 191.25 ( on the internet the rate was 191.35 at that time)
swift copy fees = 500 PKR
TT charges = 2917 PKR
International Transaction fee = 30 euros
WHT (withholding tax) = 0.6% (as I’m not filler/NTN holder)
The Sum of all the charges is roughly 20000 PKR.
If I were filler then the charges would be 8000 PKR only.
but the thing is If you go through any exchange like Link Exchange they would give you 196 (4 to 5 rupees extra) exchange rates and would charge a 3000 transfer fee too, then I would lose almost 50,000 thousand.
So my conclusion is, don’t worry if you are not a filler, or you don’t have an FC account. simply go to your bank ask them about the FTT process, get the euro rate of outward remittance (FTT rate), compare their rate with exchange’s rates. make your decision and left your faith in Allah.
one more thing
Confirm everything before you deposit the money into your bank. Make sure the account is not a photo account, because my mother’s account is a photo account and Allied Bank (0120) said, they can’t do FTT through a photo account. Then I went to HBL ( my father’s account ) and they said the same thing, then I used my own account which is not a photo account.
(the account will be a photo account if the account holder signs in Urdu or uses a thumb impression and doesn’t sign)
If you have any query feel free to comment. don’t inbox, please.
Misconception to Transfer Money into Blocked Account