yahyakhan100
MPA (400+ posts)
Anyone here know if I can transfer money to my Roshan digital account through transferwise ??
Transferwise and Roshan Digital Account
- Thread starter yahyakhan100
- Start date
Islamabadiya
Chief Minister (5k+ posts)
Have you tried yet ? If it’s a personal account and has its swift code etc, shouldn’t be a problem
rashidawan
Politcal Worker (100+ posts)
I have not tried it but I doubt it. Reason being that tansferwise transfers the money to transferee account as a local remittance which is not allowed in RDAs. Saying that, I am keen to know if someone tried this before.
yahyakhan100
MPA (400+ posts)
no not tried it yet because, I normally send money through transferwise to my PKR account but it does't show in my pkr account as an international transfer instead a local transfer. So I done know if that is acceptable.
yahyakhan100
MPA (400+ posts)
Yeah because if you're going to transfer for e.g. 5000 USD from a UK bank they will charge you approx 100GBP as transferring fee on 5000 USD and the transfer rate is not good and if you have to repatriate your money back you have to pay 0.25% of the amount as transfer fee. So I'm confused what to do.
webnise
MPA (400+ posts)
No. RDA only accepts payment via Bank. Transferwise/WU/Azimo etc are not supported as they are not repatriable and not in the name of the account holder (as in account holder who owns it with verifiable credentials)
For information is available from all the bank offering RDA accounts.
Here is one from HBL.
For information is available from all the bank offering RDA accounts.
Here is one from HBL.
Roshan Digital Account| HBL Pakistan
Roshan Digital Account for overseas Pakistani to have access to banking services within Pakistan without having to visit an embassy or a physical bank branch.
www.hbl.com
- Accounts can be fed by Foreign Inward Remittances originating from Banks Only. Exchange Companies are not allowed
rashidawan
Politcal Worker (100+ posts)
5000 USD from a UK bank? Are you planning to transfer GBP or USD.
Also, UK banks like Barclays or Santader, they normally charge a fixed fee around £25 to £30 regardless of how much you want to transfer. I have not done it for a long time due to using transferwise.
Yes conventional bank transfer is expansive than transferwise due to the reasons you mentioned. Try Azimo, it has competitive rates plus RDA transfers should be allowed as they make international transfer. Not 100% sure though if it will be allowed either.
Also, UK banks like Barclays or Santader, they normally charge a fixed fee around £25 to £30 regardless of how much you want to transfer. I have not done it for a long time due to using transferwise.
Yes conventional bank transfer is expansive than transferwise due to the reasons you mentioned. Try Azimo, it has competitive rates plus RDA transfers should be allowed as they make international transfer. Not 100% sure though if it will be allowed either.
yahyakhan100
MPA (400+ posts)
Yeah from my GBP account to USD, my bank is Denske Bank and it is charging me 95 pounds as transfer fee. I'll try Azimo. Thanks buddy.
rmunir
Minister (2k+ posts)
I have tried remitly no problem at all.
I would like to warn everyone to think twice before opening Roshan digital account.
I have opened an account already and I have had so many problems, some of the problems I have faced so far.
- firstly it was a nightmare opening the account, I had to provide every financial paper you can think of, bank statements, employer letters, payslips tax docs and much more.
- I eventually managed to open the account in pounds but turns out now I cannot invest in new pak certificates in pounds as it only supports $ and Rs. so then I had to open another account in Pak Rs. and submitted a new application.
- The customer service is awful there is no Whatsapp number so you are relying on emails, then they will not reply back in email but call you instead, and when they call you expect these calls at some inconvenient times, I have had calls at 6 am in the morning.
- Unless the payment has come from a bank account that is under your name you will have an issue.
- My UK bank doesn't give me the option to send Pak Rs and if it did Bank Conversation will be so low that you may not even think about sending.
- So I sent pounds to my RDA pounds account then send money from RDA pound account to RDA rupees account and brought THE Naya Pak certificates, only to find that - I have been charged 10% withholding tax when I sent the money from one account to the other.
- so now I have paid UK bank fee than I paid 10% tax so all the profit I was thinking about making is already wiped out in fact I am in a loss already.
I have been chasing the bank and claiming that this tax was not mentioned anywhere now they have said this tax is claimed by the Govt of Pak so now I am in process of emailing the Govt of Pak to claim my money back. But I am not so hopeful as this is a Pakistan govt.
So I suggest you all think carefully before making any decisions, I will let you guys know the outcome of my complaint.
I have opened an account already and I have had so many problems, some of the problems I have faced so far.
- firstly it was a nightmare opening the account, I had to provide every financial paper you can think of, bank statements, employer letters, payslips tax docs and much more.
- I eventually managed to open the account in pounds but turns out now I cannot invest in new pak certificates in pounds as it only supports $ and Rs. so then I had to open another account in Pak Rs. and submitted a new application.
- The customer service is awful there is no Whatsapp number so you are relying on emails, then they will not reply back in email but call you instead, and when they call you expect these calls at some inconvenient times, I have had calls at 6 am in the morning.
- Unless the payment has come from a bank account that is under your name you will have an issue.
- My UK bank doesn't give me the option to send Pak Rs and if it did Bank Conversation will be so low that you may not even think about sending.
- So I sent pounds to my RDA pounds account then send money from RDA pound account to RDA rupees account and brought THE Naya Pak certificates, only to find that - I have been charged 10% withholding tax when I sent the money from one account to the other.
- so now I have paid UK bank fee than I paid 10% tax so all the profit I was thinking about making is already wiped out in fact I am in a loss already.
I have been chasing the bank and claiming that this tax was not mentioned anywhere now they have said this tax is claimed by the Govt of Pak so now I am in process of emailing the Govt of Pak to claim my money back. But I am not so hopeful as this is a Pakistan govt.
So I suggest you all think carefully before making any decisions, I will let you guys know the outcome of my complaint.
yahyakhan100
MPA (400+ posts)
That's really sad, I think these accounts are only beneficial for people living in US.
