During application and visa process for Germany. Students have to pay for many things like uni assist application fee, course fee, funds for blocked account and accommodation charges. These payment requires a transfer of money from Pakistan to Germany in euros. Normally these transfers are not a rocket science and just requires a credit card.
But unfortunately banking system of Pakistan is not very advanced. It is almost impossible for a normal person to get a credit card in Pakistan. Western banks offer wide variety of credit cards to their customers especially to students. Like prepared credit card is one to of the most famous option in Germany for students. In which they preload credit card with required amount and use it for online transfers.
Recently UBL Pakistan provided this type of card to Pakistani customers. It’s called UBL Wiz internet card and can be used for online transfers. But it’s limit is only 200,000 PKR (around 1500 euros). It can be used to transfer uni assist application fee but not for blocked account funds.
Students always looking for cheapest ways to transfer heavy amounts like blocked account funds. That is not possible with UBL Wiz card. These cheapest ways to transfer money from Pakistan to Germany are these.
FCY Euro Account:
FCY (Foreign currency account) is one the most cheapest way to transfer money from Pakistan to Germany. Many Pakistani banks offer foreign currency in different international currencies like dollar and euro. Foreign currency account for euros is called FCY Euro Account.
Normally it is impossible for students to open this account. Because it requires a minimum deposit of 5000 euros. So they can search a relative or friend which have this account to transfer money on their behalf. If you don’t have any with FCY euro account in close circle. Then first request to any nearest trusted bank manager. He will find a person in his bank with FCY Euro account for your transfer. Transfer of 8640 euros with FCY Euro account cost approximately 27,000 to 30,000 PKR.
Tip: If this is also not possible, then arrange upto 9000 euros and go for UBL blocked account. You need to open first a FCY Euro account to block funds for visa purpose. Block money will remain block but additional money you can use for normal transaction like uni assist fee etc. You don’t need to be a Tax Filer to open blocked account in UBL. With this one account you can enjoy all benefits.
Western union is the second cheapest way to transfer money from Pakistan. You can visit any authorized local western union agent to know charges. These charges depends on amount and current exchange rate from PKR to EUR. Normally transfer of 8640 euros with western union approximately cost 35 to 40 thousand rupees.
MoneyGram is a third option to transfer money to Germany. But it is not recommended. Because it is more expensive than Western Union. You can use it only if you are unable to find above two options. Visit nearest MoneyGram agent to know about charges.
Foreign currency account.
Normally 5000 euros cash, NTN, plus personal documents. Better to check your desired bank requirements.
Yes, because it’s a requirement of banks by law.
Filer means a taxpayer which has a proper NTN number.
It cost approximately 27 to 30,000 rupees. Better to ask bank staff for current charges.
It cost around 35 to 40 thousand rupees. Ask to any local agent for exact amount.