Importing from Pakistan. Banking issues

[Mattymoomoo]

Hi, has anyone ever had issues where Pakistan customs (apparently most of Asia) requires a financial instrument before customs clearance/shipping?

The situation is one asked my mate to send something, customs said we need to see a business bank to business bank transfer. We bank with tide who do not transfer to Asia. Apparently all the transfer companies don't count so we are being asked to open a new bank account..

Has anyone heard of this before? I'm surprised customs cares but maybe anti money laundering?

Just a whine really, but also trying to avoid opening another bank account..

Thanks!

 

[Paul Kelly ICHYB]

Is this a B2B transaction or are you just sending something to a mate?

 

[NickZ]

There are also other ways, Wise, Airtm, Uphold, Skrill, ****** and some bank also do business with Pakistan.

 

[Mattymoomoo]

Is this a B2B transaction or are you just sending something to a mate?

Business to business

 

[Mattymoomoo]

There are also other ways, Wise, Airtm, Uphold, Skrill, ****** and some bank also do business with Pakistan.

Apparently not.. customs won't clear it without the "financial instrument"...so Nick, is this guess work or have you done it or seen it done this way? Fyi I can send money this isn't the issue. It's the customs clearance that is the challenge.
Thx

 

[Paul Kelly ICHYB]

What is the definition of a 'financial instrument'?

 

[eteb3]

What is the definition of a 'financial instrument'?

it’s a piece of paper that in itself has monetary value. So (without opening my law books for a precise list) cheque, bill of exchange, letter of credit, bill of lading, etc.

In which case it should be possible to do this without a bank: seller raises BOE drawn on buyer, which buyer accepts - I think? But see any number of PK/IN accounting sites where they detail the process in mindnumbing detail.

 

[eteb3]

If no joy here, you could try asking at your nearest Ria money transfer shop. The vast majority of British Kashmiris I know are allergic to paperwork: if there’s a workaround, chances are they’ll know someone who knows it.

 

[Paul Kelly ICHYB]

What did your freight forwarding agent say about this?

 

[Mattymoomoo]

I wasn't using one, the business was going to organise the shipping, but I have engaged one now. I'll keep you updated.

What did your freight forwarding agent say about this?

 

[partyplanner]

just use wise for paying in whatever currency you want and use a freight forwarder or ups for the import

 

[Mattymoomoo]

just use wise for paying in whatever currency you want and use a freight forwarder or ups for the import

Apparently this won't work, has to be a high street bank...I trust my business partner from an ethics point of view, not always competence pov. Wasn't an issue when buying from a large Chinese manufacturer though

 

[Paul Kelly ICHYB]

has to be a high street bank

How will anyone in Pakistan know it isn't?

 

[fisicx]

I did some work for a company in Pakistan last year. They had to get one of their staff to transfer the money into a UK bank account (belonging to a family member). This family member could then transfer the money to me. All other methods they tried (wise, stripe, revolut and paypal) were blocked.

 

[Mister B]

FWIW we purchase from Pakistan and of late have been paying by Wise. Never ever, had an issue with customs.

Sounds a bit dodgy to me.

 

[Mattymoomoo]

FWIW we purchase from Pakistan and of late have been paying by Wise. Never ever, had an issue with customs.

Sounds a bit dodgy to me.

are you buying products that need to be shipped through customs or services? FYI the transfer from OFX was rejected. Something about a nostra account and wanting Swfit Payment. Otherwise, it may be something about the regional bank he is using.

 

[Mattymoomoo]

just use wise for paying in whatever currency you want and use a freight forwarder or ups for the import

This may be the way. Im still waiting on a quote. Im guessing EID has something to do with the delay.