Funds Transfer to Blocked Account

Now that your blocked account is successfully set up, you can access your account details like IBAN, BIC etc. The next step is to transfer the required funds in it. There are different methods available for this purpose:

Foreign Currency (FC) Account

• Choose an appropriate bank in your city and open a FC account in Euros.
• You will have to do some research on your own by visiting major banks in your city and asking for the details on taxes and transfer fees.
• If you already have a FC account in a bank in Pakistan or abroad, you can easily transfer the amount.
• In case your visa is rejected, the blocked amount will be transferred to you in the same FC account from which the initial deposit was made.

Western Union

• Western Union (or other transfer services) have the option of direct transfer BUT there is a higher currency exchange rate and transfer fee involved. For details on this, visit any major Western Union branch in your city.
• In case your visa is rejected, Western Union will NOT be able to receive your blocked amount. You will have to provide details of any other FC account to your blocked account provider to retrieve your amount.

Note(s):

Since tax policies and government regulations are constantly subject to change, it is highly important that you communicate clearly with the respective bank or Western Union branch on site to get full transparency on your funds transfer.

Fin.