Imran Khan
PDF VETERAN
- Joined
- Oct 18, 2007
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i was planning to invest but yesterday i have changed mind and bought a shopFew things that you won't find out from official web pages etc, and things that the banks are hiding too:
- MCB bank has a monthly fee, although very small but still no other bank that I know of is charging any monthly fee. On top of that their representatives either don't know about that monthly fee or just lie that there's no fee. See #1 below.
- HBL is the ONLY bank that is sending CDC account opening request physically by mail, while all other banks send CDC request electronically. Hence HBL takes well over a month to open CDC account.
- HBL and MCB's bank's RDA representatives have pathetic communication, English, and email writing skills. They often lie in your face. And keep bugging you to send them money. See #2 below.
- Forms are poorly designed, they send you forms to sign forms where there's no place to sign.
- Instructions they send you are often unclear. Especially if you haven't been in touch with ways of office work in Pakistan in a long time and have forgotten the system there, you'll be scratching your head.
- They use lots of abbreviations that you may know only if you are in touch of Pakistani official banking language. If you grew up abroad then you may struggle to understand.
- Terminology used in banks abroad may mean something else Pakistani banks. e.g. the word "Beneficiary" is understood different by RDA reps.
- If you are half the world across, like in North America, then banks' web portals may take over a minute to load on every link you click. Especially MCB was the slowest so far.
- If you are in Americas, RDA reps will call you in middle of the night while you are sleeping. Like 3AM, 4AM etc.
- There is 10% withholding tax on Naya Pakistan Certs (double check, I may have this one incorrect), 15% capital gain tax for tax-filer, 30% cap-gain tax for non-tax-filer. 15% tax on dividends.
- No information available on tax receipts to show foreign countries' tax agency that you already paid taxes in Pakistan. So you "may" or may not have to pay taxes again once you repatriate you money.
#1 - MCB's monthly fee officially posted. But they keep telling you there's no monthly fee.
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#2 - examples of communication skills of RDA reps:
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