sicklyman

I used to use GCEN to send SAR to the UK through SABB in Saudi. In the nearly three years I used them, I was never able to find a better rate. I must have saved thousands of pounds over the bank's pitiful exchange rate.

Sometime in November, they lost all their smaller currency accounts including SAR and have been unable to provide me with an alternative. They have no idea when they might have a SAR available again.

I've been looking for an alternative over the last few weeks and cannot find any that are licensed for SAR and also allow non-resident Brits to transfer currency.

Any suggestions?

david999

I'm in the same boat Sicklyman.

Brains1983

can you not just send it in USD? you'll lose a little on the rate the bank uses to convert SAR to USD, however when it converts to GBP on arrival, it'll be more or less the same amount? I had a similar issue a couple of weeks ago when I needed to send BRL to Brazil. Gave up in the end and used USD.

sicklyman

Send it in USD how? It's not the currency that's the issue. It's finding an FX trader licensed for Saudi. If I send in USD from SABB in Saudi, they'll convert SAR to USD. Trust me, the exchange rate is awful. The beauty of sending in SAR is that SABB don't convert anything.

Of course, I can go downtown and stand in the queue to use an exchange agency, but I'm looking for something with an online presence so I don't have to do that each month.

Swansea

Hi All - Me too need to send funds back home please suggest what is the best way to send from Saudi to UK.

I don't mind going to an exchange house if online is not possible.

I am a newbie so any recommendations are appreciated.

Cheers

scot47

Al Rajhi in Saudi is popular - and the market leader

david999

Is that same as NCB scot47??

scot47

NCB is Al Ahli. Al-Rajhi is an Islamic Banking Servive much used by TCNs.

sicklyman

I'm afraid anything through a bank will sting you on the exchange rate scot47.

Good news: TorFX can do the same thing as GCEN once could.

sicklyman

and just to finish off this thread, TorFX account now set up and first transfer made from SABB.

david999

And better still, it can all be done online.

david999

Correction, cannot be done online, but only involves a phone call.

sicklyman

not sure what you mean by online/phone call... in order to get the money to TorFX, you have to get your bank to do an electronic SAR transfer. As SABB don't allow you an option online to transfer SAR to a recipient outside the country, I have to go to the branch to make the transfer.

Are you saying that you made a phone call to get the money transferred to TorFX? If so, which bank was that with?

david999

I'm with NCB bank.You can set up an international transfer in SAR to TorFX's account, this can be done online. The transfer takes about two working days and is done online.Once your funds are with TorFX, you have to call them to make the transfer to your UK account (if you're happy with the rate they offer of course).R u sure SABB don't offer this service? But it's crucial the transfer is done in SAR and not exchanged into GBP's, as it goes into TorFX's SAR account in the UK.

sicklyman

I've made regular payments in SAR to currency traders so I'm familiar with that. Setting it up over the phone is something I'll explore. Seeing as I already have a long history of doing it with SABB, they might be happy to do that online IF (and it's a big if) they have the option of indicating SAR. When I last tried it online two years ago, they only had USD or the currency of the country where the recipient's account was located. That meant I had to go in and do it manually. Gets me out of the office at least!