Exchange rates - GBP to Qatar Riyals...
#1
Just Joined
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Joined: Sep 2012
Posts: 16
Exchange rates - GBP to Qatar Riyals...
Hi, I am currently planning to come to Qatar, and it strikes me that my salary could potentially, significantly fluctuate in line with the exchange rate, by upto a few hundred pounds (eg. if exchange rate was £1 - QR 5.9 as opposed to £1 = QR 6.9 for example). I don't really understand how exchange rates work, but I'm worried incase my salary goes down month by month. Having not worked overseas before, I was just wondering how other people managed or dealt with this, or am I worrying unecessarily? Maybe its just a risk I should take? Many thanks in anticipation.
#2
You read these things?
Joined: Jun 2010
Posts: 1,261
Re: Exchange rates - GBP to Qatar Riyals...
Hi, I am currently planning to come to Qatar, and it strikes me that my salary could potentially, significantly fluctuate in line with the exchange rate, by upto a few hundred pounds (eg. if exchange rate was £1 - QR 5.9 as opposed to £1 = QR 6.9 for example). I don't really understand how exchange rates work, but I'm worried incase my salary goes down month by month. Having not worked overseas before, I was just wondering how other people managed or dealt with this, or am I worrying unecessarily? Maybe its just a risk I should take? Many thanks in anticipation.
#3
BE Enthusiast
Joined: Jan 2010
Posts: 605
Re: Exchange rates - GBP to Qatar Riyals...
Exchange rates are simple. if the pound drops you will get more pounds and if it rises you will get less. There is no method of dealing with this.
#4
Onwards and Upwards!
Joined: Sep 2010
Posts: 884
Re: Exchange rates - GBP to Qatar Riyals...
Hi, I am currently planning to come to Qatar, and it strikes me that my salary could potentially, significantly fluctuate in line with the exchange rate, by upto a few hundred pounds (eg. if exchange rate was £1 - QR 5.9 as opposed to £1 = QR 6.9 for example). I don't really understand how exchange rates work, but I'm worried incase my salary goes down month by month. Having not worked overseas before, I was just wondering how other people managed or dealt with this, or am I worrying unecessarily? Maybe its just a risk I should take? Many thanks in anticipation.
Over the past two years, the Pound-Riyal exchange rate has fluctuated from about 5.5 to 6.1 with about 5.8 the average.
[J]
#5
Re: Exchange rates - GBP to Qatar Riyals...
How is this any fairer than just getting your salary in Riyals?
#6
Re: Exchange rates - GBP to Qatar Riyals...
When I worked for Emirates we had exchange rate protection, that worked something like if the pound dropped below a certain point we got a subsidy to take your salary up to that figure.
Guessing that doesn't happen these days.
Guessing that doesn't happen these days.
#7
Re: Exchange rates - GBP to Qatar Riyals...
You would essentially be hedging your bets as whichever way the exchange wy moves you'd both win and lose.
The fact is that if you work out of the UK and want to send monies back you will be subject to exchange rate fluctuations. Sometimes you win, sometimes you lose. It's all part and parcel of expat life. You become very aware of exchange rates and the best time to move monies. (You can save on currency transfers by using an exchange house and let me know if you want info on that.)
The fact is that if you work out of the UK and want to send monies back you will be subject to exchange rate fluctuations. Sometimes you win, sometimes you lose. It's all part and parcel of expat life. You become very aware of exchange rates and the best time to move monies. (You can save on currency transfers by using an exchange house and let me know if you want info on that.)
#8
Re: Exchange rates - GBP to Qatar Riyals...
You would essentially be hedging your bets as whichever way the exchange wy moves you'd both win and lose.
The fact is that if you work out of the UK and want to send monies back you will be subject to exchange rate fluctuations. Sometimes you win, sometimes you lose. It's all part and parcel of expat life. You become very aware of exchange rates and the best time to move monies. (You can save on currency transfers by using an exchange house and let me know if you want info on that.)
The fact is that if you work out of the UK and want to send monies back you will be subject to exchange rate fluctuations. Sometimes you win, sometimes you lose. It's all part and parcel of expat life. You become very aware of exchange rates and the best time to move monies. (You can save on currency transfers by using an exchange house and let me know if you want info on that.)
On another note, I have just signed up for Moneycorp only to be told I still have to make an international transfer of Riyals into their account in the UK to then have the sterling conversaion which to my mind kind of defeats the object... Smart currency have local banks (e.g. in UAE) in which you deposit funds which then they credit you in the UK (thereby avoiding bank charges and offering a better rate). May sound like penny pinching but paying 15 or 20 quid every month on bank transfers adds up over a year...
Other than moneycorp, is there any other (decent) exchange houses that do Riyals into Sterling?
#9
BE Enthusiast
Joined: Apr 2010
Location: Doha
Posts: 320
Re: Exchange rates - GBP to Qatar Riyals...
I use an FX company who have a riyal account in London, so I can send money back with no charges and wait until the exchange rate moves in my favour. Only at that time do I incur a management charge.
#10
Re: Exchange rates - GBP to Qatar Riyals...
How do u get your Riyals into the a/c in London with no charges?
#12
Re: Exchange rates - GBP to Qatar Riyals...
But there is no hedging as the OP said the exchange rate used was the one at the date of payday - i.e. changes every month. Therefore it makes no difference if he got all his dough in Riyals as essentially he is just making a conversion into sterling every month at the then prevailing rate. It would only work if salary was fixed at time of employment - i.e. x riyals and y sterling which isn't what he said (at least not the way I read it).
On another note, I have just signed up for Moneycorp only to be told I still have to make an international transfer of Riyals into their account in the UK to then have the sterling conversaion which to my mind kind of defeats the object... Smart currency have local banks (e.g. in UAE) in which you deposit funds which then they credit you in the UK (thereby avoiding bank charges and offering a better rate). May sound like penny pinching but paying 15 or 20 quid every month on bank transfers adds up over a year...
Other than moneycorp, is there any other (decent) exchange houses that do Riyals into Sterling?
On another note, I have just signed up for Moneycorp only to be told I still have to make an international transfer of Riyals into their account in the UK to then have the sterling conversaion which to my mind kind of defeats the object... Smart currency have local banks (e.g. in UAE) in which you deposit funds which then they credit you in the UK (thereby avoiding bank charges and offering a better rate). May sound like penny pinching but paying 15 or 20 quid every month on bank transfers adds up over a year...
Other than moneycorp, is there any other (decent) exchange houses that do Riyals into Sterling?
Yes, per my previous post, I can recommend an exchange house if you contact me. No fees and better rates as banks make their money on the exchange rate.
#13
Re: Exchange rates - GBP to Qatar Riyals...
Maser - pls can you ping me the deets of the FX company. I must say I'm not even practising what I preach at the moment, mainly through apathy, but I am just pinging cashola through QNB First. Rates are actually good (for a bank) and my a/c manager does the transfers so I don't pay fees.
A lot of FX companies are a pain in the ass.
A lot of FX companies are a pain in the ass.
#14
Re: Exchange rates - GBP to Qatar Riyals...
So don't take the professional recommendation from someone who deals with one daily and knows what they are talking about...
#15
Re: Exchange rates - GBP to Qatar Riyals...
Too many people consider the transaction fees - that is not important (unless your sending small amounts)
When dealing with large amounts there are 2 options i use:
A much easier option to avoid all the hassles is to buy a forward rate contract - with this i know exactly what i am going to recieve from my KWD account - irrespective of what the currency is doing
If you dont need the money you can set yourself a limit to buy/sell the currency - it is a waiting game
When dealing with large amounts there are 2 options i use:
A much easier option to avoid all the hassles is to buy a forward rate contract - with this i know exactly what i am going to recieve from my KWD account - irrespective of what the currency is doing
If you dont need the money you can set yourself a limit to buy/sell the currency - it is a waiting game