Samba exchange rate SAR to UK Pounds
Oct 20th 2016, 4:58 pm
#1
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Thread Starter
Joined: Jan 2013
Posts: 279
Samba exchange rate SAR to UK Pounds
Are Samba trying to make more money from FOREX?
Tried to transfer back to UK via online, but message says unless you action this within x seconds you will then be offered another rate of SAR to pounds (to their advantage presumably).
Is this for all banks in KSA?
Tried to transfer back to UK via online, but message says unless you action this within x seconds you will then be offered another rate of SAR to pounds (to their advantage presumably).
Is this for all banks in KSA?
Oct 20th 2016, 5:10 pm
#2
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Samba exchange rate SAR to UK Pounds
As FX rates move continuously, literally second by second, it is perfectly normal for FX rates offered to be "open" for only a few seconds, not to make more money, but to ensure that they don't lose money.
Oct 20th 2016, 8:14 pm
#3
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: Samba exchange rate SAR to UK Pounds
You will get a better rate at one of the places like Enjaz or Al-Rajhi.
Oct 20th 2016, 8:41 pm
#4
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Oct 21st 2016, 10:39 am
#5
Lost in BE Cyberspace
Joined: Nov 2012
Location: bute
Posts: 9,740
Re: Samba exchange rate SAR to UK Pounds
Transferring money through Al-Rajhi or Enjaz will be cheaper than through Samba. Al-Rajhi and Enjaz are Financial Institutions operating in Saudi Arabia.
Oct 21st 2016, 1:02 pm
#6
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Posts: 279
Re: Samba exchange rate SAR to UK Pounds
Wondered if Brexit roller coaster was behind this.
Thanks.
Thanks.
Oct 21st 2016, 1:38 pm
#7
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,439
Re: Samba exchange rate SAR to UK Pounds
No, Brexit has absolutely nothing to do do with this. The exchange rates always bounce up and down all day every day, and around the world as banks open and close. This wasn't obvious to most people until the internet came along and then FX brokers started running websites where you could exchange money at market rate, real time, but it has been running that way ever since the exchange rates were allow to float, which for the pound happened in the early 1970's. Prior to that the exchange rates were "pegged" by the government.
