Open a bank account outside KSA - where??
Dec 26th 2013, 1:33 pm
#1
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Joined: Jan 2013
Posts: 279
Open a bank account outside KSA - where??
I am working in Eastern Saudi, am British with no home in UK, and would like to open a bank account (with debit card) somewhere in the world. I don't know if the petrodollar debate will have a negative effect on the US dollar (and Sterling?) and am also wary about the eurozone (Cyprus bank grab).
Suggestions please for a non-resident account? Bahrain, Botswana, Brazil....etc
Suggestions please for a non-resident account? Bahrain, Botswana, Brazil....etc
Dec 29th 2013, 5:22 am
#2
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Joined: Jan 2013
Location: Saudi by Day / Bahrain by Night
Posts: 94
Re: Open a bank account outside KSA - where??
I am working in Eastern Saudi, am British with no home in UK, and would like to open a bank account (with debit card) somewhere in the world. I don't know if the petrodollar debate will have a negative effect on the US dollar (and Sterling?) and am also wary about the eurozone (Cyprus bank grab).
Suggestions please for a non-resident account? Bahrain, Botswana, Brazil....etc
Suggestions please for a non-resident account? Bahrain, Botswana, Brazil....etc
Dec 29th 2013, 8:18 am
#3
womble
Joined: Sep 2005
Posts: 2,675
Re: Open a bank account outside KSA - where??
HSBC Expat is good if you can maintain Advanced or Premier status.
Dec 29th 2013, 9:01 am
#4
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Location: DXB
Posts: 56
Re: Open a bank account outside KSA - where??
But be aware that opening a new account in a UK bank is not as straightforward as you may think. Banking KYC and AML regs are quite strict now.
Dec 29th 2013, 1:19 pm
#5
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Joined: Oct 2013
Posts: 10
Re: Open a bank account outside KSA - where??
Most countries require proof of residency or visa to open bank accounts, so your best bet to open an account in non-SAR currency is likely to be using a large/international bank in KSA who have access to a wider network. For example, I think SAMBA offer an account in USD, and in theory SABB should be able to open an HSBC offshore account for you in Jersey. As mentioned by OriginalSunshine, if you qualify for premium accounts, then it is more likely the bank can help you.
Making the foreign currency account a current account with debit card might be more complicated - I recall being offered this service in the UAE, but haven't seen it advertised in KSA. Also, you mention that you don't want exposure to the US dollar, sterling or the Euro - those are the most common currencies that international accounts are offered in. I have seen expat savings accounts offered in Australian dollars, so that might be an option. You could also look at Swiss franc accounts (particularly if you qualify for private banking).
Making the foreign currency account a current account with debit card might be more complicated - I recall being offered this service in the UAE, but haven't seen it advertised in KSA. Also, you mention that you don't want exposure to the US dollar, sterling or the Euro - those are the most common currencies that international accounts are offered in. I have seen expat savings accounts offered in Australian dollars, so that might be an option. You could also look at Swiss franc accounts (particularly if you qualify for private banking).
Dec 29th 2013, 5:37 pm
#6
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Re: Open a bank account outside KSA - where??
Thanks for the tips.
Virtual currencies??
Virtual currencies??
Dec 29th 2013, 6:26 pm
#7
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Re: Open a bank account outside KSA - where??
Rather your money than mine :-) I don't think local regulation has caught up with virtual currencies, so access would likely just depend on the specific facilities (international transfers, etc.) and account opening requirements (AML, etc.) of whichever exchange you use.
Of course if you're looking to hedge your currency risks, the traditional method locally has always been to buy gold. If you don't want to worry about bullion, I think some of the banks offer gold certificates or access to gold funds.
Of course if you're looking to hedge your currency risks, the traditional method locally has always been to buy gold. If you don't want to worry about bullion, I think some of the banks offer gold certificates or access to gold funds.
