marce54

Hi,
I'm moving to Riyadh soon and am hoping to open an HSBC bank account. Does anyone have experience in transfering money back to the UK? Here in Dubai its quite easy to transfer from one HSBC account to another and not that expensive. I'm hearing there's some sort of tax on transfers in KSA though, is this true? Cheers!

nonthaburi

You pay VAT on the transfer fee.

sicklyman

you'll get hit on the exchange rate when you use SABB to transfer from your own bank account back to the UK. It used to be possible to send stuff via exchange companies, but recently I and colleagues have personally experienced that these will not make it further than Riyadh and will eventually (several weeks later) be returned to your account. They are telling us that the policy is not to send to anyone except a recipient you have a personal relationship with.

The alternative to maximise what you send back might be to use a walk in forex place. Try to avoid the end of the month though when the entire Asian subcontinent will be in there too.

marce54

Thank you for the intel. I'll look into the options once I'm there.

scot47

Al-Rajhi.