Banking? KSA

Old Sep 19th 2010, 4:02 pm
  #1  
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Default Banking? KSA

Hi
How do you guys bank over there? Do you have off shore accounts?
Do we have to have our iquama to open a SA bank account?
Any recommendations?
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Old Sep 19th 2010, 8:35 pm
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Default Re: Banking? KSA

Hi,

Yes you will need an Iqama to open a KSA account though I believe you can get a letter from your employer that allows you to open an account for a short period while your Iqama is processed (if it doesn't get processed they close the account) to allow your salary cheque to be cashed.

Personally, I haven't opened a KSA account yet but I did open an international dollar account with Lloyds/TSB which also has a debit VISA card. I am still waiting to find out if my employer will pay into that account so I don't need to open a local account...

Jason
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Old Sep 20th 2010, 11:14 am
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Default Re: Banking? KSA

Originally Posted by Mummyv View Post
Hi
How do you guys bank over there? Do you have off shore accounts?
Do we have to have our iquama to open a SA bank account?
Any recommendations?
open an off shore account in your own country, dollar account is good. then get your employer to transfer your salary directly to it.

you get all the internet access and functionality, plus you can use your cash card here at the atms.
it costs about 15 dollars per transfer into the account from here (monthly salary) but its well worth it i think. plus if you can wait you can transfer the dollars into another home account when exchange rates are good. (euro in my case)
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