Re: Banking in KSA
 

Absolutely. In the SAB app, select your SAR current account, then Make a transfer, then Global transfer, reselect your account, select your linked HSBC USD currency account (abbreviated HCA), input how much to transfer in SAR and then confirm. Funds will be instantly remitted in USD into your HSBC USD account at the pegged rate, minus a tiny cost (0.16% of the mid-point market rate in my experience.) Then move the USD funds internally into the HSBC Global Money account, keeping them in USD. Then you can remit them anywhere globally at zero cost (no interbank charges) into a corresponding USD account, whether that be Revolut, Interactive Brokers, or anywhere else you choose to convert them into your local currency.

Re: Banking in KSA
 

Thank you

Re: Banking in KSA
 

Thanks. Really helpful

Re: Banking in KSA
 

Thinking about this further, is it not possible to transfer directly from SAB to Revolut in USD?

K

Re: Banking in KSA
 

Yea, but I'm pretty sure you will get correspondent bank charges doing that. There's also the option to transfer SAR directly to a Revolut SAR account. I tried that once but the funds never hit and were eventually returned after a few weeks, each bank blaming the other. I never tried again after that. My routing via HSBC CA and Global Money achieves what I want with near zero cost and no hassle.

Re: Banking in KSA
 

I've been transferring USD from Riyad Bank to the Wise Bank (based in USA) and it costs next to nothing. Then transfer the USD to my AUS bank. It has cost me no more than 20SAR on the KSA side and no more than $20 on the Wise side.

Re: Banking in KSA
 

Just following up on this. How long does money take to go from HSBC Global money account in USD Revolut USD account? Is it instant or is there a delay of a few days. Also is the Revolutl IBAN enough for HSBC to set up for the correct Revolut USD account?

Thanks again for help with this,

K

Re: Banking in KSA
 

Hello. The funds usually transfer within a few hours, but if you transfer over weekends or public holidays, it may take a day. I last transferred funds last Sunday and they arrived 22hrs later on the August Bank Holiday Monday. Impressive, I think, and as I say, usually just 3 hours or so in my experience. And of course, completely free of charge. What goes out come straight back in, no deductions.

From memory I just set up the details with the relevant IBAN, no issues at all.

Hope this helps.

Re: Banking in KSA
 

Thanks! Great info

Re: Banking in KSA
 

Does it matter what your aussie bank is? I'm with Macquarie atm.
Was thinking of doing the HSBC process mentioned previously.

Re: Banking in KSA
 

Thanks. Did a trial last night & all confirmed. Grateful for the advice.

Re: Banking in KSA
 

Don't think so. I use NAB, a friend uses ANZ, neither have had much trouble.Good luck!

Re: Banking in KSA
 

Thanks!

Re: Banking in KSA
 

Thanks a lot for this explanation. I’m expecting to be in Riyadh in the next 6 weeks and whilst in the UK, trying to get some of these accounts set up.

I don’t bank with HSBC, I have a Premier Barclays account. So for this to work, I need to open up a HSBC Current Account, a HSBC USD Currency Account, a HSBC Global Money Account. Once I land in Riyadh, I need to open up a SAB Current Account and SAB USD Currency Account?

I also don’t have Revolut, so I need to set one of those up too to get favourable exchange rate.

Is this correct? Anything I’ve missed?

Thank You

Re: Banking in KSA
 

Folks,
There is an easy way to transfer money from KSA to UK or anywhere with minimal or no fees. Example: you send 100 SAR from your account to the UK--> you get 100 SAR in your account in the UK, assuming your bank in KSA or UAE does not charge you for the transfer.
Then you can exchange the SAR in the UK with a very competitive rate and no fees.
If you want to know how PM me.