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Best way to send money from KSA to UK?

Best way to send money from KSA to UK?

Old Apr 8th 2011, 9:13 am
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Default Best way to send money from KSA to UK?

Finally, I have internet access to my bank account (SABB, an HSBC affiliate, which my employer requires all employees to use) and so I decided to send some money back to the UK (RBS) last week.

I specified GBP1,000 to arrive, as a test run.

A while later, I got an SMS saying SAR6,326 had been taken from my SABB account, which was a bit of a shock (interbank rate that day was around 6.04 riyal to the pound). I looked online for details of the transaction, found none and so I called customer service who said there was a transfer fee of SR50 (which seemed not too unreasonable) but the exchange rate was 6.29!!!

What actually arrived in my UK bank was £985, so clearly RBS had also taken a cut.

The end to end transaction was that SR6,326 was converted to GBP985, in other words an effective exchange rate of 6.42 - a markup of 6.3% compared to the interbank rate, which is frankly a ripoff.

How do others of you send money back home? There must surely be a better way than this!

TIA
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Old Apr 10th 2011, 11:41 pm
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Talking Re: Best way to send money from KSA to UK?

Originally Posted by tieresias View Post
Finally, I have internet access to my bank account (SABB, an HSBC affiliate, which my employer requires all employees to use) and so I decided to send some money back to the UK (RBS) last week.

I specified GBP1,000 to arrive, as a test run.

A while later, I got an SMS saying SAR6,326 had been taken from my SABB account, which was a bit of a shock (interbank rate that day was around 6.04 riyal to the pound). I looked online for details of the transaction, found none and so I called customer service who said there was a transfer fee of SR50 (which seemed not too unreasonable) but the exchange rate was 6.29!!!

What actually arrived in my UK bank was £985, so clearly RBS had also taken a cut.

The end to end transaction was that SR6,326 was converted to GBP985, in other words an effective exchange rate of 6.42 - a markup of 6.3% compared to the interbank rate, which is frankly a ripoff.

How do others of you send money back home? There must surely be a better way than this!

TIA
Sorry can't help, haven't got any info. Really surprise, NOBODY hasn't replied it Yet.
Guess, thousand Brit ex-pat are out there in Saudi. Please, anybody post some info.
I also want to know. Thanks everybody in advance.
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Old Apr 11th 2011, 4:56 am
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Default Re: Best way to send money from KSA to UK?

hi there - we send ours back through Al Raji internet banking - moves very quickly - usually the same or next day - it gives you the exchange rate - then charges 70 sar to send, then, i think, our Lloyds TSB account charges about 10gbp to receive the money - unfortunately i think most uk banks charge to receive - a symptom of rip off Britain!!!

xxx
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Old Apr 11th 2011, 6:01 am
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Default Re: Best way to send money from KSA to UK?

Of course banks charge for services, but the real rip-off is the poor exchange rate. That's where they make their real profit.

If you are moving significant amounts of money (anything from GBP 5,000) then you can access much better rates by using a money exchange company. These offer better rates, often as good as wholesale rates for higher amounts, without fees. The transactions are fully secure, take place online and add no more than a day.

Feel free to PM me if you'd like details of the FSA authorised company I use personally and for my clients.
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Old Apr 11th 2011, 11:45 am
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Default Re: Best way to send money from KSA to UK?

Originally Posted by Meow View Post
Of course banks charge for services, but the real rip-off is the poor exchange rate. That's where they make their real profit.

If you are moving significant amounts of money (anything from GBP 5,000) then you can access much better rates by using a money exchange company. These offer better rates, often as good as wholesale rates for higher amounts, without fees. The transactions are fully secure, take place online and add no more than a day.

Feel free to PM me if you'd like details of the FSA authorised company I use personally and for my clients.
Thanks ALL for your info. G'day !!!
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Old Apr 11th 2011, 3:31 pm
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Default Re: Best way to send money from KSA to UK?

Would opening a HSBC account back in the UK be an option for you? If it is you may be able to avoid the transfer charges - if you have a HSBC Premier Account then apparently there are no global transfer fees between accounts.
I've yet to try this myself as my SABB a/c set up isn't complete yet. You may have to pay a monthly fee for a Premier Account, it depends on your circumstances...I managed to persuade them to let me have one for free so it's worth a punt.

I dont work for HSBC or SABB by the way.
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Old Apr 11th 2011, 8:26 pm
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Default Re: Best way to send money from KSA to UK?

Thanks all. I was also surprised that no-one replied for so long.

I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.

Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
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Old Apr 11th 2011, 10:31 pm
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Default Re: Best way to send money from KSA to UK?

Originally Posted by tieresias View Post
Thanks all. I was also surprised that no-one replied for so long.

I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.

Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
Mate - just pop round to my villa, hand over your money, and I'll take care of the rest....
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Old Apr 12th 2011, 5:08 am
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Default Re: Best way to send money from KSA to UK?

Originally Posted by nottmbantam View Post
Mate - just pop round to my villa, hand over your money, and I'll take care of the rest....
Maybe I'll do just that! Just as good as giving the job to SABB

Are you still in the same place that I didn't burgle over Christmas? I'll come round at the weekend.
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Old Apr 12th 2011, 7:00 am
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Default Re: Best way to send money from KSA to UK?

Originally Posted by tieresias View Post
Thanks all. I was also surprised that no-one replied for so long.

I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.

Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
I'll give the HSBC Premier transfer thing a go in the next couple of weeks and let you know how much I get ripped off for...
...as long as I haven't blown all my money on sweets and comics before then
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Old Apr 12th 2011, 8:51 am
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Default Re: Best way to send money from KSA to UK?

Originally Posted by tieresias View Post
Maybe I'll do just that! Just as good as giving the job to SABB

Are you still in the same place that I didn't burgle over Christmas? I'll come round at the weekend.


You can break in this weekend, we're still away! Back on Monday.
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Old Apr 12th 2011, 10:23 am
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Default Re: Best way to send money from KSA to UK?

Originally Posted by Stealth Otter View Post
I'll give the HSBC Premier transfer thing a go in the next couple of weeks and let you know how much I get ripped off for...
...as long as I haven't blown all my money on sweets and comics before then
What is the point of that? You know you'll get a lousy rate so you can save money by doing it a different way.
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Old Apr 12th 2011, 11:42 am
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Default Re: Best way to send money from KSA to UK?

Originally Posted by Meow View Post
What is the point of that? You know you'll get a lousy rate so you can save money by doing it a different way.
Just had a look at the difference in rates - 5.875 SAR/GBP with HSBC; 6.05 elsewhere - I see what you mean!!!
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Old Apr 12th 2011, 5:19 pm
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Default Re: Best way to send money from KSA to UK?

Originally Posted by nottmbantam View Post


You can break in this weekend, we're still away! Back on Monday.
Well, if you return to find a Tamimi carrier bags stuffed full of unmarked hundred riyal notes on your doorstep, you'll know that Meow's Secret Service has failed and so you've got the job!
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Old Apr 12th 2011, 10:13 pm
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Default Re: Best way to send money from KSA to UK?

Originally Posted by tieresias View Post
Well, if you return to find a Tamimi carrier bags stuffed full of unmarked hundred riyal notes on your doorstep, you'll know that Meow's Secret Service has failed and so you've got the job!
That'll be a nice surprise. Last time we were away, one of the water heaters blew. Flooded the downstairs. Ruined my PS3

Compound reckoned it was our fault as we didn't tell them we were going away, which means they switch the water off automatically. Don't leave the money on the floor, otherwise it might a soggy bagful of notes...
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