FriendlyExpat

Hi all,

I know this has been asked before, but could someone recommend the cheapest way to send money from Saudi to the UK? Until now, I've been paid in the UK but this is changing so I finally need to investigate the point.

I have a choice of being paid in USD or SAR in Saudi. I assume it's generally safer to be paid in dollars? In theory, I could even just keep the money denominated in dollars and transfer it into my UK bank account (although I then assume FX risk).

Thanks!!

Pulaski

USD will be a LOT easier to transfer than SAR, but be aware that the pound is on the rise, so income in USD is worth less than it was even just a few weeks ago. The long term (30-35 year) average for sterling is about $1.60/£1, obviously with about half the time spend above that point - so as of today you run a significant risk of experiencing a 20%+ paycut (if sterling reached around $1.70) over the next few years.

FriendlyExpat

Thanks! My salary is (currently) a fixed GBP amount and then converted into USD or SAR at the prevailing exchange rate, so this shouldn't be an issue.

Pulaski

OK, that makes sense. So in that case I would undoubtedly take the USD as dollars are much easier and cheaper to exchange and transfer than SAR.

You might need a USD account outside Saudi to be able to access the very popular on-line FX brokers such as WorldFirst and Transferwise (there are a number of others too), which offer extremely competitive exchange rates. I think I heard that such services are not allowed to operate in Saudi/ using Saudi-based accounts.

FriendlyExpat

Thanks! The only issue I see with this is that I will have to convert some US$ into SAR for everyday spending, but I guess the hassle will be worth it.

sicklyman

no but they can operate SAR accounts in the UK. TorFX and GCEN are two that I've used successfully over the last five years on a regular basis. Their rates kill any bank or other over the counter money transfer outfit by some margin. Only BFC in Bahrain comes even close and you've got to get your SAR over there to do that.

The trick, as I've said before, is to get your local bank to agree to transfer SAR out of the country. SABB do it, but even their staff will need persuading the first time you try it. After they see it works, you simply go down there with a transfer form each time and they'll be like, "Oh yeah, this is the guy who always wants us to send in riyals."

The SAR lands in the FX broker's SAR account in the UK and they then exchange this to your GBP UK account. I've saved thousands of quid this way.

nottmbantam

You can also transfer your money from your KSA SR account directly to your UK sterling account. I did this in the early days, but then realised the bank was charging me too high an exchange rate. It 's a simple enough transaction though.

As sicklyman suggests, if you use a broker, they can get you a better exchange rate. I use a UK based one, send the money in SR to their UK account, they then transfer me the equivalent in sterling into my UK account.

Let me know if you want their details.

Pulaski

Definitely use a broker, the rate that banks charge on FX transactions is outrageous. It is interesting to hear that transferring SAR is now an option, as Sickly man reported too, because anecdotally, it used to be difficult if not impossible to transfer SAR out of Saudi and/or directly to a broker.

Therefore, depending on the implicit exchange rate for in being paid in USD (how many dollars do you get, and how many pounds can you buy with them?), being paid in SAR may be a better option.

VajizzWhole

Hi norm_uk, do you have a currency broker that also works in euros? If so I would love some recommendations (I don't have 3 posts yet to PM anybody)!

StuK

Bitcoin!