sicklyman

it's not only possible, it's the only way to do it if you want GBP.

SABB can't send in SAR unless the receiving account is a SAR account. That's how the money brokers get such a good deal. Their receiving accounts in the UK are SAR.

currentaffairs

I am pretty sure that SABB were going to send my money in riyals. I specifically asked them to send it in pounds and they wrote something on the form because of that. That other guy in this thread (mission) is sending his money in dirhams and he doesn't have a dirham account in the UK (just regular Lloyds account), I bet...

There seems to be a lot of misunderstanding or confusion related to this issue so at least we are clearing up some of it as we go!

northbadawi

In Sabbnet you create a Beneficiary with his bank details and currency. When you make a payment - SABB transfers in Beneficiary currency which you entered during creation.
You can indicate any Beneficiary currency, even SAR or AED. But if Beneficiary's bank does not support this currency - it converts received funds to the actual account currency.
Usually nowadays most banks support multi-currency accounts - same account number for different currencies.
But for selling currency the best rate you always get in home country - SAR in KSA, AED in UAE. GBP in UK...

currentaffairs

I sent my money over the counter not through the beneficiary system which isn't actually working yet on my online banking..

sicklyman

When I set up my beneficiary for repatriating funds (i.e. myself via an exchange broker's UK-based SAR account) I was told that there is no way to export SAR by SABB premier staff on the phone. They said it first needs to be converted to either the recipient's destination currency (UK = GBP) or USD which will be converted by the recipient's bank.

However, when I got into the branch and received the same info, I told them to give it a go in SAR. Reluctantly they agreed as long as I was willing to pay any fees that might result in a failed transaction. I only persisted because my FX broker insisted that it would work. She even ended up having to persuade them to do it over the phone!

That was about two years ago now and it worked. Ever since, the branch staff know what to do and don't question it when I walk in.

So, if you are getting a green light, then either their policies must have changed or they're just telling you that and then hitting you on the exchange rate when they actually do have to convert the currency.

Unless I misunderstand how this works, northbadawi's claim that the best selling rate is in the currency's home country is false. I sell SAR to my FX broker via their UK account and the rates are way better than I could sell SAR for in Saudi. Maybe you mean, buy home currency rather than sell? or maybe I haven't got a clue how it works. But it definitely works

northbadawi

In KSA I pay 3.754 SAR for one USD transferred SABB and 3.76 SAR for one cash dollar in any KSA exchange. Try to get something similar in any bank outside KSA.
The same rule in general applies for buying currency.

Brokers and payment intermediaries operate in many countries worldwide and find the best exchange option (who wants to buy SAR at best price at the moment) despite in which bank your money are.

From my experience I found that SAR conversion rate to EUR and GBP is better via USD. Even conversion EUR <-> GBP most often is better via USD.