KSA is now non compliant for offshore banking - official
 

I tried to open an offsore bank account with HSBC as a Saudi resident and a UK citizen and was told as from September it is no longer permitted to open an offshore account as a resident of KSA because the KSA falls foul of banking regulations/compliance so what the hell are we supposed to do now ? They also told me I will not be able to open an account with any other IOM/Channel Islands based offshore bank eg: Lloyds, Standard etc etc and I can't officially open a UK based account as I'm non resident ! How will this affect existing customers who are using a Saudi address or business address for corresspondence ? Not good at all.

Re: KSA is now non compliant for offshore banking - official
 

Don't understand this at all. KSA is non-compliant for offshore banking? What's that got to do with it? Surely it must be whether the applicant for the offshore account can meet the offshore banking regulations?

Re: KSA is now non compliant for offshore banking - official
 

Sense or not, that is exactly what I have been told by their new business-personal acquisitions dept directly by phone and email - [email protected]

Re: KSA is now non compliant for offshore banking - official
 

Then keep your money in the region or send it to your onshore account.

...but suggest you try Bradford and Bingley International in IoM - they were the only one (other than some obscure and now very definitely defunct Icelandic bank) who offered me their offshore services when I was in Kuwait - which is a problem country for banking.

Re: KSA is now non compliant for offshore banking - official
 

It was difficult to open one in Kuwait as it is difficult to give a personal postal address and the banks don't like opening an acount based on a business address. That has nothing to do with offshore banking regulations.

Re: KSA is now non compliant for offshore banking - official
 

I used Alliance and Leicester for the same reasons. Very simple with them, rejected by the others.

Oddly, the accounts are all actually held with HSBC anyway.

Re: KSA is now non compliant for offshore banking - official
 

Fortunately KSA was evidently compliant for the 8+ years that I worked there. Its obviously a new development, which people should be made fully aware of before accepting an employment position there.

Re: KSA is now non compliant for offshore banking - official
 

No further comments, reaction or suggestions from any residents or any one in the know ? Pathetic, really pathetic ! I wonder why I bother to look on this site at all anymore, it seems to be a waste of effort !

Re: KSA is now non compliant for offshore banking - official
 

I wonder why you bother also....

Re: KSA is now non compliant for offshore banking - official
 

Are you saying that the ONLY bank account you hold anywhere in the world is in KSA?

Re: KSA is now non compliant for offshore banking - official
 

You've been given four perfectly good suggestions:

local bank
direct transfer to your uk bank from your employer
A&L
BBI

There is no need to have an offshore account and any combination of these will be adequate.

Stop feeling sorry for yourself - your choice to go there!

Re: KSA is now non compliant for offshore banking - official
 

what more did you want? A list of offshore banks that one could find using the magic website called google?