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KSA is now non compliant for offshore banking - official

KSA is now non compliant for offshore banking - official

Old Oct 10th 2010, 8:58 pm
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Default 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.
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Old Oct 10th 2010, 9:19 pm
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Default 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?
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Old Oct 10th 2010, 9:37 pm
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Default 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]
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Old Oct 11th 2010, 12:25 am
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Default 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.

Last edited by Bijilo123; Oct 11th 2010 at 12:30 am.
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Old Oct 11th 2010, 12:28 am
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Default Re: KSA is now non compliant for offshore banking - official

Originally Posted by hnd View Post
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?
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.
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Old Oct 11th 2010, 7:36 am
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Default Re: KSA is now non compliant for offshore banking - official

Originally Posted by Bijilo123 View Post
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.
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.
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Old Oct 11th 2010, 8:48 am
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Default 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.
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Old Oct 11th 2010, 9:40 pm
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Default 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 !
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Old Oct 11th 2010, 9:52 pm
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Default Re: KSA is now non compliant for offshore banking - official

Originally Posted by arc en ciel View Post
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 !
I wonder why you bother also....
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Old Oct 11th 2010, 9:57 pm
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Default 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?
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Old Oct 12th 2010, 3:52 am
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Default 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!
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Old Oct 12th 2010, 4:15 am
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Default Re: KSA is now non compliant for offshore banking - official

Originally Posted by arc en ciel View Post
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 !
what more did you want? A list of offshore banks that one could find using the magic website called google?
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