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KSA - SAR contract options

KSA - SAR contract options

Old Jan 18th 2021, 3:43 pm
  #1  
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Default KSA - SAR contract options

Hi folks,

Just accepted offer for a couple of years in KSA. Previously done a couple of stints in the UAE on full expat deals where my UK salary was still paid to my UK bank account. However this time I'll be on a local contract paid in SAR. My wife and son will be staying the UK and I'll need to keep the funds flowing back home for mortgage and all that good stuff. I found a couple of threads from 2018 suggesting transferring SAR to a UK currency broker who would then transfer the funds to my UK account. I've also seen people suggest using HSBC expat account as another way to manage this.

Would be really grateful if anyone could share any tips as to how to best manage this to avoid getting gouged on transfer fees but also minimize the hassle every pay day?

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Old Jan 18th 2021, 5:29 pm
  #2  
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Default Re: KSA - SAR contract options

Most Brit expats I know in KSA bank with SABB and just transfer money back to the UK by bank transfer, with money arriving next working day. There's a small fee to make a transfer, about 75 SAR, and a fee for your UK bank to receive overseas funds (about £15 with Santander). The big issue is the SABB exchange rate, which I've seen differ between 1% to 3% from the headline rate on Google. None of the expats keep their money in KSA, and just transfer out when conditions suit. You need an Iqama to open a local bank account, as for most things in KSA, so check your employers plans and timescale.
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Old Jan 18th 2021, 6:14 pm
  #3  
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Default Re: KSA - SAR contract options

I used different Saudi banks in the period i was there. Not much difference in my experience. It makes sense to use the same bank as your employer, All the banks can do transfers to The UK or anywhere else. The Saudi banking system is geared up to making international remittances
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Old Jan 19th 2021, 9:13 am
  #4  
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Default Re: KSA - SAR contract options

Many thanks for the quick replies - its all rush job here so that puts me at ease that I can sort it when I get there and don't need to get anything done ahead of time.
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