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-   -   Remitance from Riyadh to UK (https://britishexpats.com/forum/middle-east-60/remitance-riyadh-uk-784993/)

NKL Jan 24th 2013 5:21 pm

Remitance from Riyadh to UK
 
Hi there

Where would be the best place to go to remit money back to the UK in Riyadh. When I was in Abu Dhabi it was always the money exchange places like AlFardan etc that used to do the best rates and I just turned up with a stash of cash and it always went though to my UK bank account within 3 days.

The banks in Abu Dhabi were always the worst places to use given their exchange rates/charges, etc.

Thanks for any help,

NKL

scot47 Jan 25th 2013 5:56 pm

Re: Remitance from Riyadh to UK
 
Go the bank where you have an account. Or any bank for that matter. Fee is around 100 SR regardless of amount. You will need your IBAN details and SWIFT code.

NKL Jan 26th 2013 9:44 am

Re: Remitance from Riyadh to UK
 
Hi scot47

Thanks for the reply. Are you basically implying that ONLY your bank can transfer money for you? If others can do it, who gives the best rate?

Thanks

NKL

scot47 Jan 26th 2013 11:25 am

Re: Remitance from Riyadh to UK
 
Anywhere can do it IF YOU HAVE AN IQAMA.

"Or any bank for that matte" is what I wrote and that is what I meant. If you have been suckered into coming into KSA with a business visa you will have to find another method.

Moneychangers will change at a good rate and give you cash but there are restrictions on the legal export of cash - and on importing it into UK. Watching one of those Moneychangers like Amoudi is quite somethinmg. Millions in every imaginable curency being changed every minute !

Moneylaundering is an issue.

siddiqui Jan 26th 2013 12:29 pm

Re: Remitance from Riyadh to UK
 
You should check out SABB or Enjaz

NKL Jan 26th 2013 12:32 pm

Re: Remitance from Riyadh to UK
 
Thanks for the clarification -apologies I didn't read your post carefully enough.

So it sounds like I can go to the moneychangers and remit through the banking /financial system to be deposited in to my UK account. No I am not trying to send cash - trying to do an electronic transfer. And yes I do have an iqama. It's just that when I used to do this in Abu Dhabi it was simply better to take cash as they would give you the exchange rate right there and then and it would be sent immediately - as an electronic transfer. If you took a cheque it would take time to clear and you wouldn't know what exchange rate you were getting

Do you know who the main moneychangers are and where they are located? You mentioned Amoudi.......someone told me they were all in the Al Bathi area?? Is this right?

Thanks

NKL

scot47 Jan 26th 2013 12:41 pm

Re: Remitance from Riyadh to UK
 
I used Al Amoudi in Jeddah and Khobar when I wanted CASH. For remittances I used the bank - in my case the Riyadh Bank because that is where I was paid.

KSA - like much of the 3rd World is still very much a CASH economy ! The only place where I have ever seen people buying new cars with cash - no questions asked !

nonthaburi Jan 27th 2013 6:47 am

Re: Remitance from Riyadh to UK
 
You could try Speedicash , they charge 150 per transaction but apparently the rate is better than the bank . My bank SAAB charges 70 SR to transfer .

scot47 Jan 27th 2013 10:28 am

Re: Remitance from Riyadh to UK
 
Shopping around will probably reveal little difference between providers in term of exchange rates. Depends if you mput a price on your time and the hassle.

I also used Speedcash sometimes but latterly just used my bank. Most migrant workers in KSA remit on a monthly basis. You can save yourself time and trouble by waiting until you have a bigger chiunk of change.

nonthaburi Jan 28th 2013 9:19 am

Re: Remitance from Riyadh to UK
 
something I found was to avoid doing it on payday because the whole world and there brother was doing exactly the same thing and the waiting was horrendous . A guy I work with set up online banking with SAAB and does it that way.


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