SAR to GBP Brokers
 

Hi

I have been in Saudi for more than 2 years now and have been using HiFx previously as my broker for transferring money back to UK. As of last week, they have stopped supporting SAR to GBP transfers for some weird reason.

I was wondering if people could provide some recommendation of brokers they have been using who offer competitive exchange rates? TorFx, GCEN were mentioned on another thread I saw but just wanted to be sure of a good one before I registered with them.

Thanks a lot for your help
K

Re: SAR to GBP Brokers
 

I am also trying to find a broker to transfer GBP using my Saudi account in SAR. I have contacted GCEN but they don't offer SAR/GBP pair but can help if I transfer USD to them.

My Saudi bank offers me a good spread of around 0.1% on SAR/USD pair but the spread goes up to 2.5% for SAR/GBP. Hence, I think it's still more economical to transfer USD to a broker and then covert USD to GBP.

Re: SAR to GBP Brokers
 

You know that they are pegged?

Re: SAR to GBP Brokers
 

Re: SAR to GBP Brokers
 

I was just commenting on the fact that you mentioned the bank offered a good spread on a pegged currency. (the poster had asked about competitive rates not just how if you read his query)

Anyhow, I used to use Al Rajhi bank a few years ago rather than the brokers and their rates at the time were surprisingly good. Not sure if they are still as competitive.

Re: SAR to GBP Brokers
 

I've used a couple in the past, both work pretty much in the same way:
Currency Solutions
Currency Direct

More recently, have preferred Currencies Direct.