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SAR to GBP Brokers

SAR to GBP Brokers

Old Nov 27th 2018, 7:58 am
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Question 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
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Old Jan 23rd 2019, 1:03 pm
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Default 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.
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Old Jan 24th 2019, 1:47 am
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Default Re: SAR to GBP Brokers

Originally Posted by NasG View Post
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.
You know that they are pegged?
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Old Jan 24th 2019, 4:37 am
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Default Re: SAR to GBP Brokers

Originally Posted by weasel decentral View Post
You know that they are pegged?
USD/SAR is pegged but GBP/SAR isn’t. In any case, what’s rate peg got to do with the question of how to transfer SAR to GBP in a UK bank account.
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Old Jan 24th 2019, 6:21 am
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Default Re: SAR to GBP Brokers

Originally Posted by NasG View Post
USD/SAR is pegged but GBP/SAR isn’t. In any case, what’s rate peg got to do with the question of how to transfer SAR to GBP in a UK bank account.
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.
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Old Jan 24th 2019, 8:03 am
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Default 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.
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