Best way to send money from KSA to UK?
Apr 8th 2011, 9:13 am
#1
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Best way to send money from KSA to UK?
Finally, I have internet access to my bank account (SABB, an HSBC affiliate, which my employer requires all employees to use) and so I decided to send some money back to the UK (RBS) last week.
I specified GBP1,000 to arrive, as a test run.
A while later, I got an SMS saying SAR6,326 had been taken from my SABB account, which was a bit of a shock (interbank rate that day was around 6.04 riyal to the pound). I looked online for details of the transaction, found none and so I called customer service who said there was a transfer fee of SR50 (which seemed not too unreasonable) but the exchange rate was 6.29!!!
What actually arrived in my UK bank was £985, so clearly RBS had also taken a cut.
The end to end transaction was that SR6,326 was converted to GBP985, in other words an effective exchange rate of 6.42 - a markup of 6.3% compared to the interbank rate, which is frankly a ripoff.
How do others of you send money back home? There must surely be a better way than this!
TIA
I specified GBP1,000 to arrive, as a test run.
A while later, I got an SMS saying SAR6,326 had been taken from my SABB account, which was a bit of a shock (interbank rate that day was around 6.04 riyal to the pound). I looked online for details of the transaction, found none and so I called customer service who said there was a transfer fee of SR50 (which seemed not too unreasonable) but the exchange rate was 6.29!!!
What actually arrived in my UK bank was £985, so clearly RBS had also taken a cut.
The end to end transaction was that SR6,326 was converted to GBP985, in other words an effective exchange rate of 6.42 - a markup of 6.3% compared to the interbank rate, which is frankly a ripoff.
How do others of you send money back home? There must surely be a better way than this!
TIA
Apr 10th 2011, 11:41 pm
#2
Just Joined
Joined: Apr 2011
Posts: 28
Re: Best way to send money from KSA to UK?
Finally, I have internet access to my bank account (SABB, an HSBC affiliate, which my employer requires all employees to use) and so I decided to send some money back to the UK (RBS) last week.
I specified GBP1,000 to arrive, as a test run.
A while later, I got an SMS saying SAR6,326 had been taken from my SABB account, which was a bit of a shock (interbank rate that day was around 6.04 riyal to the pound). I looked online for details of the transaction, found none and so I called customer service who said there was a transfer fee of SR50 (which seemed not too unreasonable) but the exchange rate was 6.29!!!
What actually arrived in my UK bank was £985, so clearly RBS had also taken a cut.
The end to end transaction was that SR6,326 was converted to GBP985, in other words an effective exchange rate of 6.42 - a markup of 6.3% compared to the interbank rate, which is frankly a ripoff.
How do others of you send money back home? There must surely be a better way than this!
TIA
I specified GBP1,000 to arrive, as a test run.
A while later, I got an SMS saying SAR6,326 had been taken from my SABB account, which was a bit of a shock (interbank rate that day was around 6.04 riyal to the pound). I looked online for details of the transaction, found none and so I called customer service who said there was a transfer fee of SR50 (which seemed not too unreasonable) but the exchange rate was 6.29!!!
What actually arrived in my UK bank was £985, so clearly RBS had also taken a cut.
The end to end transaction was that SR6,326 was converted to GBP985, in other words an effective exchange rate of 6.42 - a markup of 6.3% compared to the interbank rate, which is frankly a ripoff.
How do others of you send money back home? There must surely be a better way than this!
TIA
Guess, thousand Brit ex-pat are out there in Saudi. Please, anybody post some info.
I also want to know. Thanks everybody in advance.
Apr 11th 2011, 4:56 am
#3
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Joined: Jun 2009
Posts: 91
Re: Best way to send money from KSA to UK?
hi there - we send ours back through Al Raji internet banking - moves very quickly - usually the same or next day - it gives you the exchange rate - then charges 70 sar to send, then, i think, our Lloyds TSB account charges about 10gbp to receive the money - unfortunately i think most uk banks charge to receive - a symptom of rip off Britain!!!
xxx
xxx
Apr 11th 2011, 6:01 am
#4
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Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: Best way to send money from KSA to UK?
Of course banks charge for services, but the real rip-off is the poor exchange rate. That's where they make their real profit.
If you are moving significant amounts of money (anything from GBP 5,000) then you can access much better rates by using a money exchange company. These offer better rates, often as good as wholesale rates for higher amounts, without fees. The transactions are fully secure, take place online and add no more than a day.
Feel free to PM me if you'd like details of the FSA authorised company I use personally and for my clients.
If you are moving significant amounts of money (anything from GBP 5,000) then you can access much better rates by using a money exchange company. These offer better rates, often as good as wholesale rates for higher amounts, without fees. The transactions are fully secure, take place online and add no more than a day.
Feel free to PM me if you'd like details of the FSA authorised company I use personally and for my clients.
Apr 11th 2011, 11:45 am
#5
Just Joined
Joined: Apr 2011
Posts: 28
Re: Best way to send money from KSA to UK?
Of course banks charge for services, but the real rip-off is the poor exchange rate. That's where they make their real profit.
If you are moving significant amounts of money (anything from GBP 5,000) then you can access much better rates by using a money exchange company. These offer better rates, often as good as wholesale rates for higher amounts, without fees. The transactions are fully secure, take place online and add no more than a day.
Feel free to PM me if you'd like details of the FSA authorised company I use personally and for my clients.
If you are moving significant amounts of money (anything from GBP 5,000) then you can access much better rates by using a money exchange company. These offer better rates, often as good as wholesale rates for higher amounts, without fees. The transactions are fully secure, take place online and add no more than a day.
Feel free to PM me if you'd like details of the FSA authorised company I use personally and for my clients.
Apr 11th 2011, 3:31 pm
#6
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Joined: Apr 2011
Location: Riyadh
Posts: 84
Re: Best way to send money from KSA to UK?
Would opening a HSBC account back in the UK be an option for you? If it is you may be able to avoid the transfer charges - if you have a HSBC Premier Account then apparently there are no global transfer fees between accounts.
I've yet to try this myself as my SABB a/c set up isn't complete yet. You may have to pay a monthly fee for a Premier Account, it depends on your circumstances...I managed to persuade them to let me have one for free so it's worth a punt.
I dont work for HSBC or SABB by the way.
I've yet to try this myself as my SABB a/c set up isn't complete yet. You may have to pay a monthly fee for a Premier Account, it depends on your circumstances...I managed to persuade them to let me have one for free so it's worth a punt.
I dont work for HSBC or SABB by the way.
Apr 11th 2011, 8:26 pm
#7
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Re: Best way to send money from KSA to UK?
Thanks all. I was also surprised that no-one replied for so long.
I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.
Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.
Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
Apr 11th 2011, 10:31 pm
#8
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Joined: Jan 2008
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Posts: 1,899
Re: Best way to send money from KSA to UK?
Thanks all. I was also surprised that no-one replied for so long.
I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.
Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.
Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
Apr 12th 2011, 5:08 am
#9
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Re: Best way to send money from KSA to UK?
Apr 12th 2011, 7:00 am
#10
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Joined: Apr 2011
Location: Riyadh
Posts: 84
Re: Best way to send money from KSA to UK?
Thanks all. I was also surprised that no-one replied for so long.
I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.
Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
I don't know if the HSBC Premier would help. As Meow said, the ripoff is in the exchange rate and, as far as I can tell, SABB doesn't give a better rate for affiliate banks. Plus there are charges.
Some Egyptians at work go through Al-Rajhi, which apparently has good deals with some major banks in Egypt, but I suppose I need to investigate what they have going with British banks.
...as long as I haven't blown all my money on sweets and comics before then
Apr 12th 2011, 8:51 am
#11
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Re: Best way to send money from KSA to UK?
You can break in this weekend, we're still away! Back on Monday.
Apr 12th 2011, 10:23 am
#12
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Joined: Feb 2007
Location: Over there ----->
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Re: Best way to send money from KSA to UK?
What is the point of that? You know you'll get a lousy rate so you can save money by doing it a different way.
Just had a look at the difference in rates - 5.875 SAR/GBP with HSBC; 6.05 elsewhere - I see what you mean!!!
Apr 12th 2011, 5:19 pm
#14
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Re: Best way to send money from KSA to UK?
Apr 12th 2011, 10:13 pm
#15
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Re: Best way to send money from KSA to UK?
Compound reckoned it was our fault as we didn't tell them we were going away, which means they switch the water off automatically. Don't leave the money on the floor, otherwise it might a soggy bagful of notes...