Wiring money to UK

Last activity 25 November 2012 by SaudiUK

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SimonsalsaMember21 August 2012 18:08:10

Can someone give me some info on sending money to UK from Saudi Arabia? What is the cheapest way to get money into a UK bank account, and how much does it cost?

I have heard that HSBC have branches in Saudi Arabia. Is it worth opening a bank account with them? They also offer an advantage account with multiple currencies. Would it be useful to have this type of account or does it work out cheaper to just wire money home to an ordinary account...

SaudiUKSerial expat21 August 2012 18:17:47

544

I have found bank trf from Saudi to uk is hassle free (using Internet access)

However SABB which is HSBC does not give the best texchange rates

Riyad bank exchange rates are better

SimonsalsaMember21 August 2012 18:20:22

SaudiUK wrote:
I have found bank trf from Saudi to uk is hassle free (using Internet access)

However SABB which is HSBC does not give the best texchange rates

Riyad bank exchange rates are better

OK, how much does it cost to send money over to the UK with TRF?

SimonsalsaMember22 August 2012 01:15:56

I am also thinking that having a multiple currency account would be useful as the money would need to be exchanged twice to use in Saudi Arabia with a regular UK sterling account (once into pounds, and then back to local currency in Saudi).

15 quid a month is what they charge for a HSBC advantage account with multiple currency option...

SaudiUKSerial expat22 August 2012 13:41:30

544

exchange rates

SABB (official exchange rate + 0.5 or 0.6)
Riyad Bank (official exchange rate + 0.15)

cost to trf money to UK account is SR 15 per transaction

SimonsalsaMember05 November 2012 20:11:41

What are the bank charges for receiving money in the UK? Today NatWest quoted me 7.50 plus 1% of amount. HSBC apparently just charge 8 pounds (under 4000 quid) but I wonder if that is true..

SaudiUKSerial expat07 November 2012 08:53:54

544

Simonsalsa wrote:
What are the bank charges for receiving money in the UK? Today NatWest quoted me 7.50 plus 1% of amount. HSBC apparently just charge 8 pounds (under 4000 quid) but I wonder if that is true..

True ...I have a HSBC account in Manchester (UK)

RehabDoctorSerial expat07 November 2012 14:18:34

279

Simonsalsa wrote:
What are the bank charges for receiving money in the UK? Today NatWest quoted me 7.50 plus 1% of amount. HSBC apparently just charge 8 pounds (under 4000 quid) but I wonder if that is true..

Most of UK banks charge £5 for amount upto £100 and £7 for amount above £100 for transfer in.
If you get offshore account like Lloyds international then it is free.

Prince_5New member23 November 2012 13:51:42

I have a HSBC and Lloyds TSB account. What is the cheapest way of getting my money into a UK bank account?

BTW - Would I have to open a local bank account in Riyadh? Can I not be paid directly into my UK account by my employer?

SaudiUKSerial expat25 November 2012 16:43:55

#10

544

Prince_5 wrote:
I have a HSBC and Lloyds TSB account. What is the cheapest way of getting my money into a UK bank account?

BTW - Would I have to open a local bank account in Riyadh? Can I not be paid directly into my UK account by my employer?

Most employers pay in Saudi Riyals so a local bank account will be needed.

Most banks do offer internet banking so trf to a UK bank account is just a few clicks.

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