Banking in KSA
Apr 28th 2024, 2:21 pm
#16
Forum Regular
Joined: Oct 2022
Posts: 51
Re: Banking in KSA
Appreciate I am late to this thread, but hoping for some clarification.
Am I right in saying that the simplest, most effective way to transfer to UK is:
Saudi Bank ( SAB etc) convert to USD locally in KSA, then straight USD transfer to Revolut USD account ( in UK).
Then internal GBP conversion in Revolut?
Thanks for clarification guys,
K
Am I right in saying that the simplest, most effective way to transfer to UK is:
Saudi Bank ( SAB etc) convert to USD locally in KSA, then straight USD transfer to Revolut USD account ( in UK).
Then internal GBP conversion in Revolut?
Thanks for clarification guys,
K
Apr 29th 2024, 8:13 am
#17
Just Joined
Joined: Apr 2024
Posts: 5
Re: Banking in KSA
There are many options depending if you prefer intrabank transfer (SAB-HSBC), international transfer (USD-USD) or best rate.
Forex services like currencytransfer.com allow you to send SAR and receive GBP so there are no fees involved, only the exchange rate to consider.
Forex services like currencytransfer.com allow you to send SAR and receive GBP so there are no fees involved, only the exchange rate to consider.
Apr 29th 2024, 8:14 am
#18
Just Joined
Joined: Apr 2024
Posts: 5
Re: Banking in KSA
Absolutely. In the SAB app, select your SAR current account, then Make a transfer, then Global transfer, reselect your account, select your linked HSBC USD currency account (abbreviated HCA), input how much to transfer in SAR and then confirm. Funds will be instantly remitted in USD into your HSBC USD account at the pegged rate, minus a tiny cost (0.16% of the mid-point market rate in my experience.) Then move the USD funds internally into the HSBC Global Money account, keeping them in USD. Then you can remit them anywhere globally at zero cost (no interbank charges) into a corresponding USD account, whether that be Revolut, Interactive Brokers, or anywhere else you choose to convert them into your local currency.
Apr 29th 2024, 8:15 am
#19
Just Joined
Joined: Apr 2024
Posts: 5
Re: Banking in KSA
Absolutely. In the SAB app, select your SAR current account, then Make a transfer, then Global transfer, reselect your account, select your linked HSBC USD currency account (abbreviated HCA), input how much to transfer in SAR and then confirm. Funds will be instantly remitted in USD into your HSBC USD account at the pegged rate, minus a tiny cost (0.16% of the mid-point market rate in my experience.) Then move the USD funds internally into the HSBC Global Money account, keeping them in USD. Then you can remit them anywhere globally at zero cost (no interbank charges) into a corresponding USD account, whether that be Revolut, Interactive Brokers, or anywhere else you choose to convert them into your local currency.
K
Apr 29th 2024, 10:40 am
#20
Forum Regular
Joined: Oct 2022
Posts: 51
Re: Banking in KSA
Yea, but I'm pretty sure you will get correspondent bank charges doing that. There's also the option to transfer SAR directly to a Revolut SAR account. I tried that once but the funds never hit and were eventually returned after a few weeks, each bank blaming the other. I never tried again after that. My routing via HSBC CA and Global Money achieves what I want with near zero cost and no hassle.
May 8th 2024, 7:32 am
#21
Just Joined
Joined: May 2024
Location: Delhi, India
Posts: 1
Re: Banking in KSA
Exciting to see the evolution of banking in KSA, especially with the rise of NBFCs. Obtaining an NBFC license is definitely a game-changer in this dynamic landscape. Looking forward to seeing how these changes shape the future of finance in the Kingdom
May 8th 2024, 1:08 pm
#22
Forum Regular
Joined: Aug 2022
Location: NEOM
Posts: 177
Re: Banking in KSA
Yea, but I'm pretty sure you will get correspondent bank charges doing that. There's also the option to transfer SAR directly to a Revolut SAR account. I tried that once but the funds never hit and were eventually returned after a few weeks, each bank blaming the other. I never tried again after that. My routing via HSBC CA and Global Money achieves what I want with near zero cost and no hassle.
