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08mansoor · Joined: 29 Sep 2012 Posts: 22

What is the most effective way of transferring money from KSA to USA? I did western union with bank al bilad and they charged me like 170USD for a 2.5k transfer. I thought it was a big rip off. I think I am going to join SAMBA and hope that it would be easy to transfer money to my Chase account. Any tips would be appreciated

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

Samba's online money transfer system is fairly quick and less expensive than using Western Union. You'd have to see what Chase will charge you for receiving the transaction.

08mansoor · Joined: 29 Sep 2012 Posts: 22

Is it better to transfer money in small amounts or in large sums. i.e send 5k every two months or so, or send 15k every six months? Transferring money from the banks in KSA do we get 3.7-3.75 to the dollar, or is it less?

sicklyman · Joined: 02 Feb 2013 Posts: 930

I don't know if they do transfers to the USA but www.gcen.co.uk have consistently beaten any other method of transfer I've been able to find in Saudi. I use them regularly to transfer money to the UK.

How do I know they've beaten any other method? If you've got a receipt for a transfer you've already done and know the rate you got, email GCEN and ask for a historic exchange rate for that date. Compare the two. If their rate isn't better than the rate you got elsewhere, that would be the first time I've heard of it.

nomad soul · Joined: 31 Jan 2010 Posts: 11454 Location: The real world

scot47 · Joined: 10 Jan 2003 Posts: 15343

WU is not sensible for large transactions. SAMBA had a system known as SPEEDCASH but I am not sure if that operates to the USA.

Ask your own bank what they charge for making a transfer. Mine charged a flat rate of SR120 regardless of amount transferred

08mansoor · Joined: 29 Sep 2012 Posts: 22

thanks for the quick feedback. Looks like the transaction will end up being about 30 USD (for SAMBA and Chase bank fees). It sure beats paying 170 USD. Hopefully Saudi banks gives a good conversion rate, I know that rajhi gives 3.73 to the dollar, hopefully this is the standard across saudi banks.

plumpy nut · Joined: 12 Mar 2011 Posts: 1652

You might try Enjaz. I have heard of people relying on them and getting good service.

scot47 · Joined: 10 Jan 2003 Posts: 15343

Enjaz and Al-Rajhi were a bit cheaper than the mainstream banks. As I recollect 60 or 80 SR for a transfer as against 100 or 120 at the banks (SR not US$)

sicklyman · Joined: 02 Feb 2013 Posts: 930

don't be blinkered by only looking at fees. The exchange rate is where you'll get hammered which is why I mentioned GCEN which have an exchange rate that is better than anything I've ever seen. I do the transfer through SABB for their flat rate of SAR70.

If you contact GCEN about transfers to the US, please do post here whether they offer that service or not.