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worldtraveler411 · Joined: 17 Aug 2016 Posts: 23

I've checked with Citibank and Wells Fargo and both no longer have branches in Saudi Arabia or UAE (according to them).

How does someone wire money from Saudi or UAE back to Canada or the US? (Funds Transfer) OR do you get a money order? Debit Card? not sure.

This is NOT a debate about whether we should or not (I certainly understand the M.E. wanting to keep the money in the Gulf---BUT that is ANOTHER thread please!)

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

hash · Joined: 17 Dec 2014 Posts: 456 Location: Wadi Jinn

This is all done via "correspondent banks". Your home bank doesn't have to have an actual "branch" in KSA or any other country.

For example, Riyad Bank's correspondent bank in the USA is JP Morgan Chase (NYC). Assuming your bank is Riyad Bank, you open an acct with them and give them your hometown bank acct number (acct number plus routing number) and that's it. You can transfer money instantly to your home bank thru JPMorgan. There's a fee, of course. Other Saudi banks will have other correspondent banks of course.

If you're a newbie, the best thing to do is to ask co-workers for advice.

(All this, of course, assumes you are an IQAMA (MUQEEM) resident of KSA. If you only have a "work visa", transferring money back home is more complicated since you can't open a KSA bank acct., among other things you can't do).

Also, be careful with your terminology....I'm not so sure the term is "WIRE" the money. You can actually "wire" the money someplace but that's a different kind of transaction than sending the money "DIGITALLY" which is what happens with correspondent banks.

scot47 · Joined: 10 Jan 2003 Posts: 15343

If you are employed in KSA it is customary to have your salary paid directly into a Saudi bank account. Any Saudi bank can transfer money electronically to just about anywhere you want.

If you are working illegally on a Business Visa it is a bit more complicated but can still be done.

The expression "to wire money" is a bit dated - mas the poster above suggests. We have moved on from the age of the telegraph.

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

hash · Joined: 17 Dec 2014 Posts: 456 Location: Wadi Jinn

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

hash · Joined: 17 Dec 2014 Posts: 456 Location: Wadi Jinn

scot47 · Joined: 10 Jan 2003 Posts: 15343

If you are in KSA, 98% of the populace KNOW it is flat.

daveweave2 · Joined: 04 Jul 2012 Posts: 6

(All this, of course, assumes you are an IQAMA (MUQEEM) resident of KSA. If you only have a "work visa", transferring money back home is more complicated since you can't open a KSA bank acct., among other things you can't do).

Also, be careful with your terminology....I'm not so sure the term is "WIRE" the money. You can actually "wire" the money someplace but that's a different kind of transaction than sending the money "DIGITALLY" which is what happens with correspondent banks.[/quote]

Al Rajhi bank used to transfer money on a business visa. You had to set up an account and it went through an intermediary bank.(did it many times) Their fees were actually not bad but the intermediary fees were high. Don't know if they still do it, hope this helps.

revilo · Joined: 05 Oct 2013 Posts: 181 Location: Mos Eisley

I find it's impossible 2 send money into a brokerage account (even though it has check writing privileges). It does not have IBAN No. which would simplify things. Should I forget about this account and use alternative?
I was thinking about getting online bank account to pay bills online. But I don't trust them with 4 figures of USD.

veiledsentiments · Joined: 20 Feb 2003 Posts: 17644 Location: USA

Are you American?

If so, I can recommend Ally Bank. It used to be a brick and mortar that went all internet some years ago. (it used to be GMAC bank) It is fully US insured and they are very efficient. I use their money market checking account as it usually has the highest interest rate. But you are limited to 6 disbursements you can make in a month.

If you have more than 6 bills to pay in a month, they also have an interest paying checking account... less interest, but more disbursements allowed.

Check it out. I have had very good luck with them.

VS

revilo · Joined: 05 Oct 2013 Posts: 181 Location: Mos Eisley

So I tried to get an online bank account with Chase. I thought that being a current customer would get me in their good graces. I was willing to put up with monthly fees and no interest.
However, Chase still hasn't forgiven me for defaulting on 2 or 3 credit cards to the tune of several thousand dollars. (*beep*!) Razz

so I got an account at Ally bank that pays interest and lets me pay my accounts. I only have 3, so that makes things simpler. And I get interest if I keeep it over the minimum amount.

I recommend Ally, but be sure you have a good quality cell phone to call customer service. The online interface can be a bit difficult to navigate.