Job Discussion Forums

[marklor]

I'm about to send a tranche of money back to Ireland
I'm wondering whats the best way to do so without getting scalped.
Have any of you tried bank to bank, western union or transferwise?
Which is the best way in your opinion?

[nomad soul]

How much do you intend to transfer?

Do you hold a muqeem/iqama? If so, your employer should be depositing your pay into your Saudi bank account. From there, you can usually go online or in person to transfer money electronically from KSA to Ireland. Costs are usually determined by the receiving bank. For example, my credit union in the US charged a flat rate of $15 USD. You'll have to check with your bank in Ireland for fees.

However, if you don't have a Saudi bank account (i.e., can't open one because you have a business visa or work visit visa)... Others will be able to inform you of options and possible costs.

[marklor]

I don't have iqama but a friend will transfer for me.
So if anyone has experience transferring to Ireland or UK,
let me know whats worked best for you.

Thanks.

[sicklyman]

cheapest way by far is with a currency exchange firm such as TorFX or GCEN both of which I used a lot in the past when I needed to make these kinds of payments. However, you need a bank that will support sending an international transfer in SAR to a foreign SAR account. SABB do, and there may be others.

[Thomasmc89]

You can go to BFC (Bahrain Financing Company) in Bahrain (the office near Bab Al-Bahrain being best) where you can convert your Saudi riyals into Bahrain dinar and then wire them back home. They charge a 5 BD / 50 SAR fee to wire money. (That's what they charged in March 2018 anyway)

That one in Bab Al-Bahrain is good cos they process more people and tend to ask less questions. In some of the smaller branches they ask to see your visa for Bahrain, visa for Saudi etc.

If you transfer to Bank of Ireland you lose €22 from some middleman account it has to go through before it gets to Ireland and then Bank of Ireland themselves charge a €12.50 fee to receive it. So in total you receive €34.50 less into your bank than what you sent from Bahrain.

I know that colleagues of mine sending to English banks (NatWest being one I think) didn't get charged this €22 middle fee for some reason and their bank only charged something like £6.50 to receive the money.