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Changing money

 
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The Noodles



Joined: 24 Aug 2005
Posts: 202
Location: China, Chengdu

PostPosted: Mon Jun 18, 2007 12:03 pm    Post subject: Changing money Reply with quote

Hi everyone.

Well it's almost about that time to put on my hat and call it a day. I shall be heading back pretty soon and have a very big question. I will need to change money. just under 30000 Saudi Riyal into pounds.

The trouble is when i went to the bank, they asked for an Iqama. I haven't got one. He asked me for some kind of ID and I had my passport.

I didn't feel comfortable giving him my passport. I got really paranoid and thought he might record my details and amount of money being changed on the computer. Then at the border boarder of Bahrain my passport and exchange would come up on the computer so they'd take it from me (my money)

I was also told I'd be better off changing my money at Bahrain airport.... Is that so?

Am I being paranoid?
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007



Joined: 30 Oct 2006
Posts: 2684
Location: UK/Veteran of the Magic Kingdom

PostPosted: Mon Jun 18, 2007 2:06 pm    Post subject: Reply with quote

Quote:
Am I being paranoid?

I think so!

It is your money and you got it legally, so why panic?
Just have always with you a letter from your employer stating that it is your end of year salary + other benefits, and you will be safe in front of the Airport authorities.

Second, If I were you, I change the money with Sarraf (Bureaux of Exchange in Jeddah or Riyadh) in SA instead of the Bank, because you will get best price without any extra charges. Usually the Sarraf doe not ask for Iqama (As a precaution, ask them to give you a receipt with your name stating the amount of money you have exchanged).

My advice to you, never put your cash in one location, always divide the amount into smaller amounts and put them in different locations (different pockets + your hand luggage), never put your money in the big luggage!

And most importantly, be confident, and do not panic in the airport! Laughing
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Cleopatra



Joined: 28 Jun 2003
Posts: 3657
Location: Tuamago Archipelago

PostPosted: Mon Jun 18, 2007 2:07 pm    Post subject: Reply with quote

[quote]I didn't feel comfortable giving him my passport. [quote]

Why not? In many parts of the world it is normal procedure to ask for some kind of ID when changing money. KSA used to be pretty lax on such matters, but laws have tightened up in the last few years, due to fears of turrist money laundering.

Quote:

I was also told I'd be better off changing my money at Bahrain airport.... Is that so?


Probably not. Many airports have rip-off commissions for changing money, and often offer less than competitive rates. After all, it's not like you have much choice. If memory serves me right, Bahrain airport is pretty typical in this regard.

Quote:
Am I being paranoid?


Oh yes.
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The Noodles



Joined: 24 Aug 2005
Posts: 202
Location: China, Chengdu

PostPosted: Tue Jun 19, 2007 4:41 am    Post subject: Reply with quote

Well this is the point. I'm not really working legally as I have no Iqama. My employer brought me out here on an illegal visa. It states 'Not permitted to work'

I was told on an earlier posting that this is not altogether so uncommon. My employer does give me a receipt with the end of month salary. But I doubt he would go as far as giving me a letter stating that I work there.
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Cleopatra



Joined: 28 Jun 2003
Posts: 3657
Location: Tuamago Archipelago

PostPosted: Tue Jun 19, 2007 5:04 am    Post subject: Reply with quote

It would have been helpful if you had given us the full background before asking us if you were being 'paranoid'. I stil don't think you'll have a problem, however. After all, businessmen and 'tourists' change money too. The man in the exchange booth isn't going to know if you are working - legally or not as the case may be.
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scot47



Joined: 10 Jan 2003
Posts: 15343

PostPosted: Tue Jun 19, 2007 8:43 am    Post subject: Reply with quote

New regulations state that you have to declare export from KSA of more than a certain sum in cash.(Is it 50 thousand riyals ?)

My persoanl viewpoint is that the money should be confiscated since you were working illegally. Alas, that is unlikey to happen.
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007



Joined: 30 Oct 2006
Posts: 2684
Location: UK/Veteran of the Magic Kingdom

PostPosted: Tue Jun 19, 2007 10:37 am    Post subject: Reply with quote

So, Noodels, you were getting paid �under the table� of TEFL world.
It seems the TEFL world is spoiled with the Mafia of �illegal business�.
What a shame!
If you are caught, the school may have to pay a fine, but you will be the looser. You may loose all your earning (illegal), and the details of your passport could be noted in SA, and you might have problems travelling to SA in the future.
In addition, if something bad happen to you during your work, then it would be difficult if not impossible to complain to any authority.

Watch out for the new labour/immigration Saudi laws!
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trapezius



Joined: 13 Aug 2006
Posts: 1670
Location: Land of Culture of Death & Destruction

PostPosted: Tue Jun 19, 2007 11:28 am    Post subject: Reply with quote

I can't see how people are chastising him...?

He is apparently here on a business visa, as are hundreds of other TEFLers who have been hired by contracting companies to teach at various colleges and universities. What's so unusual about that?

The best thing to do is go to the bank in Saudi, show your passport, and have the money transferred to your bank account back home. Everybody and their mother does this.
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scot47



Joined: 10 Jan 2003
Posts: 15343

PostPosted: Tue Jun 19, 2007 4:12 pm    Post subject: Reply with quote

No Iqama = no bank accouint
No bank account = no transfer via a bank
A passport is NOT acceptable.

Go to Al Amoudi and get the folding stuff.

Next time work on a legal labour contract not some spurious deal with a contractor who offers a 'business visa.'
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Bebsi



Joined: 07 Feb 2005
Posts: 958

PostPosted: Tue Jun 19, 2007 8:00 pm    Post subject: Reply with quote

If you go to any bank in KSA with that kind of money, they will assume you are a serious terrorist financier.

What Happens is this:

A guy behind the counter will press a special button, which will immediately summon armed security, who will hold you at gunpoint until the anti-terrorist police arrive. Now those guys are tough...and mean...especially with westerners whom they see as supporting the terrorists. They will take you away in a heavily armed convoy...after stripping you naked...to a special place they've got up near Hafr Al Batin, in the desert. In summer especially, it is baking there, with no AC of course. There, you will be locked 24/7 in a tiny, pitch dark cell, and the only thing you will feel after a few days is the foot-long centipedes that will crawl all over you. You will get fetid water to drink daily, but food only once a week, whose origins I wouldn't question. This will last about 2 months, with daily torture sessions, to find out who your big financial associates are. The torture is pretty severe, it involves (I've heard but cannot confirm) things like pulling out a fingernail or a toenail each day, sharp electric shock treatment to the genitals, and slow strangulation. I've also heard they deafen you with high pitched whistles until you are screaming out of your mind, and make you swallow baby scorpions.

Still, the consolation is that it WILL end. They will eventually show you some mercy and let you go, but after chopping off your feet, arms, ears and...well, elaboration not required. You will eventually be found in the desert alive and free, but of course you will be armless, footless, deaf, blind and incapacitated in other areas. You will be found by journalists after your release is "leaked" to the media, so you will be an example to the international financial community.

You will also, due to the publicity, attract the attention of Mossad, the CIA and Russian secret service. However, I won't go into that now.

This is the price of unlawfully attempting to change money.
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trapezius



Joined: 13 Aug 2006
Posts: 1670
Location: Land of Culture of Death & Destruction

PostPosted: Wed Jun 20, 2007 12:06 am    Post subject: Reply with quote

Quote:
No Iqama = no bank accouint
No bank account = no transfer via a bank
A passport is NOT acceptable.


Patently WRONG WRONG WRONG. (only the 1st line is correct)

WHAT do you think instructors hired by Al Falak for PMU or KFUPM or UOH do with their salaries given either as cash or as a checque drawn on a Saudi bank???

The ignorance here is blinding.

I have seen my colleagues EVERY MONTH take their paycheck to BSF (drawn on BSF) and have it transferred to their accounts in US/Canada/UK, etc, using a passport as ID, and even getting some cash from it for their monthly use. This has happened right infront of my eyes for a year. The bank employees didn't bother asking why they were working on a business visa, they KNOW it happens, EVERYBODY knows. The ID is just to see that you are here legally. And a business visa shows that.

Quote:
Next time work on a legal labour contract not some spurious deal with a contractor who offers a 'business visa.'


Ummm dude, get off your high horse. Perhaps you have been sleeping for a decade, but the fact of the matter is that a great number of colleges and universities (GOVERNMENT bodies) hire lecturers (for prep-year) initially through contracting companies on a business visa, because it is faster and easier, and they can get lots of people, and then choose who they want to keep the following year and offer them an iqama.

Perhaps you should be berating the Saudi government for not following its rules, not this poor guy.


Quote:
If you go to any bank in KSA with that kind of money, they will assume you are a serious terrorist financier.


I have taken SR. 50,000 in cash to a bank.

BTW, nice one Bebsi![/b]
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scot47



Joined: 10 Jan 2003
Posts: 15343

PostPosted: Wed Jun 20, 2007 4:43 am    Post subject: Reply with quote

Al Falak and these other contractors are on dodgy ground. These people are not here 'on business'. They are here on a labour contract. They should have Igamas. What happens in the event of a problem ?

My advice is go for a REAL labour contract. They ARE still available.

And as far as I know banks will not transfer money if you have no Igama. These Francophones in BSF (formerly 'Banque de l'Indochine') may well be doing something dodgy too ! Certainly in Riyadhj Bank they will not entertain any of this hanky-panky !
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Bebsi



Joined: 07 Feb 2005
Posts: 958

PostPosted: Wed Jun 20, 2007 9:07 pm    Post subject: Reply with quote

Quote:
If you go to any bank in KSA with that kind of money, they will assume you are a serious terrorist financier.


I know, it's bad when I'm quoting myself Embarassed

When I made that comment, of course I was being tongue-in-cheek, like the rest of the posting. It's no problam at all to go to a bank with that sort of money. Anyway, you could quite conceivably be a businessman in Saudi Arabia, who has just been paid in cash for whatever service he has provided, and is shipping the money to his account wherever instead of carrying it. That's why we have such things as banks.

In fact, when you are there on a business visa, you are indeed doing business, you are providing a service for which you are getting paid. It is a business relationship after all. You just don't have the same rights and entitlements at law as you would on a work visa as an employee, whereby you fall within the ambit of the Workman's Regulations (labour law, for lack of a better term). So, it most certainly is not the business of the bank teller or whoever, nor does he care. He simply wants your passport to make sure you are there legally, which as Trapezius has already pointed out, you are by virtue of your business visa. He also has an obligation to ensure you are not money-laundering, and under SAMA regulations, you must show a valid ID when engaging in any banking transaction, as the transaction is fully recorded for that reason.

There is actually a lot of big-time money laundering going on, and we are talking hundreds of millions of USD$ here, not 50K SAR. They don't give a fiddler's bleep about your 50k.

You have nothing at all to worry about, OP.
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Bebsi



Joined: 07 Feb 2005
Posts: 958

PostPosted: Wed Jun 20, 2007 9:29 pm    Post subject: Reply with quote

Quote:
Certainly in Riyadhj Bank they will not entertain any of this hanky-panky !


No, my don't entertain at all, my own experiences of Riyad Bank were far from entertaining...although at dinner parties others seem to find them so, followed with "...these are great stories, but imagine the horror if they were true?"

They are, they are!!!! And NOT entertaining to have lived through. Evil or Very Mad

Anyway, I doubt if most of the Richard Craniums in RB would know what hanky-panky was. Only HP I ever witnessed there was a load of personnel sitting around drinking tea and/or trying to look ultra-important, while the whole world...er... queued!! Wink

One of the few people I ever found efficient there was a woman at their call-centre; she was pretty entertaining too, in fact. Laughing
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