Job Discussion Forums

hehaheha · Joined: 10 Mar 2009 Posts: 47

Is it easy to exchange?

johnslat · Posted: Sun May 03, 2009 1:55 am Post subject:

Dear eclectic,
Everyone I know/knew got paid in SR, but I'm not sure what the deal is if you work for an American company such as, say, Raytheon.
Exchange is easy.
Regards,
John

Never Ceased To Be Amazed · Posted: Sun May 03, 2009 4:13 am Post subject:

Boeing paid into my U.S. bank account. SALTS (before Raytheon) made you put it into a Saudi bank. I imagine Raytheon same-same on Boeing on U.S. bank account since they pay SS.

John, shame on you for not telling the OP know that USD are freely dispensed from Saudi ATMs!

NCTBA

scot47 · Joined: 10 Jan 2003 Posts: 15343

The only ones I have met who are NOT paid locally are BAe and Lockheed. Saudi Riyal is the means of exchange in KSA ! Freely convertible, although now you have to declare the export of more than 60,000 Saudi Riyals in cash, specie or gold jewellery.

60,000 SAR = US$16,000

hehaheha · Joined: 10 Mar 2009 Posts: 47

Thanks to all. It is nice that we can exchange SAR into other currency.

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

hehaheha · Joined: 10 Mar 2009 Posts: 47

Hi, VS: I might not make it clear. My suspect is that it may not be convenient to exchange SAR into others, like we have to get approval, signature, or go to a long distance bank. I saw many difficulty things in KSA from the posts, so had such suspects.

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

Ah... so it wasn't so much the (ex)changeability, but whether the employer or bank might make it hard to transfer it out in foreign currency. I have never heard of anything like that here...

VS

italianstallion39 · Posted: Wed Sep 19, 2012 5:27 pm Post subject:

I'd suggest changing SAR there in KSA. It's much easier, say at SABB, than elsewhere, just because people are familiar with it. Plus you seem to get a much better rate locally in Saudi. I had changed quite a bit to euros and dollars before leaving and had no problems declaring the 10,000+ USD upon exit and entry. Also, you might save some hassle by doing an electronic transfer. I know that SABB was extremely easy, and I could do it all online. I haven't worked with the other banks, but they were excellent.

scot47 · Joined: 10 Jan 2003 Posts: 15343

Do not take SR in cash out of KSA. Rate of exchange elsewhere is lousy. Get foreign currency in KSA before you travel. Of course you can use your Saudi ATM-card when travelling and run the risk of having your card cloned, or finding that your bank in Saudi has blocked your account.