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GrizzlyAdams
Joined: 29 Apr 2003
Posts: 37
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 Posted: Tue Jul 13, 2004 4:53 pm Post subject: Best way to keep the dough? |
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I assume employers pay in Saudi Riyals, so what is the best way to keep money? In the bank? Under the matress? etc
Also, what's the best way to get it over to the UK and to get maximum �s for SRs?
Thanks. |
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Cleopatra
Joined: 28 Jun 2003
Posts: 3657
Location: Tuamago Archipelago
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| Posted: Tue Jul 13, 2004 6:11 pm Post subject: |
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Unless you need the money immediately, you might think about putting at least some of your funds into a dollar account. Since the rial is dollar-linked, it is now at a near all-time low against both the pound and the Euro. What this means - as even an economics doofus like me knows - is that your Saudi salary is worth much less in pound terms than it would have been only a few years ago. Same goes for most, if not all, of the currencies of the other GCC countries.
Of course, a relevant question to ask is: What are the prospects that the dollar will rebound in the near future? In other words, is there much point in you maintaining dollar accounts if the exhange rate is unlikey to improve any time soon? I will leave this question to some of our board's resident economists! |
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Bindair Dundat
Joined: 04 Feb 2003
Posts: 1123
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| Posted: Tue Jul 13, 2004 6:52 pm Post subject: |
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| Cleopatra wrote: |
| Of course, a relevant question to ask is: What are the prospects that the dollar will rebound in the near future? |
Nobody who could answer that question accurately would ever have to teach EFL; or to work at all, for that matter. FOREX movements are notoriously hard to guess in advance; for every winner in the FOREX markets, there are 15 losers.
One way around this dilemma is to hedge: Buy Euros, buy dollars, and buy sterling. Another is to buy what you can use: sterling for the OP, eg., and try not to think about the exchange-rate movements at all. When your bucket's full, it's full.
BD |
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Mark100
Joined: 05 Feb 2003
Posts: 441
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| Posted: Wed Jul 14, 2004 11:04 am Post subject: |
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| I get paid in pounds sterling...long live the pound! |
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GrizzlyAdams
Joined: 29 Apr 2003
Posts: 37
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| Posted: Wed Jul 14, 2004 1:28 pm Post subject: |
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OK I'm ferfluxed by all the FOREXing. It involves numbers and numbers are in a different subject to English aren't they?
I have a Barclays bank account here in the UK and some of my outgoings will continue to go out. I need money to go into this account. Do they have Barclays out there? Or will I need to open a bank account over there and then transfer money across?
Also, I have found out that the Nationwide credit card doesn't charge anything for withdrawing cash abroad and you can set up a direct debit from your personal account. Is this the best way to get a hold of cash? I'm assuming keeping it under the matress isn't an option. |
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Bindair Dundat
Joined: 04 Feb 2003
Posts: 1123
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| Posted: Wed Jul 14, 2004 4:23 pm Post subject: |
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| GrizzlyAdams wrote: |
| I have a Barclays bank account here in the UK and some of my outgoings will continue to go out. I need money to go into this account. Do they have Barclays out there? Or will I need to open a bank account over there and then transfer money across? |
They've got everything there, but they may still hit you for a wire-transfer fee. Best to check with your branch.
| GrizzlyAdams wrote: |
| Also, I have found out that the Nationwide credit card doesn't charge anything for withdrawing cash abroad and you can set up a direct debit from your personal account. Is this the best way to get a hold of cash? I'm assuming keeping it under the matress isn't an option. |
Sounds good to me, but carrying cash is a safer option in the ME than it is in many countries.
You know, I just thought of something. We're always hearing these stories out in the real world about people getting knocked over the head or blown away for the $20 in their wallets. If everybody carried around big wads of ash, there wouldn't be so many sad, ironic stories like that.
BD |
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Stephen Jones
Joined: 21 Feb 2003
Posts: 4124
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| Posted: Thu Jul 15, 2004 11:10 am Post subject: |
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You'll have to open a bank account anyway for your salary to be paid in. If you get a choice find out which is the corresponding bank for Barclays and open an account there. It will mean your money will transfer quicker.
If there is a Speed Cash Office near that will transfer to the UK for a fee of 20SR for any amount. Your UK bank may take a little out as well, I don't know. Speed Cash is reliable and your money will get there in 24 hours.
If you are a long way from a bank, then use the Internet banking facilities of whatever Saudi bank you have.
The whole money transfer system in the Gulf is highly efficient, and charges are minimal. |
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Bindair Dundat
Joined: 04 Feb 2003
Posts: 1123
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| Posted: Thu Jul 15, 2004 4:18 pm Post subject: |
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| Bindair Dundat wrote: |
If everybody carried around big wads of ash, there wouldn't be so many sad, ironic stories like that.
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Big wads of ash? What are you talking about?
BD |
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veiledsentiments
Joined: 20 Feb 2003
Posts: 17644
Location: USA
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| Posted: Thu Jul 15, 2004 8:23 pm Post subject: |
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So BD - nothing like editorial comments on your own posts 
VS |
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Bindair Dundat
Joined: 04 Feb 2003
Posts: 1123
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| Posted: Fri Jul 16, 2004 7:51 pm Post subject: |
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| veiledsentiments wrote: |
So BD - nothing like editorial comments on your own posts
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Well, for God's sake -- wads of ash? Ridiculous.
BD |
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