Job Discussion Forums

MacMahon · Joined: 04 Oct 2003 Posts: 39

Greetings all,

I am seeking advice from any Brits on how one goes about cashing in the the hard earned pennies.

I am shutting up shop and leaving the K of SA now, heading homeward to the U.K with a tidy 'little' sum. The rates are 6.92 right now and I caught a nosebleed when I heard. Any advice on the best route to optimise what little pennies I am bringing back? Should I wait and change up when I get back or do it all here? or, or e.t.c

Please do tell....

dmb · Joined: 12 Feb 2003 Posts: 8397

I opened up an off-shore account

31 · Joined: 21 Jan 2005 Posts: 1797

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

Basically the decision is what currency... and when to make changes. It really is a crapshoot what will happen with the value of the dollar/riyal. I think I would hedge my bets by splitting it... leaving some in dollars and changing some to Euros and the rest to Sterling.

As to how to break that down... a dartboard? a crystal ball might help. Much depends on how much you have and when you will be needing it.

A set of multi-currencies accounts off-shore is certainly one way to do it. Who has the best exchange rates might take some research and phone calls.

VS

zaytuni · Joined: 20 Dec 2004 Posts: 37

deleted

Bebsi · Joined: 07 Feb 2005 Posts: 958

My financial analyst always used a very special technique to study the intricacies of international currency markets, when deciding on where to invest.

First, he would get that day's copy of the financial times, and cut out the listed exchange rates of the day. He would paste it on a wall, and then close his eyes. From three metres away, he would run at the wall, with a pin in his hand. Wherever that pin penetrated the list, is where he suggested I invest my hard-earned millions.

The outcome to all of this is that I am in a psychiatric hospital (a state-owned one as I can't afford a private establishment) and he is in a general clinic (private, of course) where they are treating him for a repeatedly-fractured hand and a once-fractured skull!!

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

Well you two... that was all amusing, but not terribly helpful. I fear it is too late in the year to get serious answers to anything on this board. Embarassed

VS

scot47 · Joined: 10 Jan 2003 Posts: 15343

I can recommend an excellent financial institution by the name of "Ladbrokes". Go into any branch and tell the cashier that you want to put all your money on the favourite in the first race.

See you back in Saudi !

Bebsi · Joined: 07 Feb 2005 Posts: 958

All seriousness aside, the dollar has generally seen an upward trend against the pound, though interspersed with days when a downward fluctuation has been in evidence. [This is what an analyst would say, without telling you anything, and then charge a couple of hundred quid for the advice!]

No-one knows what's going to happen, but yes, the dollar (and thus the SAR) has GENERALLY been rising very slowly of late.

It could plummet again, but who knows? Safest thing to do is hedge your bets, as suggested earlier in this thread, and spend half on USD and the other half on GBP.

Other safe option, when you reach the UK, is to go out, buy a set of tools and a Transit van, and stick

MacMAHON PLUMBING & HEATING CONTRACTORS

on the side. That is known to be a route to making millions, in 21st century UK!!

MacMahon · Joined: 04 Oct 2003 Posts: 39

To Zaytuni and Bebsi, Roz, Khobz and other Baqala items...

Since when did this place become a corny comedy bar man? Zaytuni you must have some time on your hands son, I could barely be bothered to scroll through that, let alone read it. Bebsi.... Ahh please.

Get out more, like somewhere in Rub Al-Khaali around noon...

Peace in pieces...

Bebsi · Joined: 07 Feb 2005 Posts: 958

I don't think anyone meant you any harm, MacMahon. It's just that when you post something so general like "what should I do with my money?" on an EFL teachers forum, you must expect to get slagged!!

Seriously, no-one really knows what to do...what will happen to the USD is anyone's guess. Many people in the Gulf are in a similar situation. What should they do? Cash in the already saved USD now, in case it goes down further, or wait in the hope it goes up again?

In the space of two years, I...and many others like me...saw salaries drop by about 30% in real terms. It's a difficult situation to be in, and it's all totally speculative.

I think the advice you got earlier, hedge your bets and change half to GBP while keeping the rest in USD, for at least the time being, is as safe as anything.

If you have been in KSA a long time and have a substantial sum saved, you might consider investing in property in a country whose currency is tied to the USD, such as the UAE. Dubai is a good bet at the moment, values are pretty certain to rise over the next few years, and you will also get paid a rent, thus neutralising any negative effects. If the dollar falls more, you would be compensated to an extent by the fact that Eurozone and British investors would see it as a good bet, demand would strengthen and property values would rise as a result. A win-win situation, although you never can be certain!

Do keep watching the daily fluctuations in any event, and all joking aside in my previous posting, the USD HAS been generally on an upward trend of late. Hope this has been of minor assistance!!