Job Discussion Forums

Sigmuu · Joined: 04 May 2003 Posts: 25

Dear Colleagues living/working in the KSA:
Some time ago, I opened an International Access Account with Standard Chartered Grindlays (Offshore) Ltd. in Jersey, Channel Islands. This bank was recommended by an acquaintance. However, I recently received a statement from them indicated that they had deducted "Mininum Relationship Monthly Fee" of $50 USD Their representative, who I had a long talk with before opening this account, never mentioned that this amount would be taken out ever month. I (and I'm sure you) don't work hard for money in the Kingdom to give it to a bank so easy. I want to close this account ASAP but where do I put my money? Frankly, I don't wish to have any savings in the Kingdom so what other options do I have.
Next, after asking above about a possible new bank for my hard-earned cash, I would actually prefer to put my money in something that pays a better return than a savings account. Again, frankly, I don't wish to have any savings or investments in the Kingdom and perhaps even in the Gulf so what other options do I have? I am Canadian but for income tax purposes, I can not have any accounts, property or, bluntly, anything in Canada. In brief, I like mutual funds and index funds in particular. Any suggestions in this matter would be greatly appreciated.
Finally, this Forum has been extremely helpful to me. Are there other similar Forums on the Internet that discuss affairs in Saudi Arabia.
That is it for now, my fellow expats in the Kingdom. If you wish to discuss any of the above with me privately, please contact me at

[email protected] Looking forward to your feedback.

Gordon · Joined: 28 Jan 2003 Posts: 5309 Location: Japan

Sigmuund,
I too am a non-resident CDN and Revenue Canada does allow you to have some ties with Canada, but not much. A bank account is OK, so you could keep one open. I like ING Direct in Canada, the rates are better than a regular savings account in a bank.
www.ingdirect.ca

titanicman · Joined: 17 Feb 2003 Posts: 71 Location: Qatar

I'm a non-resident from Cda with one bank account open (using a credit union b/c they have no service charges & have better interest rates).

www.expatsinsaudiarabia.com is an excellent site for expats: photos, help for daily living, links (incl. link to related Yahoo expat group).

Good luck...........Titanicman

MacMahon · Joined: 04 Oct 2003 Posts: 39

I have met many a Teacher here in the Kingdom faced with the same predicament. There is an alternative mind you. I heard of a great provider of International Access Accounts with excellent returns on your investment and true dynamism in the markets.

They go by the name of MacMahon and co. Minimal charges, friendly, smiling, ecstatic, jubilant faces (of which you don't see) and the comforting thought that hey "your hard earned dough's in safe hands"
Why I know someone who put down $30k and got back $3mill in one week!!

Please do pm for details.

Yours ever so sincerely...

(Hope you find some joy btw)

scot47 · Joined: 10 Jan 2003 Posts: 15343

I use the Irish Permanent in the Isle of Man.

pm me if you want the contact details.

The rumour that I get a commission for everyone I introduce is a vile calumny.

I am instructing my lawyers to proceed vigorously against defamation of this type !

(WARNING - THIS POST CONTAINS IRONY AND SHOULD BE AVOIDED BY THOSE WITH IRONY-ALLERGY)

MacMahon · Joined: 04 Oct 2003 Posts: 39

For the few who have p.m'd me concerning off-shore accounts I would like to inform everyone on behalf of MacMahon and co. that they have moved onto greener pastures, a car scrapyard I think?

If those p.m's were the IRS, Inland Revenue or the like I hereby stand absolved of any guilt.

If they were genuine then I believe the Irish Permanent in the Isle of Man is still open for business, but as for Mac'n'co. sorry!

Yours surprisingly,

MacMahon.

scot47 · Joined: 10 Jan 2003 Posts: 15343

Here it is :

Irish Permanent
12/14 Ridgeway Street
Douglas
Isle of Man
Im1 1EN

[email protected]
www.ip-intl.com

No charges
No minimum deposit
very competent in doing postal business

scot47 · Joined: 10 Jan 2003 Posts: 15343

If you are looking for a mutual fund (unit trust in Britspeak) try PAX.

Sociallly reponsible with no investmenst in the military. Competent at postal business. Check out their website which you will find through any search engine.