Job Discussion Forums

indirect.object · Joined: 26 May 2008 Posts: 64

Greetings -

I am planning to depart Jeddah around the end of August this year after four years working here. God-willing, I will be moving to the U.K. for graduate school, possibly after a brief visit to the good ol' U.S. of A.

Would anybody here be willing to share ideas on the most cost-effective and easy way to get my savings (in the form of riyaals) from my local bank account - al-Rajhi - to a U.K. account?

I maintain a second account in the U.S. and was thinking I would wire my savings to my U.S. account. God willing, once I have arrived in the U.K. and set up an account there, I could then have my U.S. bank wire the necessary funds to my U.K. bank account.

However, I thought that some of the more experienced teachers here from the U.S. or the U.K. might have better ideas, and might also know about some of the issues that could come up.

Thanks for considering this topic, which I have not seen elsewhere on this message-board.

007 · Last edited by 007 on Wed Jun 30, 2010 2:54 pm; edited 1 time in total

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

Sheikh N Bake · Joined: 26 Apr 2007 Posts: 1307 Location: Dis ting of ours

I concur, Frau Doktor Profesor. I've been wiring not only regular salaries from the Middle East since 1992 but also final settlements such as 5 years at HCT with never a peep from anyone. Maybe because my SSN will show a link to my Navy vet status Wink

...who knows?

Mia Xanthi · Posted: Wed Jun 30, 2010 5:22 pm Post subject:

I never had any problem transferring even rather large end-of-contract settlements in the ME. Neither the bank nor the government ever questioned any of these.

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

These transfers must be reported by law to the US government. As I said, if you have filed a tax return reporting foreign income, you won't hear anything. If not, you will likely end up on a watch list these days.

I have been called here in the US for just transferring money between two banks within the US - for sums as small as $5000. It is the bank that calls... not the government. I expect that they have to report responses.

VS

indirect.object · Joined: 26 May 2008 Posts: 64

Thank you all for sharing your valuable perspectives and insights.

scot47 · Joined: 10 Jan 2003 Posts: 15343

Cash is King ! But be aware of restrictions on taking cash out of KSA and into UK. You will also get funny looks frm the cashier in the UK Bank when you pay in that wad of newly-printed Bank of England 50-pound notes.

Transfer the money through your bank electronically. Sending it "by wire" went out with the use of Gold Sovereigns and Maria Theresa Thalers)