Global Payroll Payments | Aramco ExPats

PCPC
Member

Posts: 37

Global Payroll Payments Feb 1, 2015 21:56:28 GMT

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Post by PCPC on Feb 1, 2015 21:56:28 GMT

Hi All

I have few questions for the Global Payroll salary payments.

I asked Aramco how my salary will paid and the answer is US dollars. I am coming from UK and will have no tax commitments to UK (I am guessing I will be staying more than 12 months in Kingdom

). I am told I can split the payments i.e. some in SAR and the rest in Dollars

My questions are:

1).Do people from UK hired on Global payroll needs to open a US dollar account in Saudia?

2). Can the amount be paid in UK bank account? I am assuming there would be a charge because of the conversion from US $ to GBP.

3). Has somebody consider opening an offshore UK account(to avoid tax on savings) which can accept US $ and also transfer money to UK bank accounts free of charge. If somebody has considered this option what is best offshore account in their opinion.

Hoping to get some answers from experienced expats.

Many thanks

A K

GroveWanderer
Members

Posts: 731

Global Payroll Payments Feb 2, 2015 7:25:47 GMT

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Post by GroveWanderer on Feb 2, 2015 7:25:47 GMT

To say that Global Payroll employees are paid in dollars is a slight over-simplification. As far as I am aware, the policy is as follows:

The Global Payroll is denominated in US Dollars. Employees may have their pay delivered in Saudi Riyals to banks based in Saudi Arabia plus one international currency: US$ or Euro to any bank worldwide, Pounds Sterling to banks in the UK, or C$ to banks in Canada.

So you could have your entire salary paid in pounds sterling into a UK account if you wish. If you take this option, the company converts the amount before paying you, without any conversion fee.

Maursh
Senior Member

Posts: 169

Global Payroll Payments Feb 2, 2015 12:33:02 GMT

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Post by Maursh on Feb 2, 2015 12:33:02 GMT

To answer your questions:

1) we initially opened a USD account for transferring out SAR through USD, which it is pegged to so we could seek a better exchange rate elsewhere - the retail banks are not compeive, as elsewhere. As non-UK sterling payroll, we were paid 100% in SAR. After the switch to global we have a % paid in SAR and the residual paid in GBP directly to a UK bank account (as per GroverWanderers post).

2) Yes, we have the portion paid in GBP direct to an account in the UK. There is no charge for the conversion or if there is it is so small we have not noticed. Prevailing exchange rates are used.

3) We already had an offshore USD account before we moved to KSA but we have recently closed it. Why? It was costing us £25 every time we made a transfer and it was paying 0% on the savings account. Unless there is a compelling reason, I would avoid - tax on interest is not relevant with 0 interest rates.