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Post by Phoenix on Aug 31, 2015 11:32:44 GMT
o All,
Is anyone able to confirm the recent KSA law change which states all salaries are to be paid into a local bank account? I am understandably concerned as I expected to be able to remit the majority of my salary to the UK. Anyone been in the situation? What would be the best way to forward the funds, ie via local bank or use company such as Western Union? Thanks for your assistance in advance.
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Post by bogiefrommuskogee on Aug 31, 2015 12:11:48 GMT
I'm not aware of that but easiest way is wire transfer. The line at Western Union can wrap around the block. If you use Western Union, best to have a female with you as thier line is much shorter. I guy I work with gets paid 100% in SAR and sends money out by wire every month. He said the first month was a challenge but now it is routine. He chose to get paid in SAR so he could get a large low interest loan from the bank.
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FPEPRO
Advanced Member
Posts: 58
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Post by FPEPRO on Aug 31, 2015 13:52:39 GMT
If you use Western Union a lot, set up an online account with western union and send the money out via bank transfer through their website. The fees are only a fraction of all other Western Union methods. I've been doing this for a few years, and depending on where you are sending the money, it's sometimes even free.
-CT
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Post by Phoenix on Sept 1, 2015 9:06:54 GMT
bogiefrommuskogee,
Many thanks for your input, much appreciated. I'm female so will happily queue jump :lol:
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Post by Phoenix on Sept 1, 2015 9:14:23 GMT
FPEPRO,
Many thanks for your input, much appreciated. With the change in payments to KSA bank I will definitely become a regular user of Western Union. I appreciate your first hand experience of the service and I'll make the enquiries about setting up the online transfers once I am over there.
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Post by VictorRaj on Sept 1, 2015 18:20:01 GMT
I don't think there is any such restriction. You can have a local bank and a bank abroad and do a % distribution between local and the bank abroad ( like 50 - 50 or any % ). The pay roll gets wire transferred accordingly. You are also allowed to change the % anytime before the next payroll...
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Post by bamaster on Sept 2, 2015 9:07:12 GMT
I bank with NCB and 100% of my payroll is deposited with them because I also have a personal loan with them. I am able to transfer money to my US bank (credit union) through the bank's website. It takes two days to reach my bank. Easy and fast. And if your payroll deposit is large enough (45,000 SAR minimum) there is no fee to transfer. www.alahli.com/en-us/personal-ba ... tinum.aspx |
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FPEPRO
Advanced Member
Posts: 58
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Post by FPEPRO on Sept 2, 2015 14:01:18 GMT
bamaster,
Is that payroll deposit limit bi-weekly, monthly, or annually? Thanks.
EDIT:
Nevermind, I found the answer in their prospectus.
Platinum Program
The Platinum program is available to Affluent Banking Customers. Platinum customers receive priority service at NCB’s branches and on Al Ahli Phone Banking, together with free banking transactions and deposit boxes, two free premium credit cards and special offers on banking products. In order to qualify for the Platinum program, NCB requires that the customer transfers a monthly salary of 45,000 Saudi Riyals into the relevant account every month or that a minimum six month avee balance of 500,000 Saudi Riyals is maintained in the relevant account.
-CT
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Post by bamaster on Sept 2, 2015 15:29:53 GMT
Aramco payroll is monthly.
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Post by expatinwaiting on Sept 2, 2015 17:56:25 GMT
Bamaster- How [un]favorable is the exchange rate? Does NCB transfer in the foreign currency of choice (e.g., USD, GBP) or do they transfer in SAR and thus put you at the mercy of the receiving bank?
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Post by bamaster on Sept 3, 2015 7:44:56 GMT
I believe NCB's exchange rate is variable, but maybe not by much.
At the moment it is 1 USD = 3.7555 SAR. The conversion is done by NCB, not the destination bank. I can transfer in SAR or USD.
Other banks may offer something similar, I do not know. But if you qualify for this Platinum level, it's pretty convenient.
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FPEPRO
Advanced Member
Posts: 58
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Post by FPEPRO on Sept 3, 2015 8:11:40 GMT
bamaster,
Hmm, that's interesting. I asked my recruiter and relocation adviser this question a few months back and they told me bi-weekly. I wonder why they said that if it's not true...
I'll have to ask again tomorrow. I'm suppose to be there in a couple weeks, this would be nice to know ahead of time.
-CT
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Post by bogiefrommuskogee on Sept 3, 2015 11:54:10 GMT
I've always been paid once a month.
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Post by expatinwaiting on Sept 3, 2015 13:37:12 GMT
The US Payroll Relocation Guide clearly states that payroll occurs on a monthly basis. Here's an excerpt (Chapter 2 Finance, page 33):
"Employees are paid monthly in arrears, normally on the last working day of each month, or a few days in advance of the last day of the month."
There's additional advice regarding payroll in this section that is worthwhile reading.
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FPEPRO
Advanced Member
Posts: 58
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Post by FPEPRO on Sept 3, 2015 22:09:02 GMT
Sounds like someone might have been confused when they told me that then. Oh well, doesn't matter, just means I need to bring more cash on me when I arrive.
-CT
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