Hi, I have accepted proposal from SA and should be relocated in a few months. But now I'm bit worried about transferring salary to my home bank account. I'm from Italy and here we do not used SORT code, but only IBAN and SWIFT code. SORT code is valid in Uk, Ireland and some other countries only. Many countries do not use this kind of code. is it true that Saudi ARAMCO system can not transfer salary to a bank which does not use SORT Code? are there people, who come from countries, where banks do not use SORT code?
We are UK nationals and we no longer bank with any banks here in Saudi as per our previous postings we simply cannot take the risk again we simply feel safer with our banking system in the UK - transferring our salaries to the UK has been no problem whatsoever and if we have any problems at least we have peace of mind that we will be covered by the UK Banking regulations/rules etc.
I have read a lot about that is not recommended to open a bank account in Saudi, only if you are an expert then its a good idea because its a bit tricky so its better to open that on the neighborhood countries.Why you want to open an account there if that is not a top secret?
Having a local Saudi bank account isn't that bad at all. I opened mine right after I got here with the Saudi Fransi Bank at Al-Midra and so far it has been a great experience. I was able to pay online several local bills using the Saudi system called "Sadad."
As VPainter stated, yes you can split your paycheck to two bank accounts, one is in your home country and one is local Saudi bank. I don't keep much in the Saudi account but enough o pay bills and for pity cash.
Are the steps & documents provided in this link: www.justlanded.com/english/Saudi ... an-account sufficient or are there some other "specific" outstanding documents/steps to be performed in order to open a KSA bank account? However a de facto touch with respect to steps to be performed and papers to be provided when opening a bank account in KSA would be great to hear (id copies, pictures, copies, etc.) ! Thxs a heap! :idea:
I’m really not sure why there seems to be so many negative comments about having a Saudi bank account. This is our second time to Saudi and both times we have had local accounts with no problems; in fact quite the opposite; I’ve found the banks here to be very efficient and you get to deal with humans instead of being forced to deal solely with computers (as is the trend in the US).
The first time we used SABB as our local bank. However, since SABB does not have a branch on DH main camp, we chose SAMBA this second time.
Originally we planned only using our SAMBA account for local living expenses, but without even applying for it, SAMBA gave us a credit card that has better terms and rates than our US cards. So we’ve been using that as our primary credit card now. In addition it’s very nice to be able to pay all our local bills on-line or through an ATM.
As far as transferring money to the US, I have it set up so I can make the transfers on-line and they are relatively cheap (Exchange rate is ~3.7542000 and the fee is SR50). If I make a transfer first thing in the morning on a business day, it often posts to my US account about 2pm the same day.
I’m not suggesting that people use their local banks as a savings account, (I’m not sure what sort of protections/insurance that may have. And, you could always run into iqama/visa problems.) But, I do think the local banks provide a lot of convenience and if you plan on staying here for a long time (like we do) then I don’t understand why someone would want to go through the inconvenience of not having a local account.
I don’t keep large balances in the account, I transfer those to the US. So, even in a worst case scenario, I don’t think a local account exposes us to much risk and sure provides a lot of convenience.