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Post by interest_rate on Dec 1, 2012 12:46:25 GMT
Has anyone used a US bank (Chase particularly) to wire transfer money to local bank? What kind of rates are used in addition to the fees - I called Chase and they are not able to tell over the phone and I dont want surprises after I send them online. Was hoping that someone must have done this before and would have some information. Thanks.
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derekg
Senior Member
Posts: 107
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Post by derekg on Dec 1, 2012 13:15:51 GMT
I can answer that quite easily, but the fees depend on your banking situation here. If you can get the gold banking with NCB (other banks have something similar) you get no fee outgoing transfer and a preferential exchange rate for SAR-> USD (basically 3.75) and the transfer goes out in US Dollars (which means no exchange fees on the US end). The incoming transfer fees I know of (i.e. what they charge me) are:
Chase $15.00
Bank of America $15.00
Hopefully this helps. The only thing to be aware of is that you can transfer a maximum of USD25,000 per day/transaction.
There may be lower fees if you split your deposit between your US Account and the Saudi account; that would depend on how Aramco does the direct deposits for USD payroll.
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Post by Nonno on Dec 6, 2012 8:30:07 GMT
According to my recent experience tracking my first paycheck, USD payroll goes from the Citibank account in Saudi Arabia to the Citibank account in the states and then on to whichever US banking insution you use.
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Post by Texas on Dec 9, 2012 15:36:37 GMT
I wired some money from Chase to my local Saudi bank, twice so far and each time they charged me $40 a wire.
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