| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Smart Currency Exchange | SAR ﷼ 10,000.00 | 24.64SAR | 0.1994 | 1-3 days | more... |
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Currency Solutions | SAR ﷼ 10,000.00 | 49.28SAR | 0.1999 | 1-3 days | more... |
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Moneycorp | SAR ﷼ 10,000.00 | No Fee | 0.1972 | 1-3 days | more... |
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Throughout their long, closely linked histories, Saudi Arabia and the United Kingdom have enjoyed a close and fruitful trading relationship. They are particularly close allies across economics, politics and defence, with Saudi Arabia proving to be a key strategic partner in the Middle East and Arabian Gulf regions.
In recent years, thousands of expats have moved to Saudi Arabia for employment opportunities, which has resulted in much larger cross-border money flows between the two countries.
Although previously, the Saudi Arabian currency was administered by the UK government under its colonial administration, since it became independent, it has adopted and issued its own currency; the Saudi Arabia riyal – or SAR. The SAR is currently pegged to the value of the USD and its price will be heavily influenced by the price of oil.
The Great British pound (GBP) has long been in circulation, and is one of the most globally traded currencies. Despite wavering in recent years due to various factors, the British pound is a relatively stable currency.
With thousands of UK expats living and working in Saudi Arabia in a variety of sectors, money transfers between the two countries have significantly increased in volume in recent years.
While it can be tempting to just go through your bank, by doing your research and taking advantage of a trusted money transfer service you could avoid some pricey fees and unfavourable exchange rates.
Saudi Arabia is one of the UK’s largest trading partners in the Middle East region, having imported shipments worth $4.6bn from the UK in 2022, while UK imports from Saudi Arabia amounting to $3.51bn in the same year.
Its economic ties are mainly found in the energy sector, though Saudi Arabia is an increasingly important destination for exports of professional services from the UK. These relations include hundreds of bilateral trade ventures, with the total value of these being in the billions.
Both countries are working to diversify the Saudi economy so that it expands beyond its dependence on oil and gas and embraces liberal economic reforms.
In recent years, Saudi Arabia has also been a significant importer of arms and defences systems produced in the UK.
Opening a bank account in the UK will significantly speed up international money transfers from Saudi Arabia to the UK. As a modern banking system with a well-established global network, this is relatively easy to do in the UK. Saudi applicants will have to present a proof of income or employment, proof of address in the UK, and a valid passport.
Another good option for those looking to make regular transfers of SAR from Saudi Arabia to the UK is to open a foreign denomination account with your UK bank. This will allow you to send and hold SAR without the need to convert it.
However, banks can often charge fees for international transfers as well as offering poor exchange rates. So take a look at money transfer provider rates to make sure you don’t miss out.
Getting used to the UK tax system can be fairly complex. As a Saudi national living or working in the region, it is advisable to enlist the services of a local tax professional to avoid error.
In the UK, the tax year runs from April 6 to April 5 of the following year, which may impact the timing of money transfers from Saudi Arabia to the UK. In the UK Personal Allowance is capped at £12,570, and above this amount you can be taxed between 20-45% depending on your income. For the latest information, read up on UK income tax rates here.
Saudi nationals require a visa to work or study in the UK but for short-term visitation can use an Electronic Visa Waiver (EVW), although this is due to be replaced with an Electronic Travel Authorisation.
Essentially, the type of visa needed depends on the purpose of the visit. Skilled Worker visas are required in order to be employed in the UK and require that the applicant be sponsored by a UK-based company. Applicants must have specialist skills in a particular field to be considered.
A student visa is necessary for applicants who wish to study at a UK college or university. In order to qualify, applicants must present a Confirmation of Acceptance from an accredited educational institution in the UK, in addition to proof of sufficient funding for their stay.
To keep up to date on the latest news, more information on visa requirements and allowances can be found on the UK government website.
Saudi students will be subject to international student fees if they enrol in any of the UK’s universities or colleges. Currently, international student fees can be quite expensive in the UK, costing anywhere between £11,400 and £38,000, and can be even higher for medical students.
In addition to tuition, the cost of living in the UK is relatively high, estimated at £900 to £1400 per month (with London being at the higher end of the estimate). Those on a student visa are permitted to work part time, up to 20 hours per week during the semester and full time during breaks, to help meet expenses.
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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.
FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
