Transfer money from Saudi Arabia to UK

SAR ﷼ 254.90 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from Saudi Arabia to UK
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Top 7 Money Transfer Providers

Exchange Rates as of 2018-08-17T20:59:09+00:00

WorldFirst

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Est. 2004
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Amount Received
GBP £2,060.04
SAR ﷼ 264.14
saved vs. banks
Bank Beating Rates

TorFX

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Est. 2004
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Amount Received
GBP £2,065.27
SAR ﷼ 289.14
saved vs. banks

moneycorp

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Est. 1979
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Amount Received
GBP £2,049.58
SAR ﷼ 214.14
saved vs. banks
Bank Beating Rates

Currencies Direct

 

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Amount Received
GBP £2,060.04
SAR ﷼ 264.14
saved vs. banks

Currency Solutions

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Amount Received
GBP £2,060.60
SAR ﷼ 266.81
saved vs. banks

Smart Currency Exchange

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Amount Received
GBP £2,055.11
SAR ﷼ 240.59
saved vs. banks

RationalFX

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Est. 2005
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Amount Received
GBP £2,056.10
SAR ﷼ 245.30
saved vs. banks

How to Transfer Money from Saudi Arabia to UK

Summary

Saudi Arabia and the United Kingdom have maintained a long-standing bilateral relationship as close allies, especially in the areas of economics, politics, and defense. The Saudi riyal is a fully convertible currency and there are no restrictions limiting . Therefore it is a hassle-free process to transfer money from Saudi Arabia to UK.

Visas and immigration

Saudi nationals require a visa to visit, work, or study in the UK. The type of visa needed depends on the purpose of the visit. A general visit visa is required for short visits and tourism. These visas are usually valid for up to three months at a time. A family visit visa is necessary for those visiting the UK with a spouse or other family members.

Tier 2 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. Those with a temporary or short term job from a qualifying UK company must apply for a Tier 5 temporary work visa.

A Tier 4 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.

There are several other types of visas for different categories of visitors. These include visas for business representatives from foreign countries, domestic workers who will be employed in private households, seamen on contract, and various others. The average processing time for a UK visa is three weeks. In some cases, spouses and dependents are able to accompany the main applicant to the UK. It is also possible for spouses to be employed during their stay, however, this is not the case with all visa types, including student visas and Tier 5 visas. More information on visa requirements and allowances can be found on the UK Government website.

Studying in the UK

Saudi students will be subject to international student fees if they enroll in any of the UK’s universities or colleges. International student fees can be quite expensive in the UK, especially at the post graduate level. According to the University of Southampton, the average amount for undergraduate students can range from GBP £14,660 to as much as GBP £38,315. Costs are even higher for graduate studies.

In addition to tuition, cost of living in the UK is relatively high, roughly GBP £7,000 per semester. 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.

Trade relations

Saudi Arabia is the UK’s largest trading partner in the Middle East. In 2012 exports to Saudi Arabia from the UK totaled GBP £3.076bn, while imports from Saudi Arabia totaled approximately GBP £0.927bn. These amounts are not inclusive of exports of services from the UK, which totaled an estimated USD $3bn.

After the US, the UK is the largest international investor in Saudi Arabia. With over 200 bilateral ventures, total investments amount to about USD $17.5bn annually. Saudi Arabia is regarded as a high growth market by the UK Trade and Investment body. Both countries are working to diversify the Saudi economy so that expands beyond its dependence on oil and gas and embraces liberal economic reforms.

Banking and money

Opening a UK bank account will facilitate money transfers from Saudi Arabia to the UK. It is easy to open a bank account in the UK, which has an advanced banking system with both local and international banks. Saudi applicants will have to present proof of income or employment, evidence of a UK address, and a valid passport to open a UK bank account.

Many UK banks will allow account holders to open accounts in foreign denominations, the most common of which are in euros or US dollars.

Tax regulations in the UK

The UK tax system is fairly complex. As a Saudi national living or working in the region, it is advisable to enlist the services of a local tax professional. The tax year in the UK runs from April 6 to April 5 of the following year. This may impact the timing of money transfers from Saudi Arabia to the UK.

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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.