Moving away from Saudi Arabia can be a bittersweet experience. On the one hand, you’re moving towards new, exciting opportunities; on the other you’re leaving behind familiar ground.

Handling your finances before leaving Saudi Arabia

During your last few weeks, you need to begin the process of packing up your life in Saudi Arabia. This includes shipping out all your belongings, canceling your residency or selling assets you don’t plan to take back with you, such as your car.

It can be a nightmare organizing your long to-do list and organizing efficiently. Amongst the actions on your list, priority should be given to finalizing your finances before you leave. Failure to do so can delay your departure and cause issues for you at the airport because of unpaid debt or outstanding bank fees.

Backtrack your finances

  • A good place to start would be tracking your financial history in Saudi Arabia. What bank accounts you have had? If you have ever changed your bank?  What is the status of your loans? Have your settled all your credit card bills?
  • Therefore, jot down all your loans, mortgages, credit cards and accounts you may have had over the course in Saudi Arabia. It can be surprising to see how many financial institutions you are tied to.
  • Once you have a complete list, make calls to each of them ensuring closure of previous accounts. In some instances you can find that accounts you thought were closed, aren’t and you have been incurring a monthly fee for not maintaining the minimum balance requirements. Therefore it’s necessary to tie up all financial ends.
  • Besides just banks, make sure you have closed all your other accounts such as phone bills, internet, television and electricity.
  • These procedures are important as you don’t want banks to open a police case against you for absconding on your debts. This can mean you might get stopped at the airport or when your re-enter Saudi Arabia in the future. During such an instance the case will then be resolved in court.
  • To be on the safe side, you can also contact the police before leaving and check if there are any cases registered against you.
  • Calling all banks and institutions you are tied to also means you are protecting yourself from being victim to any administrative errors on their part.

Handling your savings

  • As for your savings and fixed deposits accounts, make sure you close these accounts and take the cash out.
  • If your service provider is an international bank, you can open a new account in the country you are moving to and transfer your money. However do so in advance as you want your money transferred and the previous account closed before leaving Saudi Arabia. Closing accounts once you have moved can be quite the hassle.
  • It would also be useful to carry with you all closure documents and receipts when traveling as proof for settlement of all debts and payments.
  • Another tip is to give details of your new address to all companies and banks in case they need to contact you.