Cheapest way to send money to Saudi Arabia - Fees and Charge Rates

World First Money Transfer
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
100,000 gets you: 470,702 SAR
International Foreign Exchange
FCA Regualted: FCA Regulated
Margin Rate: 1%
100,000 gets you: 469,280 SAR
Interchange FX
FCA Regualted: Not FCA Regulated
Margin Rate: 2%
100,000 gets you: 464,540 SAR
Bank of Baroda
FCA Regualted: FCA Regulated
Margin Rate: 5%
100,000 gets you: 450,319 SAR
The Bank of East Asia
FCA Regualted: FCA Regulated
Margin Rate: 5%
100,000 gets you: 450,319 SAR

Send money to Saudi Arabia from London




 



Do not let the conventional money transfer methods slow down your pace. There are various systems of Money Transfer that let you transfer the funds in US dollars or Euros to most of the countries including Saudi Arabia. These systems ensure
smooth, efficient and hassle free money transfer to the country of your choice. 



 



Best ways to make a money transfer:



Up until
now, People had very limited options for sending money to those living in Saudi
Arabia. Traveller cheques and bank to bank transfers took at least five days of
waiting period. Coinstar Money Transfer lets the inhabitants of Saudi Arabia
receive money within 15 minutes through remittances Coinstar Money Transfer.



It is 10 to 15% cheaper than money gram or
western union. Apart from that TransferWire lets the first timers send money
for free for the amount up to 3000 to 4000 pounds. Online platforms such as
Xoom or Remitly let the users send money for free by offering coupons and
discounts.



 



Types of
options to send money



There
are various options for sending money to Saudi Arabia. Each option has its pros
and cons. 



One can
send money through wire transfer. While this is the easiest method for
sending money; it takes too much time. 



Money
transfer by cheque is
another feasible option but it is too costly. 



Exchange
houses offer
competitive prices for money transfer but they must be used with caution. While
there are almost 50 exchange houses for money transfer in Saudi Arabia, not all
of them are reliable.



There
are various Money transfer companies that let you send money by helping
you out with documentation and processing while guiding you on each step.



 



Restrictions
on receiving money



You'll come to know that there are certain banks or I.M.T providers that require you to
transfer some minimum amount. In certain cases it can be as high $5000 or 100,000. If
you have no intention of wiring that much across, then find a provider that has
less limit restrictions.



 



 



Restrictions
on sending money



A person
cannot send more than they earn. If the remittance is more than your salary ;
you may not be able to send money across.



Process
to send money



IMT is
known as International money transfer. For successful transfer through this
method; you need the recipients bank ID number and account details. You can choose between a bank or foreign-exchange specialist for this method.



Brief
economic trend



Saudi Arabias economic growth will bounce back next year after
a sharp delay in 2016 as the kingdoms strictness drive eases. The fund expects
non-oil GDP to increase 2.6 percent in 2017, compared with an annual average of
7.4 percent between 2009 and 2013.



 



Main
Bank



The Main
bank of the country is MCB Alahli bank. You can transfer and receive funds and
ask for the foreign exchange rates by consulting their customer centre
services.

Transfer from Saudi Arabia to UK

Don’t let traditional methods slow you down when sending money to Saudi Arabia?
Up until relatively recently a person was very limited in the way they could get money to someone who lived in Saudi Arabia. They could send travellers cheques, but this will incur a waiting period for the post to arrive. Or they could arrange a bank to bank transfer, but this would also mean a long waiting period of around five days before the money was in their recipient's account. While these more traditional methods of currency transfer to Saudi Arabia worked they were very time consuming.

Saudi currency?
The official currency of Saudi Arabia is the Saudi Riyal and this is the only currency that is accepted in the country. While it is possible to exchange foreign currency within Saudi Arabia this can mean large fees and in some cases a poor exchange rate. By transferring money online you can benefit from checking the currency rate Saudi Arabia Riyals are being exchanged for on a daily basis.

send money to Saudi Arabia?
Before you complete a money transfer to Saudi Arabia exchanging US dollars for Saudi Arabia Riyals you need to be aware that this has a fixed rate. This has been maintained since 1986 and continues to do so currently, though the exchange rate will not vary on a daily basis as it will with other foreign currencies. While the majority of foreign currencies are accepted in Saudi Arabia for exchange, the exchange of Israeli currency is banned, so do not attempt to do this.