Send Money to Saudi Arabia

Margin Rate: 0.8%
Minimum Transfer: £2000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 5%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
Margin Rate: 1%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Saudi Arabia

Send Money Transfer to Saudi Arabia

Saudi Arabia’s currency, the Saudi riyal, is pegged to the US dollar (USD), and the exchange rate has been fixed at 3.75 riyals per US$1 since 1986. Sending money from Saudi Arabia and transferring money in is a relatively straightforward process, as the riyal is fully convertible and there are few restrictions on overseas capital transfers. For businesses or workers there, foreign capital related to investment in Saudi Arabia, including profits, capital gains, dividends and other passive income, can be freely transferred withdrawn from the Kingdom. Saudi Arabia is a major destination for foreign labourers and, as of today there are no restrictions on outbound remittance flows.

Everyone holding a residence visa in Saudi Arabia is allowed to open a bank account and to import and export funds and therefore this is an easy option for transferring funds to Saudi Arabia.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments are found in major cities around the world and are very common across Saudi Arabia. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

A third option is to use a foreign exchange broker to send money to the Kingdom. These companies shift huge volumes of currency around the world and therefore come with a couple of significant benefits. They are usually more competitive than the high street banks offering a better exchange rate and depending on the amount being transferred and the frequency of trade, lower fees. They will usually move your funds quicker than a bank or Money Sending Bureau meaning the funds will reach the destination account much quicker. They will often offer a more personalised service which is important if your transfers are ongoing. Fees will vary depending on the country in question depending on the currency flows in and out of the countries concerned. It is worth nothing that a number of brokers have minimum transfer values.

Bank Note System
The Saudi riyal (SR) is divided into 100 halalas. Coins come in 5, 10, 25 and 50 halala and SR1 denominations. Notes are in SR1, 5, 10, 50, 100 and 500 denominations