Can Expats Make International Money Transfers From KSA? A Complete Guide To Send Or Receive International Money In KSA
Although money transfers from KSA may not be as easy and intuitive as in other countries, you can still make them very quickly. This guide shows you how to do it.
If you are a foreigner in Saudi Arabia, chances are you will want to send money back home someday. If you wish to send your salary back to a savings account in your home country or make a regular family transfer, international banking is a part of expat life. This guide will be helpful and it includes the following information on the title:
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- TRANSFER OF INTERNATIONAL MONEY IN KSA
- ONLINE MONEY TRANSFER SERVICES IN KSA.
- TRANSFER OF INTERNATION MONEY IN KSA BY TRADITIONAL BANK
- INTERNATION BANK TRANSFER COSTS IN KSA
- HOW LONG DOES IT TAKE TO TRANSFER MONEY FROM KSA?
- INTERNATIONAL MONEY TRANSFER THROUGH BANK IN KSA
- RECEIVING A MONEY TRANSFER IN BANK IN KSA
- TRANSFER INTERNATIONAL MONEY THROUGH ONLINE AND MOBILE BANKING
- WIRE TRANSFERS IN KSA.
- FORIEGN EXCHANGE BROKERS IN KSA
- WHAT TO KNOW WHEN DECIDING HOW TO MAKE TRANSFER OR RECEIVE TRANSFERS?
Transfer Of International Money In KSA:
Like all other countries, you can transfer international money through banks in Saudi Arabia. There are more than 24 banks in the country, of which 13 are national banks, including the well-known National Commercial Bank (also known as Al-Hail Bank). The rest are foreign banks including HSBC and BNP Paribas, but they offer minimal services and personal banking options.
There are also more than 50 licensed exchange houses in Saudi Arabia dealing with money transfers. Although they may offer more discounted fees, they should get handled with care. It is also important to note that Saudi Arabia uses a unique IBAN. These are long alphabetical codes starting with SA03 as the destination router.
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Online Money Transfer Services In KSA:
Even third-party online transfer services have become a popular way to send money worldwide, very few of them operate in Saudi Arabia. For the most part, you can only use them to send money to the kingdom, not to that.
Of course, this does not mean that the service is not available. Skrill is the only trusted operator in the country. And, because it allows you to transfer international money to other countries in Saudi Arabia, it can be a good option. Just create a free account, then send money from your bank account or credit card to your scroll account. Later, you can transfer funds from Scroll to a bank account outside of Saudi Arabia. You’ll need the recipient’s full name, bank details, and IBAN or SWIFT code to make the transfer.
The best thing about using Scroll is that they don’t charge a fee. Sending funds directly from Scroll to a bank account is free. In addition, they use the intermediate market rate provided by Reuters for foreign exchange, which means you will not pay extra markup. In addition, Skrill uses industry-leading secure payments and gets regulated by the London-based Financial Conduct Authority.
Transfer Of Internation Money In KSA By Traditional Bank
For the most part, international remittances can get still made through traditional banks in Saudi Arabia. It is because it is usually the easiest way to do it. Banks are generally easier to get and offer advanced customer service than other types of transfers. To make transactions, you can use internet banking, mobile apps, or phone banking. In addition, you can transfer to a bank branch in person.
For this guide, we will focus on Saudi Arabia’s largest bank: the National Commercial Bank.
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Internation Bank Transfer Costs In KSA
When you pay abroad, you can expect to incur international transfer costs in Saudi Arabia. It often depends on how much you are sending and where the money is going. However, since the state does not set minimum or maximum limits on international transfers, you only have to worry about destination costs.
However, if you are using National Commercial Bank, you are lucky. They charge a flat rate of SAR 50 per transfer, no matter how much you spend or where you go. Be aware, though, that you may still have to pay extra to exchange currencies.
How Long Does It Take To Transfer Money From KSA?
International payments in Saudi Arabia are usually speedy. For example, the National Commercial Bank says their transfer is effective immediately. Generally, you can expect your transfer to get completed in one or two business days.
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International Money Transfer Through Bank In KSA
When it comes to transferring international money through a bank in Saudi Arabia, you can expect the process to be like anywhere else in the world. You will need to provide an official photo ID and recipient details. In addition, you can make your transfer physically at a bank branch, online or by phone banking, or at an ATM.
The important thing is that you have to provide many details to make sure that your money is in the right place. These include:
- Recipient’s full name.
- Account number
- IBAN or SWIFT code.
- Recipient’s address.
- Purpose of payment.
Receiving A Money Transfer In Bank In KSA
If you plan to receive an international money transfer in Saudi Arabia, you will need to provide several details to the sender. Banks will need your Full name, bank details, and IBAN. Saudi Arabia uses unique IBANs starting with code SA and checks digit 03.
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Transfer International Money Through Online And Mobile Banking
Like other countries, Saudi Arabian banks offer you the ability to do banking online and through mobile apps. You can also use these systems for international payments in Saudi Arabia. Although each bank has its unique approach and nuances, you can expect the process to be very similar across the board.
Money Transfers In Riyal:
First, log in to your online banking portal or mobile app and go to the International Transfer page. Second, the key in all the details about the transfer. For this, you must have the recipient’s full name, bank details, and IBAN or SWIFT code. Finally, you need to go to all the details to confirm the transaction and enter the one-time password.
Of course, you should consider the cost of transferring international money to Saudi Arabia. Most likely, you will pay a transaction fee and a currency conversion fee. Although these vary from bank to bank, you should be able to view all applicable rates and charges before confirming the transfer. With National Commercial Bank, you pay the standard SAR50 international transfer charge with no fees for foreign currency.
Wire Transfers In KSA.
Wire transfer services are also popular in the country for international money transfers. There are many operators in Saudi Arabia, including Western Union, everywhere. While on the surface, it may seem like a transfer to a traditional bank or online transfer operator.
Western Union is probably the most popular wire transfer service. To transfer, you’ll need to visit one of their local branches. Then, show the government-issued Photo ID, fill out the form, and cash your payment. In addition, you will need to provide some details, such as the recipient’s full name. After that, you will receive a receipt with the money transfer control number. The recipient will need to “receive the form” when they receive the payment. You can also track your transfer online, although this is usually done within one business day.
The second option is MoneyGram. Like Western Union, you must go to a MoneyGram agent to complete the transfer. While there, you must present your ID card and provide the recipient’s full name, ID card, and location when completing the required forms. You will have to pay the relevant fee along with the amount transferred. Upon completion of the transaction, you will receive an eight-digit reference number. Your recipient will need it to raise funds. Importantly, MoneyGram can also get transferred to ATMs across Saudi Arabia, sending funds to bank accounts.
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Foriegn Exchange Brokers In KSA
Extensive foreign exchange is relatively new to Saudi Arabia. The country issued its first foreign exchange broker license in April 2019 in Riyadh. Furthermore, the industry is not yet regulated, so you should proceed with caution.
To transfer international money to Saudi Arabia with a foreign currency broker, you must choose the exemplary service. Security is essential, so do your research to determine if they are registered with a financial authority or use secure services.
Once you choose a broker, you usually need to register an account with them. It requires you to provide a government-issued ID card, and sometimes this includes checking your credit. However, once your account is ready to use, you can start trading immediately. First, select your currency pair (such as SAR-EUR) and check the spread (conversion).
Once you’re happy, lock your transfer conversion rates and send money (and associated fees) to your FX broker. They will then transfer to the designated recipient – usually within one or two business days in the selected currency. Of course, you will have to provide all the necessary details to the beneficiary, including
- The bank account number
- SWIFT / IBAN.
Few of the International forex brokers operating in KSA include:
- Swiss FS
- Hot Forex
What To Consider When Deciding How To Make Transfer Or Receive Transfers
There are several things you need to consider before making an international payment in Saudi Arabia. It would help if you weighed things like prices, convenience, and time before you start any transaction. Here are some things you should know about :
- Fees: The cost of international transfer of most banks and online services is in Saudi Arabia. Since you are exchanging currencies, you will also have to pay a conversion fee. Fees can vary between different benefits, so find one that suits your needs.
- Exchange rate: All international transfers are subject to currency exchange. It can vary between banks and even between different service providers.
- Payment Methods: Most international payments in KSA can get made with your bank account or credit card. However, some services – such as wire transfers – require a cash payment. You may need to consider whether this is practical for you.
- Methods of transaction: Convenience is essential, so you have to decide whether you want to transfer online, in person, or through apps. In addition, you must determine whether the funds will be transferred to the recipient’s bank account or deposited in cash.
- Transfer Time: First of all think about how quickly the transfer needs to get done. Instant transactions may require you to pay more or use an online service to ensure that your money reaches where it needs to go faster. If you can wait a little longer, you can choose a cheaper, different option.
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