Browsing the net to find the best ways to send money to Saudi Arabia? Then look no further because Mozo’s nifty exchange rate calculator below will help you find the top forex providers for transferring your Aussie dollars to Riyals. All you need to do is enter the amount of money you’re planning to send and then sit back and compare the deals based on exchange rates, transfer fees and speed.
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Need some help picking the best money transfer option for you? No worries, we’ve got you covered. From top tips for hunting down the best offer to cutting through all that complicated IMT jargon, after you’re done reading our guide below, you’ll feel like a foreign exchange guru.
Let's start the cheat sheet by running you through some of the top tactics for scoring yourself the best money transfer deal:
Tip #1: Find the best SAR exchange rates
Compare exchange rates online. You probably already know that finding a competitive exchange rate is one of the most important factors when it comes to getting real value from your money transfer. And the good news is these days you don’t need to go from one bank to another looking for the best exchange rates. One look at an online exchange rate calculator, like the one above and you’ll instantly know your top options.
Plan ahead for a good rate. If you’re not in a big rush to send money, you can always nab a competitive rate now for an exchange you’re planning later. Many FX providers offer a ‘Forward Contract’, which basically means you lock in a deal at today’s rate for a transfer down the track. This can save you money, as it will protect you from sudden fluctuations in rates in the future.
Tip #2: Consider your money transfer options
In person or online: Sending money online isn’t just a more convenient option, it’s also cheaper. Generally speaking, most IMT providers charge a lower fee for online money transfers compared to transfers in person. Let this example speak for itself - while ANZ charges $32 for transferring SAR at a branch, it only charges $18 for sending the same amount online. And an online foreign exchange provider like TorFX charges no transfer fee at all!
Big bank or international money specialist: Major banks like NAB and Westpac are convenient options for converting Aussie dollars to Saudi Riyals because you know and trust the brands. But, international money specialists like HiFx, which focus their energy entirely on foreign currency transactions, are likely to offer better overall value with a more competitive exchange rate and lower transfer fee.
One off or regular transfer: Another thing you need to consider is whether you’re making a one time forex transfer or if it’s going to be an ongoing thing. If you’re planning to set up a regular money transfer to Saudi Arabia, you could save yourself some considerable coin by picking a provider that offers low fees (or no fees at all) for recurring transactions.
Tip #3: Check the provider is licensed
Are you worried that some of the online providers with great foreign exchange deals may turn out to be scams? Then make sure you check if the company is regulated by ASIC - as long as a provider is licensed, your money will be safe. FYI, all IMT providers listed on Mozo’s exchange rate calculator have already been filtered for safety.
When you scan the fine print of an international money transfer, you may come across a number of terms that sound confusing. Don’t stress - here’s a list of terms to help you navigate the world of international money transfers like a pro!
Currency code. This is a 3 letter abbreviation of a country’s currency. For example, the Saudi Riyal is displayed as SAR.
International Bank Account Number. When you’re booking an IMT deal with a provider, you’ll need to provide the foreign exchange specialist with the recipient’s overseas bank account details. This is the International Bank Account Number.
Mid-market rate. This is the ‘real’ exchange rate that’s applicable to forex providers when they buy or sell international currency. When providers offer an IMT deal, they add a margin to this rate (also known as the interbank rate).
Spot rate. When an international money provider gives you a quote, the exchange rate is only valid at that point of time and is called the spot rate. If you’re happy with this rate and want to lock it in, you should book your transfer right away, or alternatively you can set up a Forward Contract.
SWIFT/ BIC code. The SWIFT or Bank Identifier Code (BIC) is an international bank code that helps the foreign exchange provider identify the receiving bank.
Now that we’ve run you through the essential features of an international money transfer, the top tips to hunt down a good deal and the terminology to guide you through any number of terms and conditions, it’s time to kick off the actual money transfer. Here’s how it’s done:
Check the exchange rate.
Like we mentioned above, exchange rates are subject to change and any quote is only valid at that given time. So if you compare rates today but take a week to actually book the deal, make sure you check if the exchange rate has changed and if you’re still happy with what you’re getting.
Check for additional costs.
Apart from the SAR exchange rate, you’ll also need to check on a couple of other charges before confirming the booking. These would generally include the transfer fee that the provider is charging and the fee that the bank in Saudi is charging for receiving the funds.
Double check the booking details.
If you want to make changes to your booking details, such as, alter the contact or bank details of the recipient or change the amount you’re transferring, keep in mind you could be stung with an amendment fee. That’s why, it’s important that you’re completely sure of all the information you’ve provided before confirming the deal.
Book the deal.
After you’re done double and triple checking everything, you can send the money from your bank account to the provider. This is usually done via electronic transfer. The provider will then process the transfer to the recipient’s account in Saudi Arabia, which generally takes around 2-5 days.
And that's it, you would have completed your money transfer!