Send money to Saudi Arabia
Saudi Arabia is becoming an increasingly common destination to send money to, with the World Bank revealing that the number of personal remittances received by the country has grown from 93.9 million in 2005 to 334 million in 2019.
With Mozo’s easy-to-read guide, you can send money quite easily to Saudi Arabia. If you’ve invested in a business or property in Saudi or have money to send to family or a friend, then knowing as much as you can on international money transfers (IMTs) may help you along the way.
Want to transfer Australian dollars (AUD) to Saudi riyal (SAR) for your next holiday to Saudi? Then instead you should check out Mozo’s Travel Money section. There you’ll find information on everything you need to know when it comes to choosing the right travel cards.
FAQs about transferring money to Saudi Arabia
How do I actually transfer money to Saudi Arabia?
An international money transfer involves transferring money from one account in a country (say, Australia) to another account in another country (say, Saudi Arabia). For a successful IMT to occur, you’ll first need to choose a provider to send money with - the two most popular options being either a bank or a foreign exchange specialist.
Need help deciding which one suits you? We’ve covered their pros and cons.
It’s hard to imagine life without banks. After all, they’ve always provided society with the starting platform for all things related to money.
- Convenient - you can send money overseas with your existing bank account, making it a good option for urgent transfers
- Branch services available to customers who prefer in-person assistance
- Usually less competitive with higher fees and larger exchange rate markups than many FX specialists
- Relatively low transfer limits may apply online, so it might not suit larger one-off transactions
Foreign Exchange (FX) Specialist
FX specialists work at securing some of the top rates when it comes to exchanging currencies worldwide - all day, everyday. Since this is their main focus, they’re likely to secure a better deal when converting Aussie dollars to Saudi riyal. Online FX specialists include TorFX, OFX, Send and WorldFirst who offer expert service to all their customers.
- Typically cheaper than the banks
- Flexible - you can make online money transfers around the clock
- Access to expertise and a range of IMT features to safeguard your transfer from unfavourable exchange rate movements
- Minimum transfer limits as high as $10,000 may apply
- No branches available so you’ll need to be okay with remote customer support
How do I compare IMT providers?
Like most, you probably don’t have all the hours in the day to visit every IMT provider’s websites to compare the hundreds of fees and exchange rates out there. But what you can do is use Mozo’s international money transfers comparison tool to make life easier! Here’s a list of features to weigh up when using our tool.
What to look out for when choosing an IMT provider:
|Exchange rates||This is one of the important points of comparison, as even the smallest difference in the exchange rate you secure when making a money transfer can impact how much arrives in your recipient’s account. Generally speaking the higher your AUD/SAR exchange rate, the more Saudi riyals you’ll get from the same amount of Aussie dollars sent.|
|Fees||Besides the exchange rate, another cost to consider is transfer fees, which could range from $0 to $32 depending on the provider and transfer method. While these fees won’t sting you too badly for a smaller one-off transfer, they can add up and leave a dent in your bank account if you’re sending money more regularly.|
|Limits||You’ll find that there are some banks or IMT providers that require you to transfer a minimum amount. In some cases it can be as high as $5000 or $10,000. If you don’t intend on wiring that much across, then look for a provider that has less limit restrictions.|
|Transfer speed||There’ll be some IMT providers that promise to deliver your funds immediately to certain countries, but as a rule-of-thumb, expect at least 1-5 business days before your money reaches your recipient. Also bear in mind that because SAR isn’t a major currency and Saudi Arabia not as popular of a receiving destination, your transfer may take a little longer. Either way, it’s best to check the specific timing with your provider.|
|Online vs phone vs in person||What’s your preferred way of handling anything finance related? While banks are a good option for people who prefer to do their banking and international money transfers in a physical branch, then online services may suit you better if you want the freedom to transfer your money 24/7. Online transfers also tend to come with lower fees and charges than those completed in-person or over the phone.|
Is sending money online to Saudi Arabia risky?
Making online international money transfers should be quite safe, as long as you’ve taken the right precautions. This means a few things:
- Pick an ASIC-regulated provider: If you’re making an international money transfer from Australia, ensure the provider you’ve chosen is authorised and regulated by domestic government bodies - ASIC and AUSTRAC. To determine whether or not they’re appropriately regulated, check to see if they have a Australian Financial Services licence (AFSL), either on their website or using the ASIC search tool.
- Protect your own information: To prevent your money from falling into the wrong hands online, it’s important to take basic security steps like: creating a strong password, installing the latest anti-virus software, downloading the most recent updates to your PC or mobile phone, and not giving away any personal information to people you don’t know well.
Can I make a one-off transfer to Saudi Arabia?
You sure can. If you’re sending a cash gift to a friend or relative or buying a car before migrating to Saudi Arabia, then you’ll most likely opt to an one-off transfer.
But if you intend on making regular payments for business purposes or any other reason, Mozo recommends that you ask your IMT provider whether they can offer any financial benefits. Loyalty can pay in this instance, with some providers reducing or even waiving their transfer fee for their regular customers.
How do I set up an international money transfer?
So what about the actual process of sending money to Saudi Arabia? Firstly, you need to decide which direction you will take - online, in person or over the phone. This will determine whether you need to log onto your internet banking or register for an IMT account, visit or branch, or fill out a form online.
Whichever way you choose to send money to Saudi Arabia, there are a few details you’ll need to know for a successful transfer:
- Recipient's name, address and account details
- Their bank’s name and address
- Their bank’s SWIFT/BIC code - this is a 8 or 11 digit codes that identifies banks around the world
- Details of your own account from which money will be withdrawn for the transfer
- Amount you would like to send
- Your sending and receiving currency (in your case, it would be AUD and SAR)
Now that you’ve had a rundown of all the must-knows for sending money to Saudi Arabia, you may be ready to make your first transfer! Scroll down for a list of today’s exchange rates or head on over to our international money transfers comparison hub to view deals from even more providers.