Mozo guides

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  most popular options being either a bank, a wire transfer or a foreign exchange specialist. 

Need help deciding which one suits you? We’ve covered their pros and cons. 

Banks

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. 

Pros: 

  • 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 

Cons: 

  • 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 

Standard wire transfers

A wire transfer can be done through companies Western Union or PayPal. It is a fast and easily accessible way of transferring funds from one person to another. A wire transfer can be made from one bank account to another or through a transfer of cash at a branch.

Pros:

  • Can get fast access to the funds within minutes of a wire transfer from one bank to another
  • Can send in person cash transfers 
  • Over-the-counter service available in many places around the world

Cons:

  • Exchange rates are usually poor and typically come with big fees
  • Limited amounts of money can be sent between accounts

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, SendX and WorldFirst who offer expert service to all their customers.

Pros: 

  • Typically cheaper than the banks - in fact all of our 2021 Mozo Experts Choice Award winners for best value international money transfer were online FX specialists.
  • 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 

Cons: 

  • 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 $2000 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 are appropriately regulated, check to see if they have an 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 a 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.

Personal international money transfer comparisons on Mozo

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Last updated 10 December 2024 Important disclosures
I want to transfer
to
Today’s foreign exchange rates
  • Excellent exchange rates, no transfer fees
  • 24/7 transfers online, over the phone or through the TorFX app
  • Personal account management and expert insights

$6,424 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6424 USD

  • 1-2 days

  • $200 minimum

  • Send to 200+ countries and 100+ currencies globally, 48,000+ 5-star 'Excellent' ratings on TrustPilot
  • Dedicated Australia-based client services team with personal account management for transfers over $20,000
  • Send fees are charged on smaller amount transfers, additional fees are charged on debit and credit card payment methods.

$6,408 USD

  • IN PERSON
    n/a
    BY PHONE
    n/a
    ONLINE
    $5
  • $0.6412 USD

  • 1-3 days

  • none

  • Fee Free transfers
  • Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
  • Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL

$6,401 USD

  • IN PERSON
    n/a
    BY PHONE
    $0
    ONLINE
    $0
  • $0.6401 USD

  • 1-2 days

  • $250 minimum
    $500 monthly minimum for regular transfers

  • 48 hour fixed rates, receive 5 fee-free transfers
  • Fast, secure transfers, up to 8x cheaper than the banks
  • Send and receive money in 20+ currencies

$6,397 USD

  • IN PERSON
    n/a
    BY PHONE
    $5
    ONLINE
    $5
  • $0.6400 USD

  • 1-2 days

  • Minimum transfer amount is $10 AUD

Katherine O'Chee
Katherine O'Chee
Money writer

Katherine O’Chee is Mozo’s international money transfer and forex expert and business banking writer. She keeps Mozo’s readers on top of the latest news and writes in-depth features to inform and help Australians make smarter financial decisions. Her work has been published in major media outlets including Sydney Morning Herald, SBS News and Bangkok Post. She has a Bachelor of Arts (Media and Communications) from the University of Sydney. She is also ASIC RG146 (Tier 2) certified for general advice.

Maria Gil
Maria Gil
Money writer

Maria has five years of journalism experience and is currently a finance journalist covering home loans and property, personal finance and the currency exchange market. She has also completed her ASIC RG146 (Tier 2).


* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.

^See information about the Mozo Experts Choice International Money Transfer Awards

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