Send money to Saudi ArabiaWith 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 IMTs may help you along the way.
Want to transfer money to Saudi riyal for your next holiday to Saudi? Then you need to read Mozo’s Travel Money section. That way you’ll get to know everything you need when it comes to choosing the right travel cards and exchange rates.
FAQs about transferring money to Saudi Arabia
How do I actually transfer money to Saudi Arabia?An IMT or an International Money Transfer is when you transfer money from one account in one country to another account in another country. For a successful IMT, you need your recipient's bank ID numbers and their account details. To get the ball rolling, start by choosing between a bank and a Specialist FX. Need more help? Read here:
BanksIt’s hard to imagine life without banks. After all, they’ve always provided society with the starting platform for all things related to money. But are banks the best provider to use when transferring money overseas? With the high fees and rates, Mozo feels there may be other options.
Pros: Familiar names that you already trust and use. Cons: Higher transfer fees than other providers or financial providers. Not as convenient as other methods if you can’t visit a branch during business hours.
Foreign Exchange SpecialistSpecialist FX or Foreign Exchange Specialists work at securing the best 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 IMT and foreign exchange providers like CurrencyFair, HiFX, OFX offer expert service that doesn’t cost the earth.
The best part about using a Specialist FX is the flexibility, available 24/7. Want to double check if the BIC or SWIFT code is correct? Visit http://www.swift.com/bsl to double check your numbers if you’re uncertain.
Pros: Quick and safe international money transfer, usually cheaper than the rest Cons: Since currencies change everyday, trading Australian dollars for Saudi riyal may vary from one day to the next.
Is wiring money to Saudi Arabia risky?Safety first! Anything you do online can be in the sights of the wrong people if you’re not careful. Before you transfer money online do your regular online banking or even online shopping, you need to:
- Install the latest anti-virus software like McAfee
- Download the latest updates your PC or mobile.
Can I make a one-off transfer to Saudi Arabia?Yes. So if you’re sending a gift to a friend or relative or buying a car before migrating to Saudi Arabia, then you can make a one-off transfer.
But if you intend on making regular payments for business purposes or any other reason, Mozo recommends that you ask how your IMT provider can create a deal just for you. If they can’t make adjustments on the daily rate change, then perhaps they can reduce or eliminate the transfer fee. It’s a question always worth asking.
How do I compare IMT provider?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 rates out there. But what you can do is use Mozo’s IMT rate comparison tool to make life easier!
After all, the rate you secure will especially affect your overall fee when transferring large amounts. We’ve compiled a quick reference below that you can refer to when choosing an IMT provider.
What to look out for when choosing an IMT provider:
|Limits||You’ll find that there are some banks or IMT providers that require to transfer a minimum amount. In some cases it can be as high $5000 or 0,000. If you don’t intend on wiring that much across, then look for a provider that has less limit restrictions.|
|Rates||It may be obvious to some, but not to others, that the smallest difference in the rate you secure when making an IMT can impact your fund’s value for money. Literally speaking.|
|Transfer speed||There’ll be some IMT providers that promise to send funds immediately. That may be so, but the funds may not be cleared for another 3-5 business days. Just something to be made aware of.|
|Fees||The amount you pay in fees will not make your money reach its destination any faster. So shop around for the best deal. Some IMT providers charge zero dollars for a transfer. Worth a look-see.|
|Online vs phone or in person||We don’t mean to harp on about how wonderful doing things online is. Technology is a wonderful thing, isn’t it? It also allows you to save on fees and charges while giving you the freedom to transfer money at your leisure, 24/7. |
How do I set up an international money transfer?
Firstly, you need to decide which direction you will take - online, in person or over the phone? Working this out first, will determine your best next steps.
- Will you be logging on to your online bank account or app?
- Visiting a branch?
- Filling out a form online?
Whichever way you choose to transfer money to Saudi Arabia, some crucial bits of information you’ll need for a successful transfer include:
- 1. Full name and address of the recipient’s bank
- 2. Recipient's name, address and account name
- 3. Account number or International Bank Account Number (IBAN)
- 4. SWIFT/BIC code of your personal account you're transferring funds from
- 5. Amount you would like to send.
IMT must-know terminology
BIC - Bank Identification Code
SWIFT - Society for Worldwide Interbank Financial Telecommunication
IBAN - International bank account number
Recipient - The person or party who receives the money being transferred
IMT - International money transfer
IMO - International money order.