International Money Transfer in Riyadh
Saudi Arabia is one of the largest business hubs in the world. And as an expat residing in the kingdom, chances are the need for overseas money transfers has been growing. Sending your hard-earned money back to your loved ones back at home is a very important matter to many expats. International money transfers are a crucial part of everyday expat life.
Before selecting a money transfer method make sure you pay close attention to transfer fees, exchange rates, payment/transaction methods and transfer times.
Here’s your guide on how to go about doing International money transfers in Saudi Arabia.
Money Transfer Through A Bank
The easiest and most hassle-free way of transferring money is through renowned banks of the kingdom. The banks will be able to assist you every single step of the way with high attention to your experience with better customer service exposure. You can either visit the bank to make these International transfers or simply opt for their Internet or Mobile banking options.
When making the transfer you will be required to present an Identification document and recipient details such as the Recipient’s full name, account number, IBAN or SWIFT code, the Recipient’s address and the purpose of the payment.
Transferring money overseas via online or mobile banking follows a similar procedure in Saudi Arabia as that in your home country. Generally, you log into your online or mobile banking portal or application with your authenticated credentials. Next, select the International transfers option, and add in all the relevant details of the recipient along with the amount to be transferred. The next step is to confirm the transaction by entering a one-time password sent to your verified contact or email address.
Wire Transfers
There are many operators in Saudi Arabia. that allow successful wire transfers such as Western Union. In these transfer operator branches, you will have the option of sending and receiving money overseas in cash.
Initially, to make a transfer you would have to visit a local branch outlet of your preferred operator. Have with you an Identification document, you would also be asked to fill up certain forms with Recipient details. A Money Transfer Control Number will be offered to you at last. The recipient will be asked to fill out forms with the Money Transfer Control Number that you received, to collect the funds. These transfers can also be tracked online with the aid of the relevant operator’s apps or websites.
Foreign Exchange Brokers
There are around 50+ exchange houses in Saudi Arabia. When making transfers with foreign exchange brokers it is very important to pick a secure operator. It is necessary to make sure your foreign exchange broker is registered with secure services and financial authorities.
Once you select a Forex broker, you would have to set up and register an account with them. Then you can begin trading right away by picking up your preferred currency pair and by checking in the spread. Then lock in the transfer rates and send the money to your recipient in the chosen currency. Some forex brokers in Saudi Arabia are AVATrade, OFX, SwissFS, HotForex and Pepperstone.