Monday, January 19, 2015

Different options to Send Money Back Home from Saudi Arabia

Living in Saudi Arabia away from home doesn't lessen your responsibilities towards your duties and your family. In fact it only increases them. Living and earning abroad makes you an expatriate and with that gives you many privileges especially in countries like Saudi Arabia. Today's article is a general guide for those who have recently moved in to Saudi Arabia but aren't aware on how to send back remittance home. One of the many simple ways of sending money back to your country is going to one of the many banks in Saudi Arabia and fill out a deposit slip stating and mentioning clearly where you want to send the money to. Many banks in Saudi Arabia now have remittance centers that allow you to convert Saudi Riyal into the currency where you want to send the money taking into account the exchange rate. With each transaction however there is a charge of nearly 16 Saudi Riyal for India and Bangladesh. Most banks give free of cost transfer of money to Pakistan as State Bank of Pakistan bears the charges of transfer.

Other than the commercial banks visit, there are many remittance centers that convert your Saudi Riyals to the currency you need before you can deposit them in the bank. There is no particular ‘best remittance center’ since they all vary from one another on the daily exchange rates they offer. Probably one bank offers you 0.08 and the other 0.06. One day one center is ideal, the next day maybe the other. However these are the top remittance centers that are much used by expatriates residing in Saudi Arabia. However, I would suggest you to use one of the following in which you have your current account. For example, if you have Rajhi Bank account, you should use Tahweel center to remit money back to your country. It will give you liberty to transfer money by using internet banking once the beneficiary is added into the system. It means, you just need to remit money to one account only once by physically visiting there. Later on, you can remit as much as you want to that particular account by using their internet banking option.

Major Companies for Remittance in Saudi Arabia
Tahweel Centers - Al Rajhi Bank
Telemoney Center - Arab National Bank
Enjaz Centers - Bank Al Bilad
Speedcash Centers - SAMBA Bank
Saudi British Bank (SABB Bank)

Western Union
Finally we have the much talk of the town, rather world in our case ‘Western Union’. This is one of the first ever exchange companies that was founded by the Americans in 1971. This Company was the basis of Money transfer in all America but now becomes the easiest way to send and receive money around the whole world. It doesn't take much of your valuable time and is very much popular amongst those who do not have a bank account. Simply deposit in the money at your nearest branch of Western Union and obtain a secret code. Send that code to your loved one and after they identify themselves to the branch in their country along with providing them the security code, Wala! Your transfer will be successful!

Now transfers and keeping your loved ones back home happy is so easy and within clicks. Many banks offer you the service of getting your transfers done online as well for which you'll need to talk to your bank operative. I hope this read proves to be helpful and can guide you through well about!


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