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Tuesday, 8 September 2015

Foreign Remittance Charges from Saudi Arabia

Saudi Arabia hosts one of the largest expat workforces from all around the world. There are more than 10 million expatriates living and earning their livelihood in Saudi Arabia. It represents around 33% of the total population of Kingdom of Saudi Arabia. As per Saudi Law, expatriates are not given permanent status to live in Saudi Arabia at any point of time. Their residence permit is renewed every year. All expatriates are not allowed to bring their families to Saudi Arabia. This is the reason; most of their income is remitted to their respective home countries. In this post, I am going to analyze the foreign remittance charges from Saudi Arabia to different countries mainly India, Pakistan, Bangladesh and Egypt.



  • India: As you can see from the below table, foreign remittance charges from Saudi Arabia to Indian is ranging from SR 16 to SR 25. Telemoney is the cheapest source of sending money to India from Saudi Arabia.
    • Amer Mohammed: Al Amoudi Exchange is giving good exchange rate for Indian currency. They charge only 15 SR for remittance. Exchange rate is around 15 paisa difference, whereas telemony gives 25 paisa difference with 16 SR charge.
  • Pakistan: Most of the Saudi banks don’t charge any foreign remittance charges from Saudi Arabia to Pakistan. The basic reason is that the State Bank of Pakistan pays these charges on behalf of the remitter of money to Pakistan. In this way, State Bank of Pakistan encourages the foreign remittance to Pakistan.
  • Bangladesh: As you can see from the below table, foreign remittance charges from Saudi Arabia to Bangladesh is ranging from SR 16 to SR 25. Telemoney is the cheapest source of sending money to Bangladesh from Saudi Arabia.
  • Egypt: As you can see from the below table, foreign remittance charges from Saudi Arabia to Egypt tis ranging from SR 20 to SR 35. Tahweel operated by Al Rajhi Bank is the cheapest source of sending money to Egypt from Saudi Arabia.
  • Exchange Rate: It is important to mention here that banks and companies dealing with foreign remittance also make profit by taking margin from exchange rate. The exchange rate they use is marginally lower than the open market rate. In my personal opinion, they give you a rate around 1.50% lower than the open market rate.


Remittance Company
Operating Bank
India
Pakistan
Bangladesh
Egypt
Tahweel
Al Rajhi Bank
  18.00
         -  
          16.00
  20.00
Tele Money
Arab National Bank
  16.00
     10.00
          16.00
  25.00
Enjaz
Al Bilad Bank
  19.00
         -  
          19.00
  22.00
Money Gram

  22.00
     22.00
          22.00
  30.00
Express Money

  25.00
     10.00
          19.00
  25.00
Speed Cash
SAMBA Bank
  25.00
  -   **
          20.00
  22.00
Enjaz

  25.00
     25.00
          25.00
  35.00
QuickPay
National Commercial Bank
N/A
    15.00
N/A
N/A








*I could not get information about the foreign remittance charges of Quick Pay managed by National Commercial Bank in Saudi Arabia. If anyone of you know about these charges, please drop a comment below and I will update the above table.
** SR 15 is charges if less than $200 is sent to Pakistan.



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