How to send money to Saudi Arabia
Find out how to make a money transfer to Saudi Arabia with the best exchange rate in a few easy steps
1. Check the SAR interbank exchange rate against your own currency
Even though the evolution of the currency market is impossible to predict, it is a good idea to keep an eye on it so that you can optimize how many you (or your recipient) receives after the currency exchange. You can subscribe to smart alerts to stay on top of the evolution of the SAR exchange rate.
2. Find the most interesting deal by comparing the available providers.
Monito lists 21 money transfer companies able to send money to Saudi Arabia, such as TransferWise, Western Union, MoneyGram, Currencies Direct, OFX. Picking the most competitive money transfer provider from the more than 21 available options is a sure way to save money.
3. Select the best option that suits your needs
What do you value the most? Price, time for the money to arrive, number of customer ratings? Consider the advantages and disadvantages before making your choice.
Another important aspect is to have a look at the pay-in and pay-out options. Customers often have the possibility to pay your transfer by wiring the money from your bank account or by cards (credit or debit). To receive the money in Saudi Arabia, you often have to decide if you want the amount in SAR to be deposited on a local bank account or available for pick-up in cash at an agent location.
4. Sign up and start your transaction with the provider of your choice
Go to the money transfer provider's website to register (you normally have to give documents to prove your identity), and provide the details of your money transfer to Saudi Arabia.