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Sending money to Saudi Arabia can be a complex process, but with the right knowledge, you can ensure a smooth and efficient transaction.
There are several reliable ways to send money to Saudi Arabia, including online money transfer services.
You can send money directly to a Saudi Arabian bank account, with many banks offering international transfer services.
Make sure to research the fees associated with each service and choose the one that best suits your needs.
Payment Methods
You can pay for your money transfer to Saudi Arabia using various methods. Bank transfer is typically the cheapest option.
One of the most popular payment methods is bank transfer, which is also the method used to compare providers on Exiap. It's often cheaper than other options.
Paying with a debit card is easy and fast, and it's usually cheaper than using a credit card. Debit cards are widely accepted.
Using a credit card is also an option, but it's more expensive to process. Xe accepts Visa and Mastercard for credit card payments.
If you're looking for low fees, you can use the Monito app to find the best ways to send money to Saudi Arabia from the USA.
Providers and Services
If you're looking for the best provider to send money to Saudi Arabia, consider the following options. Currently, the cheapest provider is XE, with a cost of $60 CAD for a transfer.
Monito has compared 2,979 transfers from the USA to Saudi Arabia in the past three months, helping users find the best deals. You can also compare 5 providers for a 1,000 USD transfer from the USA to Saudi Arabia, which can be done on the Monito website.
Here are some of the top-rated providers for sending money to Saudi Arabia:
Bank
Transferring money to another bank account in Saudi Arabia can be done through a specialist provider, which is often the cheapest and fastest way to make a payment.
You'll need to create an account with the provider, which can be done by registering with your contact details and some basic information, and you may even be able to do this using Facebook or Google for convenience.
Verifying your account is usually a necessary step, which involves uploading an image of your ID documents to keep your money safe and meet legal requirements.
To send a payment, you'll need to top up your account in dollars using a bank transfer or card payment, and then add your recipient's personal and bank account details.
The exchange rate and fee applied to your payment will be displayed, allowing you to check before confirming the transfer.
You can track the progress of your payment online or in your provider's app, and your recipient won't need to take any action to receive the money, which will land in their nominated account in the currency you choose.
A bank transfer or wire transfer is an electronic payment that sends money directly from one bank account to another, and it's usually the best value for your money.
However, bank transfers can be slower than debit or credit cards, so you'll need to plan ahead if you're sending money internationally.
Here are some countries where you can send money using a bank transfer:
- Australia
- Finland
- Germany
Compare Services
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When sending money to Saudi Arabia, it's essential to compare services to get the best deal. To help you find the right provider, we've compared 3 services, ranking them from least to most expensive, taking into account transfer fees and exchange rates.
Currently, the cheapest service is XE, with a cost of $60 CAD for a transfer. Remitly is the fastest service, with transfer times ranging from 0-2 days. TorFX is the best-rated service, with a Trustpilot rating of 4.9 and an Excellent rating.
Here's a breakdown of the services we've compared:
We source our transfer fees and rates from providers in real-time, ensuring our data is up-to-date and accurate. However, we can't guarantee its accuracy.
To give you a better idea of the providers' performance, we've compared their Trust & Credibility, Service & Quality, Fees & Exchange Rates, and Customer Satisfaction ratings. Here's a summary:
By comparing these services, you can make an informed decision and choose the best provider for your needs.
Exchange Rates and Fees
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Sending money to Saudi Arabia can be a bit tricky, especially when it comes to exchange rates and fees. The mid-market exchange rate is the best rate available to send money to Saudi Arabia, and it's the rate used when banks buy and sell currencies on global markets. It's currently 2.59327 CAD to SAR.
International wire transfer fees can be steep, ranging from 60 CAD with XE to 246 CAD with Remitly, depending on where you're sending money, how much you're sending, and how you want to pay. Paying with a credit card or cash can often mean higher fees.
To get the best rates, it's essential to choose a provider that offers transparent fees and exchange rates. Some providers, like the ones listed below, have great exchange rates and are transparent about their fees.
The total cost of your transfer can include the transfer fee, an extra charge wrapped up in the exchange rate used, and third-party charges like a cash advance fee from your credit card issuer. To calculate the total cost, compare the exchange rate every provider applies to your transactions with the latest mid-market exchange rate data.
How to Send Money
If you're looking to send money to Saudi Arabia, you have a few options. Remitly is the fastest provider, with transfer times of 0-2 Days.
You can also use TorFX or XE, which take 2-3 days to complete the transfer. Banks, on the other hand, can take 3-5 working days due to the SWIFT network.
To transfer money to Saudi Arabia through a bank, you'll need to visit the bank in person, providing information such as the recipient's name, bank account details, and SWIFT code.
Alternatively, you can use the bank's net banking services to transfer money to Saudi Arabia without visiting the bank. This requires logging into your net banking account with your username and password, then providing the recipient's account details and desired amount.
Here are some of the fastest money transfer providers to Saudi Arabia:
- Remitly: 0-2 Days
- TorFX: 2-3 Days
- XE: 2-3 Days
Specific Providers
If you're looking to send money to Saudi Arabia, there are several providers you can consider.
TorFX is a highly rated provider, with a Trustpilot rating of 4.9, indicating excellent service. Remitly and XE also have excellent ratings, at 4.6 and 4.3 respectively.
If you're transferring a large amount of money, it's worth considering providers that offer discounts for high-value transfers. Some international money transfer services offer lower fees or better exchange rates for larger transactions.
Here are a few providers that are worth considering:
XE is a trusted way to send money safely overseas, with transfer times varying based on payment type and destination. TorFX offers instant transfers, regular payments, and currency risk management products. Remitly international money transfers can be made in 137 currencies, and new customer promotions may offer better rates and lower fees.
If you're looking for the cheapest way to transfer money internationally, Remitly might be a good option, particularly with new customer promotions. However, be aware that exchange rates may include a markup, and you can't pay for your transfer in cash.
Ultimately, the best provider for you will depend on your specific needs and preferences. Be sure to compare fees, exchange rates, and transfer times to find the best deal for your situation.
Large Amounts and Time
Transferring large amounts of money to Saudi Arabia can be a bit tricky, but don't worry, I've got you covered. The fastest international money transfer provider to Saudi Arabia is Remitly, which can deliver the money to your recipient in 0-2 Days.
If you're looking for a more affordable option, some international money transfer services offer discounts for high value transfers, either through lower fees or a better exchange rate. You can use the Exiap cost comparison calculator to find the best deal for your specific transfer.
Here's a rough idea of the transfer times you can expect:
How to Manage Large Amounts
Managing large amounts of money when transferring it internationally can be a bit tricky, especially if you're not familiar with the process. It's essential to do your research and find a provider that's safe, offers low fees, and great exchange rates.
You'll want to compare providers based on transfer times, as the delivery time can vary pretty widely. Some international money transfer services offer discounts for high value transfers, either through lower fees or a better exchange rate.
To ensure you're getting the best deal, use a cost comparison calculator like Exiap. This will help you make sure you're not missing out on any potential savings.
If you're sending a large amount of money, you'll need to verify the payment with your provider. This might involve proving the source of the funds to comply with local and international financial services legislation.
To send a large sum of money internationally, follow these steps:
- Create an account with your preferred service
- Verify your account by uploading an image of your ID documents
- Add the transfer information, including the value and currency
- Add your recipient's personal and bank account details
- Fund your payment using a supported method, such as a local bank transfer or card
Keep in mind that maximum payment limits may apply, so make sure the provider you've chosen can support the amount you're sending.
How Long Does It Take?
The length of time it takes to send a large amount of money to Saudi Arabia can vary significantly depending on the provider and payment method you choose. Remitly is one of the fastest options, delivering money to Saudi Arabia in 0-2 Days.
From my research, the fastest provider to Saudi Arabia is Remitly, which can deliver money in 0-2 Days. XE, on the other hand, takes 2-3 days to wire money to Saudi Arabia.
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Sending money to Saudi Arabia can take anywhere from just minutes to 3 business days, depending on your payment method. XE can send your money as a same day transfer or even an instant money transfer once they receive your funds.
Here's a summary of the estimated delivery times for some popular providers:
It's essential to note that delivery times can vary based on the provider, payment method, and the country you're sending to. Be sure to check with your chosen provider for the most up-to-date information on delivery times and fees.
Frequently Asked Questions
Is Zelle available in Saudi Arabia?
Zelle is not available in Saudi Arabia, as it is limited to the US market and requires both sender and recipient to have US bank accounts. If you're looking for international money transfer options, consider exploring alternatives like Monito.com.
Can I send money from PayPal to Saudi Arabia?
Yes, you can send money to Saudi Arabia with PayPal, leveraging your existing account and payment options. Simply access your PayPal account to get started.
Which app is best for international money transfer in Saudi Arabia?
For international money transfers in Saudi Arabia, Skrill is a reliable option that allows you to send money to other countries. Create a free account and link your bank account or credit card to get started.
What is the cheapest way to send money to Saudi Arabia?
Bank transfers are the cheapest way to send money to Saudi Arabia. However, they may take a little longer than other options.
Sources
- https://exiap.ca/international-money-transfers/send-money-to-saudi-arabia
- https://indusforex.indusind.com/blog/how-to-send-money-from-india-to-saudi-arabia
- https://indusforex.indusind.com/blog/how-to-send-money-to-saudi-arabia-from-india
- https://www.xe.com/send-money/send-money-to-saudi-arabia/
- https://www.monito.com/send-money/united-states/saudi-arabia/usd/sar
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