For expats in Saudi Arabia, sending money home is essential, whether for family support, investments, or other financial needs. Saudi banks offer various international transfer options that cater to expats.
Understanding fees and exchange rates helps minimize costs and maximize the amount received by recipients.
Best Ways for Expats to Transfer Money Overseas
Different transfer methods offer unique advantages and drawbacks. From traditional bank transfers to mobile wallets, expats have options for securely sending funds to loved ones or handling financial obligations abroad.
SWIFT Transfers
Supported by most Saudi banks for international transfers.
Secure and widely accessible but may take 1–3 business days.
Higher fees, especially for transfers outside the Gulf region.
Remittance Services
Many banks partner with services like Western Union or MoneyGram.
Same-day transfers; popular for sending funds to Asia or Africa.
Often comes with higher fees than standard bank transfers.
STC Pay
A popular mobile wallet with competitive exchange rates and lower fees.
Favored by expats seeking a cost-effective and convenient transfer option.
Exchange Rates and Transfer Fees
Understanding exchange rates and transfer fees can help expats find the most cost-effective way to send money. Different providers may offer varying rates, and fees can vary based on the destination, transfer method, and even the transfer frequency.
Exchange Rates
Banks may offer less favorable rates than specialized transfer services.
Rate differences can impact the amount received, especially for large transfers.
Comparing rates from banks, remittance services, and digital wallets can help find the best value.
Transfer Fees
Fees vary based on the bank, destination country, and transfer method.
Lower fees typically apply for transfers within the Gulf Cooperation Council (GCC) region.
Transfers to regions like Europe, Asia, or North America may incur higher fees.
How to Minimize Fees
Minimizing fees helps expats get the most out of their transfers. Small changes, like using mobile apps or consolidating transfers, can lead to significant savings over time.
Use Mobile Apps
Many Saudi banks offer lower fees for transfers made via mobile apps or online banking, making it both a cost-saving and convenient option.
Transfer Larger Amounts Less Frequently
Consolidating smaller transfers into larger, infrequent ones reduces cumulative fees.
Sending larger amounts at once usually incurs a single transfer fee, making it more economical.