Do not
let the conventional money transfer methods slow down your pace. There are
various systems of Money Transfer that let you transfer the funds in US dollars
or Euros to most of the countries including Saudi Arabia. These systems ensure
smooth, efficient and hassle free money transfer to the country of your
choice.
Best
ways to make a money transfer:
Up until
now, People had very limited options for sending money to those living in Saudi
Arabia. Traveler cheques and bank to bank transfers took at least five days of
waiting period. Coinstar Money Transfer lets the inhabitants of Saudi Arabia
receive money within 15 minutes through remittances Coinstar Money Transfer. It
is 10 to 15% cheaper than money gram or western union. Apart from that
TransferWire lets the first timers send money for free for the amount up to
3000 to 4000 pounds. Online platforms such as Xoom or Remitly lets the users
send money for free by offering coupons and discounts.
Types of
options to send money
There
are various options for sending money to Saudi Arabia. Each option has its pros
and cons.
One can
send money through wire transfer. While this is the easiest method for
sending money; it takes too much time.
Money
transfer by cheque is
another feasible option but it is too costly.
Exchange
houses offer
competitive prices for money transfer but they must be used with caution. While
there are almost 50 exchange houses for money transfer in Saudi Arabia, not all
of them are reliable.
There
are various Money transfer companies that let you send money by helping
you out with documentation and processing while guiding you on each step.
Restrictions
on receiving money
You’ll
come to know that there are some banks or IMT providers that require you to
transfer a minimum amount. In some cases it can be as high $5000 or $10,000. If
you have no intention of wiring that much across, then find a provider that has
less limit restrictions.
Restrictions
on sending money
A person
cannot send more than they earn. If the remittance is more than your salary ;
you may not be able to send money across.
Process
to send money
IMT is
known as International money transfer. For successful transfer through this
method; you need the recipient’s bank ID number and account details. You can choose between a bank or foreign
exchange specialist for this method.
Brief
economic trend
Saudi Arabia’s economic growth will bounce back next year after
a sharp delay in 2016 as the kingdom’s strictness drive eases. The fund expects
non-oil GDP to increase 2.6 percent in 2017, compared with an annual average of
7.4 percent between 2009 and 2013.
Main
Bank
The Main
bank of the country is MCB Alahli bank. You can transfer and receive funds and
ask for the foreign exchange rates by consulting their customer centre
services.