Transfer money from UAE to Saudi Arabia

AED 272.40 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from UAE to Saudi Arabia
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Top 6 Money Transfer Providers

Exchange Rates as of 2018-12-12T02:03:06+00:00

OFX (prev. UKForex)

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Amount Received
SAR ﷼ 10,112.39
AED 326.78
saved vs. banks

Moneycorp

?
Est. 1979
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Amount Received
SAR ﷼ 10,010.25
AED 226.78
saved vs. banks

Smart Currency Exchange

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Amount Received
SAR ﷼ 10,038.21
AED 254.15
saved vs. banks

Global Reach (formerly FC Exchange)

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Amount Received
SAR ﷼ 10,076.10
AED 291.25
saved vs. banks

WorldFirst

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Est. 2004
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Amount Received
SAR ﷼ 10,061.32
AED 276.78
saved vs. banks

RationalFX

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Est. 2005
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Amount Received
SAR ﷼ 10,042.83
AED 258.68
saved vs. banks

How to Transfer Money from UAE to Saudi Arabia

Summary

The United Arab Emirates (UAE) and Saudi Arabia are both members of the Gulf Cooperation Council (GCC), so goods, persons and capital can move easily across national borders. The Saudi Arabian riyal (SAR) and the Emirati dirham (AED) are fully convertible and both currencies are pegged to the US dollar, which means that conversions from dirhams to riyals are relatively stable and predictable. There are few restrictions to transfer money from Dubai to Saudi Arabia. However, as in many other countries, cash transfers to Saudi Arabia that exceed a value of 60,000 riyals (US$16,000) must be declared to customs authorities.

Visas for Saudi Arabia

Emirati citizens who reside in Dubai or elsewhere in the UAE do not need a visa to enter Saudi Arabia since both countries are members of the GCC, a regional body that aims to encourage political and economic integration in the Gulf. Regional leaders have put in place a common market, which allows citizens to move freely throughout the region. However, citizens or permanent residents of non GCC-member countries will need a visa in addition to a Saudi sponsor who can vouch for you during your stay. You must obtain a visa prior to your arrival in Saudi Arabia.

Doing business in Saudi Arabia

Doing business in Saudi Arabia will require some amount of flexibility. Nonetheless, regulations in Saudi Arabia make it a fairly favourable place to do business, especially where it concerns registering property, obtaining permits for construction and paying taxes. As far as the cost of living is concerned, Saudi Arabia ranks in the mid-level in comparison to many other Middle Eastern countries. In many cases, highly skilled expatriates can obtain compensation packages for relocating which include insurance and subsidies for housing, transportation and school fees for their families.

Saudi authorities do not restrict capital flowing out of the country. Income from investment in Saudi Arabia, such as corporate profits, dividends and capital gains, can be freely transferred back to Dubai. As in most other countries, high-value cash transfers must be reported to Saudi customs authorities.

Banking, money and taxes

Saudi Arabia boasts a highly-developed and sound banking system, so you can be confident that your funds will be secure when you transfer money from Dubai to Saudi Arabia. In addition to local banks, several international banks operated branches in the country. Many of these offer mobile and online banking services which can easily facilitate overseas money transfers. Banks operate between Sunday and Thursday from 8pm to 12pm and 5pm to 8pm. On Fridays, they are open from 8am to 12pm.

Foreign nationals may open a bank account in Saudi Arabia, provided that you have a letter from your employer and your official identification. Some Saudi banks do not apply interest to bank balances, nor will they allow an account holder to go into debt. Expats who want to earn interest on income would have to transfer funds to an offshore account. ATM machines are accessible throughout Saudi Arabia, and goods and services can be purchased using major credit cards. However, cash in the form of the Saudi riyal, euro, British pound or US dollar remains the most popular way to pay.

In addition, foreign professionals in Saudi Arabia do not pay taxes on income earned within the country. Local businesses are subject to a wealth tax from which foreign-based businesses are exempt, and there is no sales tax on goods or services. Foreign businesses that meet certain criteria may also receive a tax holiday of up to five years.

Trade and investment

The GCC common market, launched in 2007, aims to encourage trade and investment throughout the region. Common policies allow nationals to invest across national borders, either directly or through the stock market, and to set up or expand businesses in all member states. A customs union allows for unrestricted trade between the UAE and Saudi Arabia. However, both countries are major petroleum exporters, so their trade relationships are mainly focused outside the region. Nonetheless, bilateral trade and investment are on the rise as regional authorities work to align countries’ tax systems and make it easier for professionals to work in any country in the Gulf.

Ultimately, the GCC aims to introduce a common currency system, similar to the Eurozone. This would further encourage regional trade and migration, as sending money from Dubai to Saudi Arabia or elsewhere in the GCC would no longer require a currency conversion. A regional Monetary Council was created in 2009 to oversee this transition, but progress has been slow and not all countries were on board as of February 2015.

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