Transfer money from Saudi Arabia to Canada

SAR ﷼ 259.65 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from Saudi Arabia to Canada
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Top 5 Money Transfer Providers

Exchange Rates as of 2018-11-18T23:49:09+00:00

Currency Solutions

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Amount Received
CAD $3,452.60
SAR ﷼ 280.05
saved vs. banks

Moneycorp

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Est. 1979
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Amount Received
CAD $3,434.26
SAR ﷼ 227.72
saved vs. banks

WorldFirst

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Est. 2004
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Amount Received
CAD $3,451.78
SAR ﷼ 277.72
saved vs. banks

Smart Currency Exchange

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Amount Received
CAD $3,443.47
SAR ﷼ 254.01
saved vs. banks

RationalFX

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Est. 2005
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Amount Received
CAD $3,445.13
SAR ﷼ 258.75
saved vs. banks

How to Transfer Money from Saudi Arabia to Canada

Summary

Saudi Arabia and Canada are involved in a number of bilateral initiatives related to economics, energy and trade. The two countries have close ties through education and share common interests in the areas of energy security, counter-terrorism, and humanitarian affairs. Currently, there are no restrictions for individuals or firms that wish to transfer money from Saudi Arabia to Canada, the Saudi Riyal (SAD) to the Canadian Dollar (CAD).

Visas, work permits and residency

Saudi Arabian citizens must apply for a visa to visit or travel through Canada, and will need to provide biometrics (fingerprints and a photo) at the time of the visa application. There are three types of visa applications: a tourist or transit visa, a business visa, or a parent or grandparent visa for visiting relatives. If Canadian citizenship is the goal, certain criteria must be fulfilled before achieving full citizenship, including establishing permanent residence status, having lived in Canada three of the last four years at the time of application, and passing a citizenship test. Please refer to the website of the Canadian Embassy in Saudi Arabia for more details.

Buying property in Canada

Citizens and permanent residents of Saudi Arabia are largely free to acquire property and transfer money from Saudi Arabia to Canada to fund their property purchase. However, some restrictions do apply, depending on the province in which the property is located. Saudi Arabian citizens who are not residents of Canada may purchase real estate, though if staying longer than six months, applying for immigrant status is required.


Some Canadian provinces limit the amount of property or land that a non-resident can purchase; in certain cases, provincial governments may require additional permissions to purchase property or land that is over a certain size. For example, local regulation in Alberta stipulates that a non-resident may own no more than two plots of land, and the total acreage cannot exceed 20 acres. Non-residents in Manitoba cannot own farmland unless they plan to move there and take up residence within two years of the purchase date. In Saskatchewan, non-residents many not own land that exceeds 10 acres in size. Non-residents in Prince Edward Island who wish to purchase land over five acres in size or that is situated along a shoreline with shore frontage that is greater than 165 feet, must first apply to the Island Regulatory and Appeals Commission.


Before Saudi citizens can transfer money from Saudi Arabia to Canada to purchase property, it is recommended to seek the services of a Canadian realtor to help navigate the local real estate market and ensure all applicable rules are followed. It is common for Canadian real estate agents to insert clauses stating that the buyer is able to meet the financial obligations of the property purchase, and that the purchase is contingent upon a full building inspection.

Studying in Canada

Canada requires a study permit and a temporary resident visa for Saudi Arabian citizens who wish to study in Canada for more than six months. If planning to stay less than six months for a study program, citizens of Saudi Arabia are not required to have a study permit, but will need to apply for a temporary resident visa. There are no limits on an international funds transfer from Saudi Arabia to Canada to support foreign students.

Taxation

Saudi Arabian citizens earning income while in Canada must declare their earnings and pay taxes on their income in Canada. Saudi Arabia is a tax-free country, and currently, there is no tax treaty agreement in place between Saudi Arabia and Canada.

Healthcare

Canada provides publicly-funded healthcare to its citizens and permanent residents under the Canada Health Act, which is implemented by the ten provincial governments. Saudi Arabian citizens and permanent residents who are only temporarily visiting Canada are strongly advised to take out travel insurance to cover any overseas medical costs.

Voting

Only Canadian citizens are eligible to vote in Canadian Federal elections. Currently, Saudi Arabian citizens living abroad are not able to participate in Saudi Arabian elections.

Importing from Saudi Arabia to Australia

Saudi Arabia and Canada share common interests in a number of global initiatives, including counter-terrorism, energy security, trade and economic interests, and humanitarian affairs. As the world’s top oil exporter, Saudi Arabia is a leading member of the Organization of Petroleum Exporting Countries (OPEC), and, along with Canada, is involved in a number of energy-related issues. Ties between the countries are strengthened through education, with over 15,000 citizens of Saudi Arabia studying in Canada currently. In 2010 the King of Saudi Arabia established the C$5.33m Chair for Dialogue among Civilizations at the University of Toronto. In 2013, Saudi Arabian imports into Canada totaled C$2.7 billion.

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