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Top 3 Money Transfer Providers for Saudi Arabia to Canada

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp CAD $3,466.28 £0.00 0.3466 1-3 days more...
WorldFirst WorldFirst CAD $3,519.33 £0.00 0.3519 1-3 days more...
Smart Currency Exchange Smart Currency Exchange CAD $3,475.81 £5.00 0.3476 1-3 days more...
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SAUDI ARABIA
Saudi Arabias currency, the Saudi riyal, is pegged to the US dollar (USD), and the exchange rate has been fixed at 3 Read More
CANADA
Canada has no foreign exchange controls, making overseas money transfers to Canada or sending money from Canada simple Read More
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Top 5 Money Transfer Providers

Latest prices for transferring money from Saudi Arabia to Canada
Exchange Rates as of 20 September 2019, 20:58

Moneycorp

?
Est. 1979

One-off payments | Regular payments | Great rates | Safeguarded customer funds

More InfoLess Info

One-off payments | Regular payments | Great rates | Safeguarded customer funds

Amount Received
CAD $3,466.28
SAR ﷼ 208.93
saved vs. banks

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info

Transparency and security | Great customer feedback rating from Feefo

Amount Received
CAD $3,519.33
SAR ﷼ 358.93
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
CAD $3,475.81
SAR ﷼ 235.89
saved vs. banks

Currency Solutions

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

More InfoLess Info

Currency exchange specialists ranking No.1 on Trustpilot for the past two years

Amount Received
CAD $3,485.27
SAR ﷼ 262.62
saved vs. banks

RationalFX

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Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
CAD $3,477.44
SAR ﷼ 240.50
saved vs. banks
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How to Transfer Money from Saudi Arabia to Canada

Daniel Webber
Summary written by Daniel Webber

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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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.