Transfer money from Saudi Arabia to India

﷼243.65 Avg. Saving vs. Banks ?

Here are the latest prices for transferring money from Saudi Arabia to India
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Top 3 Money Transfer Providers

Exchange Rates as of 2018-02-20T19:19:07+00:00
97% Feefo Rating

Moneycorp

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Est. 1979

There are no fees for FXcompared users

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Amount Received
INR169,565.14
﷼210.96
saved vs. banks

World First

?
Est. 2004
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Amount Received
INR170,430.26
﷼260.96
saved vs. banks

Currency Solutions

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Amount Received
INR170,396.85
﷼259.03
saved vs. banks

How to Transfer Money from Saudi Arabia to India

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Frequently asked questions

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Summary

Saudi Arabia and India have a strong bilateral relationship forged on trade, the exchange of information, and defense strategy. The Saudi riyal is pegged to the US dollar and is fully convertible, while the Indian rupee is on a managed float. Saudi Arabia is home to almost two million Indian nationals, or about 7% of the population, which has driven an increase in international money transfers between the two countries. There are few restrictions that limit international money transfers from Saudi Arabia to India.

Visas and immigration

India has largely outsourced visa and consular services, making the process of obtaining a visa more efficient. Citizens of Saudi Arabia will require a visa to visit India for work, to study, to visit friends or family, and to conduct business.

A business visa is required by any person entering India for commercial purposes with an India-based company. In order to qualify for this type of visa, applicants must present a letter of request from both their Saudi company as well as the Indian company with which they intend to partner. For more information on visas for Saudi nationals, visit the website of the Indian Consulate.

People to people links

An increasing number of Saudi nationals are visiting India for purposes of tourism and for medical treatment. India boasts a high number of highly skilled physicians, cost effective medical care, and relatively fast service.

There are over 2 million Indian nationals residing in Saudi Arabia in various capacities; they make up the largest community of expats in the Saudi Kingdom. In 2014, 135,914 Indian nationals visited Saudi Arabia for the hajj, an annual Islamic pilgrimage to Mecca during the last month of the Islamic calendar. Additionally, about 300,000 Indians come to Saudi Arabia for Umrah each year, which is an Islamic pilgrimage to Mecca that can take place at any point in the calendar year.

Remittances

In light of the growing community of Indian nationals in Saudi Arabia, there is a steady flow of remittance payments to India as expatriates send money home to their family or remit salary payments to an Indian bank account.

Banking, money, and taxes

The Indian banking system is constantly improving and is now more convenient and efficient for both national and international clients. Electronic banking is increasingly widespread, replacing paper-driven processes. Expats from Saudi Arabia have a mixture of banking institutions to choose from, including private, public, and international.

The leading local banks in India are HDFC Bank and ICICI Bank. International banks are increasingly popular with expatriates; some of the more common international banks in India include Barclay’s, HSBC, and Standard Chartered. In order to open an Indian bank account, Saudi customers must provide proof of identity, a copy of a Saudi passport, proof of address in India, and a copy of a residence permit for India.

Trade between India and Saudi Arabia

Saudi Arabia is India’s fourth largest trading partner and supplies India with approximately 175 million barrels of crude oil annually, which accounts for nearly a quarter of India’s need. Saudi Arabia is also the fourth largest market for Indian exports. India’s major exports to Saudi Arabia include basmati rice, machinery, garments and textiles. Saudi Arabia’s main exports to India include mainly metal scrap, gold, leather, chemicals, and oil.

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