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Top 3 Money Transfer Providers for Saudi Arabia to India

Provider Amount Received Fee Exchange Rate Speed
Smart Currency Exchange Smart Currency Exchange INR 197,717.41 23.43SAR 19.7717 1-3 days more...
Moneycorp Moneycorp INR 196,833.65 No Fee 19.6834 1-3 days more...
WorldFirst WorldFirst INR 200,193.68 No Fee 20.0194 1-3 days more...
FXcompared Country Guides
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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
INDIA
There are few restrictions on transferring money to India, but the Reserve Bank of India (RBI) has begun enforcing an existing Foreign Exchange Management Act (FEMA) article that prohibits rupees from being taken out of India Read More
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Top 4 Money Transfer Providers

Latest prices for transferring money from Saudi Arabia to India
Exchange Rates as of 2 July 2020, 07:01

Smart Currency Exchange

Est. 2004
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More InfoLess Info
Amount Received
INR 197,717.41
SAR ﷼ 287.28
saved vs. banks

Moneycorp

Est. 1979

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

More InfoLess Info
Amount Received
INR 196,833.65
SAR ﷼ 243.36
saved vs. banks

WorldFirst

Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More InfoLess Info
Amount Received
INR 200,193.68
SAR ﷼ 410.36
saved vs. banks

RationalFX

Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More InfoLess Info
Amount Received
INR 197,810.26
SAR ﷼ 291.90
saved vs. banks

How to Transfer Money from Saudi Arabia to India

What is in this guide

Saudi Arabia to India Guide

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.

Frequently Asked Questions

Are the money transfer companies shown above safe to use?

Yes, all the companies are safe and fully-regulated money transfer services. Each are authorised and regulated by the relevant authority such as the Financial Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.

How long does an international money transfer take?

The speed of delivery will depend on where the money is being from and to and how you are sending and receiving the money. Transfers sent using bank to bank transfers can depend take anywhere from minutes to days and you should check the time estimates from the relevant provider. Debit and credit card payments sometimes allow for faster transfers for smaller amounts.

How do I use FXcompared?

First review the comparison results (such as for a table above) for a given amount of money sending from Saudi Arabia to India. Then select a provider based on factors such as price, speed, their rating and click the green button to be taken to their website. From there, you can register and sign up for an account. Once you have done that and the provider has verified your identity to ensure the money can be send safely, you will be ready to transfer money.

What payments methods can I use to send money overseas?

The results shown above are typically for bank to bank transfers. It is possible via some providers to pay in your funds for the transfer via cash, debit or credit cards as well but this is usually reserved for smaller amounts. Some providers also give you different options for how the money will be received - to a bank account (most common), to a debit card, to cash or to a digital or mobile wallet.

What if the price shown above isn’t exactly what I am offered when I try to transfer money?

There can be a number of reasons why the final price you are offered may be different to that shown in the table above. Exchange rates between two currencies change all the time and is the most common reason. Additionally, some providers offer different pricing depending what method you are using to send funds or how the funds will be received. Others may offer you a premium service for faster payments. In some cases FXcompared has a special rate with a provider and this is reserved for first time customers who sign up to the provider starting from FXcompared’s website. As prices do change often, be sure to confirm the total cost with the provider before transferring money.

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All the providers listed are regulated by the relevant authority (e.g. the FCA in the UK, FinCEN in the US, ASIC in Australia) and have been vetted by FXcompared.

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.