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Top 3 Money Transfer Providers for Saudi Arabia to India

Provider Amount Received Fee Exchange Rate Speed
WorldFirst WorldFirst INR 180,990.66 £0.00 18.0991 1-3 days more...
Moneycorp Moneycorp INR 180,071.93 £0.00 18.0072 1-3 days more...
Smart Currency Exchange Smart Currency Exchange INR 180,566.35 £5.00 18.0566 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
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 2019-07-19T21:00:05+00:00

WorldFirst

?
Est. 2004

Transparency and security | Great customer feedback rating from Feefo

More Info Less Info

Transparency and security | Great customer feedback rating from Feefo

Amount Received
INR 180,990.66
SAR ﷼ 255.76
saved vs. banks

Moneycorp

?
Est. 1979

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

More Info Less Info

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

Amount Received
INR 180,071.93
SAR ﷼ 205.76
saved vs. banks

Smart Currency Exchange

Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
More Info Less Info
Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
Amount Received
INR 180,566.35
SAR ﷼ 232.67
saved vs. banks

RationalFX

?
Est. 2005
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
More Info Less Info
Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
Amount Received
INR 180,651.21
SAR ﷼ 237.29
saved vs. banks
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How to Transfer Money from Saudi Arabia to India

Daniel Webber
Summary written by Daniel Webber

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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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.