| Provider | Amount To Send | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Smart Currency Exchange | SAR ﷼ 10,000.00 | 23.53SAR | 21.8464 | 1-3 days | more... |
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Moneycorp | SAR ﷼ 10,000.00 | No Fee | 21.6 | 1-3 days | more... |
One-off payments | Regular payments | Great rates | Safeguarded customer funds
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.
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.
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.
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.
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.
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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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.
