How to Transfer Money from Saudi Arabia to UAE
Saudi Arabia to UAE Guide
Summary
Saudi Arabia and the United Arab Emirates (UAE) have a strong relationship with extensive cultural and political ties. As member countries of the Gulf Cooperation Council (GCC), Saudi Arabia and the UAE have agreements allowing open travel and trade across their borders and between their citizens. The Saudi riyal is fully convertible and there are few restrictions on international money transfers from Saudi Arabia to the UAE.
Visas
Since Saudi Arabia is a member of the GCC, Saudi nationals do not require visas to live or work in the UAE. This is the same for citizens of several other countries, including the US, the UK, and countries in Western Europe and the Pacific Rim. However, citizens of Pakistan and India do not share this exemption. In order to get a tourist visa for the UAE, non-exempted nationals must present a sponsorship letter from a citizen of the UAE or a UAE-based company. A tourist visa is generally valid for up to 60 days and will permit the holder to vacation, visit family or conduct business during their stay.
Those planning on conducting business in the UAE over the long-term you will require a multi-entry visa or may also obtain a residence visa, which allows an individual to work and live in the UAE for an extended period of time. This category of permit requires sponsorship by a family member or an employer. More information for Saudis living and working in the UAE can be found at the website of the Saudi Consulate.
Working in the UAE
Saudis are the largest group of non-Emirati Arabs in the UAE and their numbers continue to grow each year. In 2007, there were approximately 5,000 Saudi nationals living and working in the UAE. They are mostly employed in the areas of law, shipping, medicine and insurance.
Money transfer regulations
Although there are few restrictions on overseas money transfers in the UAE, they do have strict reporting standards for cross-border money transfers. In an effort to combat money laundering, wire transfers exceeding AED 100,000 must be declared.
Healthcare
The UAE has excellent health care services with modern medical facilities, which are easily accessible for locals as well as for expats. Saudi nationals in the UAE should make sure that they have medical insurance. In most cases these costs are covered by an employer.
Taxes
One of the major factors that draws a number of expats to the UAE is that there is no enforced federal income tax legislation for general business. The cost of living in the UAE, however, is quite high.
Banking and money
Banking in the UAE is simple and sophisticated, with a multitude of local and international banks from which to choose. A common practice for expats is to choose a bank associated with their home country or with which they already have an associated account.
Expats to the UAE may consider opening an offshore account with an international bank; this may be instrumental in securing salary savings in the event of death. It is a common practice is for the government of the UAE to freeze all the assets of an expat until all debts have been cleared.
Defense cooperation
As member states of the GCC, Saudi Arabia and the UAE are involved in the union’s defense planning council, which is responsible for the coordination of the military units for each country. Both were also involved in the creation of the Peninsula Shield Force, a joint military operation based in Saudi Arabia.
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 UAE. 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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