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Top 3 Money Transfer Providers for UK to Saudi Arabia

Provider Amount Received Fee Exchange Rate Speed
Moneycorp Moneycorp 49,681.96 £0.00 4.9682 1-3 days more...
OFX (UK) OFX (UK) 49,606.88 £0.00 4.9607 1-3 days more...
Global Reach (formerly FC Exchange) Global Reach (formerly FC Exchange) 49,606.88 £0.00 4.9607 1-3 days more...
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UK
There are no exchange controls in the UK for the pound sterling (GBP), and transferring money to the UK and sending money from the UK is very easy Read More
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
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Saudi Arabia Money Transfer Guide

Daniel Webber
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely quoted as an expert within the money transfer industry including by The Economist, The Wall Street Journal, Reuters, CNBC and Bloomberg. Daniel is passionate about helping consumers and businesses find the best and most efficient ways to transfer money internationally.

Contents

  • Summary
  • Saudi Arabia’s money transfer regulations
  • Saudi Arabia’s regulatory authority
  • Saudi Arabia’s economic background
  • Currency
  • Saudi Arabia to Individual Country Guides
  • Summary

    Saudi Arabias currency, the Saudi riyal, is pegged to the US dollar (USD), and the exchange rate has been fixed at 3.75 riyals per US$1 since 1986. Sending money from Saudi Arabia and transferring money in is a relatively straightforward process, as the riyal is fully convertible and there are few restrictions on overseas capital transfers.

    Saudi Arabia’s money transfer regulations

    Foreign capital related to investment in Saudi Arabia, including profits, capital gains, dividends and other passive income, can be freely transferred outside of the Kingdom. Saudi Arabia is a major destination for foreign labourers and, as of late 2014, there were no restrictions on outbound remittance flows. However, officials from the Saudi ministry of labour have reportedly indicated that the government might consider a ceiling on remittance transfers in the future.

    Under the countrys anti-money laundering and terrorism financing laws, individuals transporting cash in or out of the country over a value of 60,000 riyals (US$16,000) must declare this to customs authorities.

    Saudi Arabia’s regulatory authority

    The central bank, the Saudi Arabian Monetary Agency (SAMA), sets national monetary policy, monitors the national financial system, seeks to maintain price stability, and ensures direct oversight of financial service provides, including banks, insurers and foreign exchange brokers. The SAMA licences all banking and foreign exchange institutions; as of September 2014, the Kingdom counted 12 domestic banks and another 12 branches of foreign banks, including major institutions from Europe, North America and the Gulf. In addition, the country has 62 licensed currency exchanges. Four of these are allowed to make remittance payments in or out of the Kingdom, while all 62 are permitted to sell and purchase foreign currency, travellers cheques and bank drafts.

    Saudi Arabia is a member of the Gulf Cooperation Council (GCC), a regional political and economic association that also includes the United Arab Emirates (UAE), Qatar, Bahrain, Oman and Kuwait. GCC members have discussed efforts to coordinate their monetary policy. The headquarters of the GCC Monetary Council, considered to be the precursor for a possible regional central bank, were moved to the Saudi capital, Riyadh, in 2013.

    All GCC members with the exception of Kuwait peg their currencies to the US dollar. A common currency among GCC nations has been proposed on several occasions in the last thirty years, but to little avail. Talk of a currency union picked up again in December 2013, but there is little evidence that a common currency will be adopted in the near- or medium-term as both Oman and the UAE have both come out against the initiative.

    Saudi Arabia’s economic background

    Like many other countries in the Gulf, the Kingdom of Saudi Arabia is very active on foreign exchange markets through its efforts to attract foreign investment, high-value energy exports, and large volume of worker remittances flowing out to the sub-region. As a result, Saudi Arabia has loosened foreign exchange controls and established a conducive environment for foreign investment.

    Currency

    One Saudi riyal (SAR) consists of 100 cents, or halalas. The central bank issues banknotes with values of SR1, SR5, SR10, SR50, SR100 and SR500 riyals, and coins with a value of 5, 10, 25 and 50 halala and one riyal.

    Saudi Arabia to Individual Country Guides

    Money Transfer Saudi Arabia to Canada

    Money Transfer Saudi Arabia to India

    Money Transfer Saudi Arabia to UAE

    Money Transfer Saudi Arabia to UK

    Money Transfer Saudi Arabia to USA

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    Top 9 Money Transfer Providers

    Exchange Rates as of 16 December 2019, 13:32
    Bank Beating Rates

    Currencies Direct

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

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    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    Moneycorp

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    Est. 1979

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

    More InfoLess Info

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

    OFX (UK)

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    Est. 1998

    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

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    OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates

    Bank Beating Rates

    TorFX

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    Est. 2004

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    More InfoLess Info

    Bank-beating FX rates | Safe and secure | Free transfers for FXcompared customers

    WorldFirst

    ?
    Est. 2004

    Transparency and security | Great customer feedback rating from Feefo

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    Transparency and security | Great customer feedback rating from Feefo

    Global Reach (formerly FC Exchange)

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    More InfoLess Info

    Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers

    Smart Currency Exchange

    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally
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    Smart is focused on helping clients to effectively and efficiently send and receive payments internationally

    Currency Solutions

    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

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    Currency exchange specialists ranking No.1 on Trustpilot for the past two years

    RationalFX

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    Est. 2005
    Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments
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    Established in 2005, RationalFX helps individuals and businesses achieve significant savings on international payments

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