How To Earn Money Online In Saudi Arabia

For expatriates working in Saudi Arabia to earn decent enough for their families and loved ones back home, a happy moment they experience every month is the time when they get their salaries and they have enough money to send back to their home countries for meeting the expenses of the families and to bring a smile and happiness on their faces. When a new expatriate gets a job in Saudi Arabia, the first question that comes in his mind is that how he can send money to his family, what are the options available for transferring money to home country and what are the charges that he will have to bear for this. In this article, we will explain the process of sending money from Saudi Arabia to your home country and all the options that are available for money transfer.

Sending Money from Saudi Arabia: Available options

Since Saudi Arabia has a huge expat workforce working here, different Saudi banks offer remittance services which you can use to send money from Saudi Arabia. You can use any of these options irrespective of having your bank account in that particular bank or not.

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1. Fawri

Fawri is a money transfer service by bank Al-jazira which offers its services for sending money to many countries of the world in a speedy yet economical and safe process. Using Fawri money transfer services, you can send money to your home country to any bank account or for any of your loved one to receive it over the counter in a bank in your home country.
Fawri money transfer services are provided with nominal service charges. For money transfer to Pakistan, they don’t charge any fees if the amount being sent is above 800 Saudi Riyals. For other countries, they do charge some fees.

2. TeleMoney

TeleMoney is another money transfer service that expatriates can use to send money to their home countries. This remittance service is offered by Al-Arab Bank (ANB). TeleMoney services can be availed through a large network of their service centers scattered in different parts of the country.
If you are an account holder of ANB, you have the liberty to use ANB ATM machines as well for transferring money to registered beneficaries.

3. Enjaz

Enjaz is the money transfer service of Bank Albilad for local and international money transfer. Through Enjaz, you can send money to a large number of countries with ease and convenience. Enjaz is also partnered with Western Union which enables customers to send money to any recipient in an instant manner for a quick and speedy cash delivery.

4. SpeedCash

SAMBA bank offers money transfer services named as Speedcash through a network of Speedcash centers in different cities of Saudi Arabia. If you are an account holder of SAMBA, you can avail this service online as well at your own convenience.

5. Tahweel

Tahweel is the remittance arm of Al Rajhi bank which offers services for local and international money transfers. You can transfer money to more than 200 countries using Tahweel services.

There are many other services as well including Western Union (for instant transfer) & SABB Visa Direct (for direct transfer of money to a visa debit/credit card anywhere in the world).

Money Transfer Fees for Sending Money from Saudi Arabia

Transfer fees may vary depending on your choice of the remittance services from the above list, your target destination (as fees varies for some countries) and also on the amount being sent (as some money transfer services charge no fees for some countries with amount being sent exceeding certain threshold). It is recommended to contact respective money transfer centers to get exact details about the fees being charged.

Please also be aware that from January 2018, 5% VAT will also be charged on the transfer fees for any money being sent. This 5% tax will be on the transfer fees and not on the amount being sent.

Exchange rate for money transfer from Saudi Arabia

Exchange rates are subject to change for any currency in which you want to send money. All money transfer services in Saudi Arabia will convert the money from Saudi Riyal to the currency in which it has to be delivered on that day’s exchange rate.
For different money transfer services from the above list, you might observe some slight difference (up or down) in the exchange rate offered but in my personal experience, this difference is very minimal making no big difference. However, if you are transferring some big amount, each penny matters and you are advised to check rates offered by each of them and decide the one that best suits you.

Process of transferring money from Saudi Arabia

No matter which remittance service you choose, the steps to be followed for transfer of money will remain almost same. The steps are as below:
1. visit money transfer center along with your Iqama/ID.
2. Wait in the queue (or maybe get a token) and approach the staff at your turn.
3. Staff will check your original ID and take a copy of it. He will either fill a form for you or ask you to fill the form. The form will have fields to get details that bank requires including your personal details, employer details, salary details etc.
4. Once reigstered, you will be asked to add any beneficiaris to whom you intend to send money. You can register bank accounts for a direct bank transfer or you can register some named beneficiary.
5. Once beneficiary is registered, you can go to payment counter and pay the money by specifying the beneficiary.
6. Staff at the payment counter will do the needful and then hand over a copy of the payment receipt with you to sign and return. He will give you the other copy for your reference.
7. If the money being sent was to a named beneficiary, send reference number (available on the receipt handed over to you) so that he may visit the respective bank and collect the money (next day or anytime depending on the service time).

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Saudi Arabia Money Exchange

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