List of money transfer services in Saudi Arabia 2023

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1 year ago

List of money transfer services in Saudi Arabia 2023

Money Transfer Service in Saudi Arabia 2023: If you’re looking to send money abroad from Saudi Arabia, you can use various international money transfer services. Here are some commonly used options:

Bank Wire Transfer: Most major banks in Saudi Arabia offer international wire transfer services. You can visit your local bank branch or use online banking to initiate an international transfer. You’ll need the recipient’s bank details and SWIFT/BIC code for this method.
STC Pay: STC Pay is a mobile wallet and money transfer service provided by Saudi Telecom Company (STC). It enables users to send money, pay bills and make purchases through their mobile app.
MoneyGram: MoneyGram is another well-known international money transfer service. You can send money online or visit a MoneyGram agent location in Saudi Arabia to complete the transaction.
TransferWise (Wise): TransferWise, now known as Wise, is an online platform that specializes in international money transfers. You can initiate transfers online and often benefit from competitive exchange rates and lower fees.
PayPal: PayPal can be used to send money internationally, although the availability of this service may depend on your specific PayPal account and Saudi bank account.
Currency Exchange Services: Some currency exchange businesses and financial institutions in Saudi Arabia offer international money transfer services. They may provide competitive rates and lower fees for certain destinations.
Enjaz: Enjaz is a remittance service offered by Bank Albilad, allowing you to send money internationally and domestically. They have branches and agents across the country.
Online Remittance Services: There are several online remittance platforms available in Saudi Arabia, such as Remit2India, Remitly, and Xoom, which is a PayPal service. These platforms specialize in international money transfers and often offer competitive rates.

When using any of these services, be sure to consider factors like fees, exchange rates, transfer speed, and the availability of the recipient’s preferred receiving method (bank deposit, cash pickup, mobile wallet, etc.). It’s also essential to provide accurate recipient information to ensure a smooth transfer process. Always verify the latest information and requirements with the chosen service provider before initiating an international money transfer.