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If you don’t know what you’re doing, sending money to Saudi Arabia can be an expensive experience. There are high transfer fees and poor exchange rates to worry about, which can both end up costing you a substantial amount of money.
But if you compare your transfer options to see which company offers the fastest and most affordable transactions, sending money to Saudi Arabia can be both easy and cost-effective.
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When sending money overseas, many Australians simply go straight to their bank. While this is undoubtedly a convenient option, the fact is that banks charge you an exorbitant amount on international transfers. There are high transfer fees and some fairly dismal exchange rates to worry about, which means a worse deal for you and less money for your beneficiary.
Specialist money transfer companies, on the other hand, offer a convenient and cost-effective transfer alternative. With minimal transaction fees and exchange rates that in most cases are much higher than those offered by the banks, these providers offer transactions that won’t hurt your bank balance.
Cliff wants to send a money transfer to his brother, Chad, in Saudi Arabia. After some poor investment decisions, Chad is a little short of cash and needs some funds to help him pay his next month’s rent. Since his Australian bank won’t support this exotic currency, Cliff decides to compare two money transfer companies to see which one offers him the most cost-effective deal.
As you can see from the table below, using the first transfer company means Cliff can send an extra 79 SAR to Chad.
| Money transfer company 1 | Money transfer company 2 | |
|---|---|---|
| Exchange rate | 1 AUD = 2.6298 SAR | 1 AUD = 2.5501 SAR |
| Transfer fee | $10 | $10 |
| Transfer method | Online bank account transfer | Online bank account transfer |
| Processing time | 1-3 days | 1-3 days |
| Amount received (in SAR) | 2,629.80 SAR | 2,550.10 SAR |
Companies that offer emergency cash transfers can be a Godsend in many situations, such as if you need to help out a relative overseas who has had their wallet stolen. If you’re planning on sending an emergency cash transfer, however, just be aware that these transfers are usually quite expensive. Lower exchange rates and higher fees are to be expected, so review the transaction details before you send funds anywhere.
Both Western Union and MoneyGram have several locations in Australia and Saudi Arabia, offering quick and convenient transfers between the two countries. You can see the details of some popular cash pickup locations below. Make sure to take along photo ID and a transaction reference number when picking up funds, while it’s also a good idea to phone ahead and check an agent’s opening hours.
The Australian Government’s Department of Foreign Affairs and Trade advises Australians to reconsider their need to travel to Saudi Arabia. If you decide to visit the country nonetheless, keep a few safety tips in mind when picking up cash:
You will typically need to follow these steps when you want to send money to Saudi Arabia:
