People who are employed in countries other than that, of which they are a native of, usually send money back to their family back home. This act is called remittance.
The Kingdom of Saudi Arabia is home to one of the largest expatriate workforces from all over the world. Hence it is understandable that the Kingdom also has one of the highest amounts of remittances going out of the country.
For those of you who may not know the exact procedure and different ways, in which this can be done, keep reading below;
1-Firstly, you must ensure that you are using the services of a reputable bank or money service which is internationally recognized.
It is also beneficial if you know for a fact that the same service or institution has an outlet or a franchise in your city or close to your family. Even though these services cost a tad bit more, it covers up by giving the sender, peace of mind.
2-Analyze your currency exchange rate before sending money. If your native currency is currently depreciated, hold on to the money and only send once the rates have risen again, to get the most payout in the same amount of money.
This is obviously for those who are not in a hurry to send money. I have compared foreign remittance charges offered by different banks in Saudi Arabia in this link “Foreign Remittance Charges from Saudi Arabia”
3-Instead of the traditional methods of money transfer, one should try the electronic transfer. The new service is extremely easy and can be done in the convenience of your own home or office.
This method is much cheaper and faster than the traditional route of sending your money through a service such as the Western Union. Recommended: Top Reasons to Avoid Western Union for Remittance
4-Some agencies which indirectly have your money transferred to a partner of the local service provider can also allow you to get a much better rate at which to send your money.
But make sure that this is not an illegal way to transfer money back to your country. Recommended: “What is Hawala System of Remitting Money? Is it legal?”
5-You should as a rule, never ever send any cash cheques, or cash for that matter of fact via the local postal service of any place.
Local postal services usually offer no insurance of your mail and it is highly likely that the money will be lost or stolen along with the way.
6-Many of the banking institutions are now allowing for people to send remittances through their ATM services.
One should only be aware of the rate at which the bank is sending the money, as even though ATMs are located all over and hence are easier to access, some banks may be charging a higher rate than the other services out there.
7-With the development of mobile banking, now you can also send your remittances through your mobile banking service.
Before attempting to send money through the mobile banking facility which has been provided to you by your specific banks, it is important to know if the bank has branches back in your hometown and secondly if they offer direct services and the rate at which they offer these services.