9 best money transfer services in Saudi Arabia

When remitting money from Saudi Arabia, select the best money transfer services with the best exchange rate. Here are the 9 best money transfer services in Saudi Arabia.

UrPay

UrPay allows you to transfer money quickly to anyone worldwide and at affordable rates. In my experience, the amount is transferred within one hour to your account in your home country.

Al Rajhi Bank backs it and transfers money through MoneyGram. The whole system is online, from registering the account to transferring money.

 

Tahweel Al Rajhi

Tahweel Al Rajhi has probably the most significant market share and is one of the best money transfer services in Saudi Arabia.

You must visit one of their branches to register your account. Later, you can use the Al Rajhi Bank or Tahweel Al Rajhi app to transfer money.

Tahweel - best money transfer service in saudi arabia

STC Pay

STC Pay has gained a lot of market share since its launch to become one of the best money transfer services in Saudi Arabia. It is backed by STC Cellular company and transfers money through Western Union.

STC Pay - best money transfer service in saudi arabia

Enjaz

Enjaz is one of the Filipino community’s most used money transfer services. They offer a money transfer solution both through their app and through the branch.

You do not need to visit them to create an account or make the transfer. Bank Al Bilad backs it.

Enjaz - best money transfer service in saudi arabia

Telemoney

Telemony, backed by Arab National Bank, is number 5 among the best money transfer services in Saudi Arabia. They offer money transfers both through the mobile application and branches. If you opt for the mobile application, visiting their branch is unnecessary.

Telemoney

SNB Quickpay

Saudi National Bank, the biggest bank in Saudi Arabia, backs SNB Quickpay. Although they have a considerable market share and are considered one of the best money transfer services in Saudi Arabia, they are left behind regarding technology.

Despite being the biggest bank, they have not yet launched a digital payment solution like STC Pay and UrPay.

Tiqmo App

Tiqmo is also one of the money transfer services in Saudi Arabia that provides several services, such as;

  • International Transfer.
  • Local Bank Transfer.
  • Wallet to Wallet transfer.

Mobily Pay

Mobily Pay is a relatively new company backed by Mobily Pay and is generally known for its quick transfer to the home country. It uses MoneyGram to make international transfers.

Alinma Pay

Alinma Pay is comparatively new, but it strives hard to gain market share from other money transfer companies. Alinma Bank backs the money transfer operations of Alinma Pay.

Best Exchange Rate on Money Transfer

While remitting money, you would like to go with a bank that offers the best exchange rate in Saudi Arabia. I have compared the exchange rates provided by the above 5 best money transfer services in Saudi Arabia on Nov 10, 2023.

  • UrPay Exchange Rate to Pakistan today: 75.29 PKR
  • Tahweel Rajhi Exchange Rate to Pakistan today: 75.34 PKR
  • STC Pay Exchange Rate to Pakistan today: 75.49 PKR
  • Enjaz Exchange Rate to Pakistan today: 75.30 PKR
  • Alinma Pay Exchange Rate to Pakistan today: 75.69 PKR

How to send money without Iqama?

Many people ask me a question: how do I send money from Saudi Arabia to India or Pakistan without iqama? Once again, legally speaking, you are not allowed to transfer any sum of money to your home country if you don’t have a valid iqama.

Unfortunately, people without Iqama opt for the Hawala System or Hundi to transfer money to their home countries. The system is illegal and has many complications.

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