When remitting money from Saudi Arabia, select the best money transfer services with the best exchange rate offered. Here are the 5 best money transfer services in Saudi Arabia.
UrPay is a new service that allows you to transfer money to anyone around the world very quickly and at affordable rates too. In my experience, the amount is transferred within one hour to your account in the home country.
It is backed by Al Rajhi Bank and transfers money through MoneyGram. The whole system is online from registering the account to making the money transfer.
Tahweel Al Rajhi
Tahweel Al Rajhi has probably the biggest market share and is one of the best money transfer services in Saudi Arabia.
In order to register your account, you will have to visit one of their branches. Later, you can either use the Al Rajhi Bank app or Tahweel Al Rajhi app to transfer money.
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.
Enjaz is one of the most used money transfer services by the Filipino community. They offer the money transfer solution both through their app as well as through the branch.
You do not need to visit them to create an account or make the transfer. It is backed by Bank Al Bilad.
Telemony backed by Arab National Bank is at number 5 among the best money transfer services in Saudi Arabia. They offer money transfers both through the mobile application as well as branches. If you are opting for the mobile application, there is no need to visit their branch.
SNB Quickpay is backed by Saudi National Bank, the biggest bank of Saudi Arabia. Although they have a huge market share and therefore, are considered one of the best money transfer services in Saudi Arabia, they are left behind in terms of technology.
Despite the biggest bank, they have not yet launched a digital payment solution such as STC Pay and UrPay.
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 offered by the above 5 best money transfer services in Saudi Arabia on Feb 04, 2022.
- UrPay Exchange Rate to Pakistan today: 46.13 PKR
- Tahweel Rajhi Exchange Rate to Pakistan today: 45.92 PKR
- STC Pay Exchange Rate to Pakistan today: 45.84 PKR
- Enjaz Exchange Rate to Pakistan today: 46.46 PKR
- Telemony Exchange Rate to Pakistan today: 46.15 PKR
How to send money without Iqama?
Many people ask me a question, how to 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 Hawala System or Hundi to transfer money to their home countries. The system is illegal and has many complications.