There are around 10 million expatriates living in Saudi Arabia. Obviously, they come to earn money and send it back to their home countries. People really want to know about the maximum remittance limit or money transfer limit from Saudi Arabia to India, Pakistan, the Philippines, and other countries
There have been discussions among government authorities for either imposing tax on foreign remittance from Saudi Arabia or limit the amount one person can transfer to his home country. The economic condition of Saudi Arabia has been deteriorating from the past few years due to dropping in oil prices.
Remittance rule in Saudi Arabia
Is there any White money transfer limit from Saudi Arabia?
There is no remittance or money transfer limit from Saudi Arabia to India, Pakistan, Philippines or any other country as long as you have ‘white money’ and it is sent through a legal banking channel.
It is important to mention here that white money pertains to the money earned from the legal business activity. For example, if you are working as an employee and earning a salary of SR 10,000 per month and you have worked in Saudi Arabia for 12 months and earned SR 120,000.
In these 12 months, you have not remitted any amount of money. Now after 1 year, you are planning to transfer SR 100,000 to your home country; as your family was not living here so SR 100,000 is your true saving out of money earned from a legal source of income.
Bottom line: if you are transferring more than your earnings, authorities have a right to investigate the matter. In other words, the maximum remittance to Philippines, Pakistan, India or any other country from Saudi Arabia could be any amount as long as it is your white money.
Can we transfer Black Money from Saudi Arabia?
A problem arises with those businessmen who have been conducting business in Saudi Arabia in the name of some sponsor. These businessmen actually own the business but legally sponsor is the owner of the business.
Just to fulfill requirements of Jawazat and Labor office, they sign a contract that they are employees and have been receiving the minimal amount as salary e.g. SR 10,000 per month.
Let’s say, a businessman is earning SR 100,000 per month and wants to transfer this money from his bank account to his home country, he will be soon detected and caught by authorities since his total legal income is only SR 10,000, how can he transfer SR 100,000 per month.
How to send money without an iqama?
People who do not have Iqama or those whose Iqama has expired look for information and different tricks to send money without an Iqama. Most of the people who do not have Iqama use Hawala system to transfer money but it is a very risky business.
Daily money transfer limit of Banks
As we have mentioned earlier, there is no limit to transfer money to your country by government authorities, however, banks have imposed some limits to reduce risk related to mishandling or unauthorized transactions.
- SAMBA Bank Remittance Limit from Saudi Arabia: SR 67,000 per day
- Al Rajhi Bank money transfer limit from Saudi Arabia: SR 50,000 per day
- Riyad Bank Remittance Limit from Saudi Arabia: SR 250,000 per day
- NCB Al Ahli Bank money transfer limit from Saudi Arabia: SR 1,000,000 per day
- Fawri remittance limit: SR 20,000 per day
- Enjaz money transfer limit: SR 20,000 per day
- Telemoney transfer limit: SR 20,000 per day
It should be noted that if you visit the branch office of any bank along with your Iqama, they will allow you to transfer as much money as you want from your bank account. But it is always better to transfer money in small trenches e.g. SR 50,000 per day.