In one of the previous post, we explained how to send money from Saudi Arabia using remittance services of different banks. For most of these services, you need to visit their remittance transfer branches and send money using the services of the staff available there. With a large population of expatriates working in Saudi Arabia, you have to experience large queues in the money transfer locations most of the times. In this post, we will talk about when it is a good time to send money from Saudi Arabia without much hassle of waiting in large queues.
How People Send Money from Saudi Arabia to Home Countries
As we explained in another post on this blog about methods of money transfer from Saudi Arabia; you have plenty of options available to legally and safely send money to your families back home from your hard earned money.
You can send money directly from your bank to a bank account in your destination country using bank’s online money transfer services or by visiting a bank branch. You can also use specialized remittance services offered by different banks in Saudi Arabia. Fawri, TeleMoney, Samba Speedcash, Enjaz, Tahweel Rajhi are a few examples of such remittance transfer services.
STC Pay is also a very good option for sending money from Saudi Arabia. STC Pay offers a mobile application to send money with nominal service charges. For an immediate transfer, you can also use Western Union for sending money.
What is the Best Time to Send Money Using Money Transfer Centres?
As a rule of thumb, keep in mind that you will see the queue of people sending money mostly when salaries have been disbursed to the workers. In Saudi Arabia, majority (almost all) of the expatriates are on salary based jobs and they get their salaries either by the end of each month or by the first week of the next month (can vary company to company though). Keeping this in mind, based on the experience shared by multiple people, from 10th of any month to the 25th of that month; you will see less crowd in money transfer offices and will be able to send money in a matter of a few minutes without a long wait in the queues.
For some countries, money exchange rates fluctuate very much and you might be more curious about the transfer rate instead of the wait time in the queues. In those case, It is recommended to keep an eye on money transfer rates on daily basis for different remittance service providers and decide accordingly.
Who Offers Best Exchange Rate in Saudi Arabia for Sending Money?
The question of the best transfer rate (Exchange rate) is always the most popular questions among expatriates in Saudi Arabia but unfortunately there is no one liner answer to this question.
Almost all the money transfer service providers in Saudi Arabia provide similar exchange rates for different countries with just nominal differences occasionally. Every day, rates might vary in different money transfer service providers and if you found best rate by Service A today, you might find Service B providing better rate tomorrow.
When opting for a money transfer service provider, other than competitive rates, also keep the service quality, delivery time, delivery options, customer support and location of the service provider in mind as all these things really matter a lot when it comes to the decision of the transfer of your hard earned money.