Sonali Shrivastava asked on 23/03/2020

How can an NRI send money to India from Saudi Arabia?

391 views
Avatar
SBNRI Team
answered on 23/03/2020

There are multiple options to send money to India from Saudi Arabia. Refer the table below and choose the best suited medium for yourself.

 

send money to India from Saudi Arabia

 

*Money Transfer Operators: Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or using their collaborations with other international banking networks. Eg: Transferwise, Western Union. 

 

*SWIFT: Society for Worldwide Inter-bank Financial Telecommunication (Offline money transfer facility that can be availed at bank branches overseas)

 

*Foreign Currency Demand Drafts: A form of demand draft made in foreign currency at various bank branches located overseas to remit money to India. The equivalent amount in INR will be debited for remittance. 

 

Place

Online 

Offline

Via Bank Branch

Internet/

Mobile Banking

(Card/ Bank Account Transfer)

Money Transfer Operators

(Card/ Bank Account Transfer)

Agents 

(Cash/ Cards/ Bank Account Transfer)

Call Centres

(Card/ Bank Account Transfer)

Foreign Currency Demand Draft SWIFT Transfers

Time and Charges

USA 1 hour to 2 working days

 Up to $9.38 per $200

1 hour to (3-5) working days

Up to $9.50 per $200

1 hour to 1 working day

Up to $11.88 per $200

1 working day

Up to $3.94 per $200

(2-3) weeks

Rs.500/- + taxes

(24-48) hours

service tax on currency conversion (up to Rs.300/- + taxes)

Dubai Same day to 2 working days

Up to 4.04 AED per 735 AED

Within an hour 

Up to 59.98 AED per 735 AED

1 hour to (3-5) working days

Up to 20.07 AED per 735 AED

1 hour to (3-5) working days

Up to 15.88 AED per 735 AED

(2-3) weeks

0.2% (making charges) + Rs.35/- (courier charges) or Rs.85/- (whichever is higher)

(24-48)

hours

service tax on currency conversion (up to Rs.300/- + taxes)

Saudi Arabia N.A. N.A. Within an hour

Up to 43.20 SAR per 735 SAR

2 working days

Up to 39.98 SAR per 735 SAR

(2-3) weeks

0.2% (making charges) + Rs.35/- (courier charges) or Rs.85/- (whichever is higher)

(24-48)

hours

Up to 39.98 SAR per 735 SAR

United Kingdom 1 hour to (3-5) working days

Up to 5.39 GBP per 120 GBP

1 hour to (3-5) working days

Up to 5.81 GBP per 120 GBP

1 hour to (3-5) working days

Up to 7.20 GBP per 120 GBP

1 hour to 1 working day

Up to 4.99 GBP per 120 GBP

(2-3) weeks

Rs.500/- + taxes

(24-48) hours

service tax on currency conversion (up to Rs.300/- + taxes)

 

Note: The receiver will receive the money either in their own/partner bank accounts or as cash from the agents of the respective firms/banks chosen for money transfer.

 

The summary of the table (considering various mediums to send money to India from Saudi Arabia): 

 

For Transfers from Saudi Arabia:

Less time, high cost: Agents

More time, low cost: Foreign Currency DD

Moderate time and cost: Call Centres

 

Transfer Now

 

Copy link