Transferring Money Out of Saudi Arabia: Fees & Rates

If you're sending money home from Riyadh or Jeddah, the real cost of transferring money out of Saudi Arabia comes down to two things added together: a fixed transfer fee (typically around SAR 5 to SAR 85) and an exchange-rate margin (usually 0.4% to 3% on top of the mid-market rate). Get both right and a SAR 5,000 transfer to India, Pakistan or the Philippines can cost you a fraction of what you'd pay at a branch counter. Here's exactly how it works, and how to ensure the recipient receives the maximum amount.

The quick answer: what a transfer really costs

Every outward transfer from the Kingdom has the same two layers. First, the upfront fee your bank or provider charges. Second, the margin baked into the exchange rate — the gap between the rate you're given and the true mid-market rate you'd see on a currency site.

A branch SWIFT transfer often looks cheap on the fee alone but loses you money on the rate. A remittance centre or app like Al Rajhi Tahweel or STC Pay usually beats it on both. For most residents sending regular remittances, the app route is the winner.

How outward transfers work from Saudi Arabia

International bank transfers leave Saudi Arabia through the SWIFT network, routed by your local bank or a licensed remittance centre. You can initiate them in four ways:

• Mobile banking app — the fastest and cheapest channel for most banks
• Online (internet) banking — the same low electronic tariff
• ATM — supported by several banks for pre-registered beneficiaries
• Branch counter — the most expensive route, useful for large or first-time transfers

Before you can send, you'll usually need to add the beneficiary — their name, account number or IBAN, and the receiving bank's SWIFT/BIC code. Many banks apply a short activation delay on newly added beneficiaries for security.

Bank transfer fees at a glance

The standard national tariff

Saudi banks work within a regulated fee ceiling for international transfers, as set by Saudi banking regulations. As a benchmark, the standard tariff looks like this:

• Transfer to a bank abroad at a branch — typically around SAR 75
• Transfer to a bank abroad electronically (app, internet, phone or ATM) — typically around SAR 50
• Amending or cancelling a transfer at a branch — typically around SAR 25
• Amending or cancelling electronically — typically around SAR 15

The single biggest lesson here: going electronic instead of walking into a branch saves you roughly SAR 25 every time.

What the big banks charge

Actual fees vary by bank, channel and destination. As a rough guide for 2025–2026:

• Al Rajhi Bank — an international SWIFT transfer is commonly SAR 50 to SAR 85 depending on channel
• Saudi National Bank (SNB) — a standard SWIFT transfer is typically SAR 50 to SAR 75; QuickPay corridor fees are around SAR 50 to send SAR 5,000 to India
• SABB — a standard international transfer is around SAR 75, and may offer reduced or zero fees on transfers to linked HSBC accounts

On top of the sending fee, a correspondent or receiving-bank charge — often the equivalent of USD 15 to USD 50 — can be deducted along the way on pure SWIFT transfers. Some providers absorb it; others pass it on. Always ask whether your quote is "all-in".

Remittance centres and fintech apps

For everyday remittances, dedicated services almost always beat a plain bank SWIFT transfer. They run their own corridors, so money often lands the same day or within minutes:

• Al Rajhi Tahweel — remittance-centre fees are typically SAR 15 to SAR 25 for popular corridors like Pakistan and the Philippines
• STC Pay — outward remittance fees roughly SAR 10 to SAR 35, with the lowest tier around SAR 5 to SAR 25 for small transfers under SAR 5,000
• Western Union and cash-pickup providers — fees around SAR 25 to SAR 60, but watch the exchange-rate markup, which pushes the total cost higher

Cash-pickup is convenient when the recipient doesn't have a bank account, but it's rarely the cheapest option once the rate is factored in.

The exchange-rate margin — the hidden cost

The fee is the number everyone quotes. The margin is the number that quietly costs you more. Providers add a percentage on top of the true mid-market rate:

• Banks and fintech apps — typically 0.4% to 2.5% above the mid-market rate
• Cash remittance services — up to around 3%

On a SAR 5,000 transfer, a 2.5% margin is SAR 125 — often more than the transfer fee itself. Before you confirm, check the exact amount your recipient will receive in their currency, not just the fee. That final figure is the only honest comparison.

Choosing the cheapest option for your corridor

There's no single winner — it depends on how much you're sending and where:

• Small, frequent transfers (under SAR 5,000) — STC Pay or Al Rajhi Tahweel usually win on both fee and speed
• Large one-off transfers — compare the total received amount; a bank SWIFT with a good rate can beat an app once the percentage margin dominates
• Transfers to a linked group account — SABB-to-HSBC and similar arrangements can drop the fee to near zero
• Recipient with no bank account — cash pickup via a remittance centre, accepting the higher rate

A quick habit that saves real money: compare the final amount received across two or three providers each time exchange rates move.

Step-by-step: sending money abroad

1. Confirm your identity is verified — your Iqama and mobile number should be up to date with your bank or app. Residents can check that their Iqama details are current through Absher or Muqeem before they send.
2. Add the beneficiary — full name as it appears on their ID, account number or IBAN, and the receiving bank's SWIFT/BIC code.
3. Choose your channel — pick the app or online option, not the branch, to get the lower electronic fee.
4. Enter the amount and check the rate — note the exact amount the recipient will receive.
5. Review the all-in cost — fee plus margin plus any correspondent charge on SWIFT transfers.
6. Confirm and save the reference — keep the transfer reference for tracking and support.

FAQs

What is the cheapest way to send money out of Saudi Arabia?

For most residents, a dedicated remittance app or centre such as STC Pay or Al Rajhi Tahweel is cheapest — fees are often SAR 5 to SAR 35 and the exchange-rate margin is competitive. Always compare the final amount received, not just the fee.

How much does a bank charge for an international transfer?

Electronic bank SWIFT transfers typically cost around SAR 50, and branch transfers around SAR 75. Big banks like Al Rajhi, SNB and SABB sit in the SAR 50 to SAR 85 range depending on channel and destination.

Why is the exchange rate different from what I see online?

Providers add a margin — usually 0.4% to 2.5% for banks and apps, and up to about 3% for cash services — on top of the mid-market rate you see on currency sites. This margin is a real cost, sometimes larger than the fee.

Are there extra correspondent bank charges on SWIFT transfers?

Yes. Pure SWIFT transfers can pick up a correspondent or receiving-bank charge, often the equivalent of USD 15 to USD 50. Some providers absorb it; others deduct it from the amount received. Ask if your quote is all-in.

How long does a transfer take?

Remittance apps and centres often deliver within minutes to the same day on popular corridors. Plain bank SWIFT transfers usually take one to three working days.

Do I need to register the recipient before sending?

Usually yes. You add the beneficiary's details — name, account or IBAN, and SWIFT/BIC code — and some banks apply a short security delay before a new beneficiary is active.

Every riyal you save on fees and margin is one more in your family's hands back home. Compare the final received amount before every transfer — and if you're settling into life in the Kingdom, browse the latest jobs in Saudi Arabia on Saudi Living to keep that salary growing.

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