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CMT Money Transfer to Country - Saudi Arabia

Updated on August 6, 2017
Arsh Aiman profile image

is a freelance writer with 4 years of experience in writing blogs and articles in every niche.

Do not let the conventional money transfer methods slow down your pace. There are various systems of Money Transfer that let you transfer the funds in US dollars or Euros to most of the countries including Saudi Arabia. These systems ensure smooth, efficient and hassle free money transfer to the country of your choice.

Best ways to make a money transfer:

Up until now, People had very limited options for sending money to those living in Saudi Arabia. Traveler cheques and bank to bank transfers took at least five days of waiting period. Coinstar Money Transfer lets the inhabitants of Saudi Arabia receive money within 15 minutes through remittances Coinstar Money Transfer. It is 10 to 15% cheaper than money gram or western union. Apart from that TransferWire lets the first timers send money for free for the amount up to 3000 to 4000 pounds. Online platforms such as Xoom or Remitly let the users send money for free by offering coupons and discounts.

Types of options to send money

There are various options for sending money to Saudi Arabia. Each option has its pros and cons.

One can send money through wire transfer. While this is the easiest method for sending money; it takes too much time.

Money transfer by cheque is another feasible option but it is too costly.

Exchange houses offer competitive prices for money transfer but they must be used with caution. While there are almost 50 exchange houses for money transfer in Saudi Arabia, not all of them are reliable.

There are various Money transfer companies that let you send money by helping you out with documentation and processing while guiding you on each step.

Restrictions on receiving money

You’ll come to know that there are some banks or IMT providers that require you to transfer a minimum amount. In some cases it can be as high $5000 or 10,000. If you have no intention of wiring that much across, then find a provider that has less limit restrictions.

Restrictions on sending money

A person cannot send more than they earn. If the remittance is more than your salary ; you may not be able to send money across.

Process to send money

IMT is known as International money transfer. For successful transfer through this method; you need the recipient’s bank ID number and account details. You can choose between a bank or foreign exchange specialist for this method.

Brief economic trend

Saudi Arabia’s economic growth will bounce back next year after a sharp delay in 2016 as the kingdom’s strictness drive eases. The fund expects non-oil GDP to increase 2.6 percent in 2017, compared with an annual average of 7.4 percent between 2009 and 2013.

Main Bank

The Main bank of the country is MCB Alahli bank. You can transfer and receive funds and ask for the foreign exchange rates by consulting their customer centre services.

© 2017 WriterAimz

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