How to send money to Saudi Arabia from UK?

Expert Answer

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Sending money from the UK to Saudi Arabia (SAR) is a high-volume corridor, meaning you have access to competitive rates and high-speed digital infrastructure. To get the most Riyals for your Pounds, you must avoid traditional high-street banks, which typically charge 3–5% in hidden exchange rate markups under the guise of "no-fee" transfers.

1. The Best Transfer Methods

Based on current market data (as of Q2 2025), here are the top-rated services for this specific route, prioritized by cost-effectiveness and speed:

A. For Best Regular Exchange Rates: Wise (formerly TransferWise)

Mechanism: Wise uses the real mid-market exchange rate (the one you see on Google or Reuters) and adds a small, transparent service fee.

Cost: Fees for GBP to SAR currently average around £4.15 + 0.44% of the transfer amount. For a £5,000 transfer, the total cost is approximately £26.15, which is significantly lower than any high-street bank.

Speed: Wise offers "Instant" or same-day transfers to major Saudi banks like Al Rajhi Bank, SNB (Saudi National Bank), or BSF (Banque Saudi Fransi) if funded via UK Faster Payments.

B. For Large Transfers (>£10,000): Atlantic Money or Currency Brokers

Mechanism: Atlantic Money is currently the price leader for large sums. They charge a flat £3 fee for transfers up to £1,000,000 and provide the live mid-market exchange rate without any markup. This makes it the most cost-effective option for moving house deposits or significant investments.

Alternative: For users requiring personal assistance or "forward contracts" (locking in a rate today for an exchange in the future), currency brokers like Currencies Direct or TorFX allow you to negotiate the spread below 0.3% for high-value transfers.

Regulation: All recommended providers are authorized and regulated by the Financial Conduct Authority (FCA) in the UK.

C. For Digital Wallet Transfers: STC Pay / Urpay / Mobily Pay

Mechanism: If your recipient in Saudi Arabia uses STC Pay, Urpay, or Mobily Pay, you can send money directly using fintech partners like Remitly or Skrill.

Benefit: This is often the fastest way for the recipient to receive funds for immediate use in the local Saudi ecosystem (paying bills or local SADAD payments). Remitly often offers a promotional exchange rate for a customer's first transfer.

2. Required Information for the Transfer

Saudi Arabia strictly follows the International Bank Account Number (IBAN) system. To ensure the transfer is not rejected or delayed by the Saudi Central Bank (SAMA), you need:

• Recipient’s Full Legal Name: This must match their Iqama (residency permit) or Saudi National ID exactly.

• IBAN: A 24-character alphanumeric code starting with SA.

• BIC/SWIFT Code: 8 or 11 characters identifying the specific Saudi bank (e.g., Al Rajhi Bank is RJHI SARA, SNB is NCBK SARA, and Riyad Bank is RIYBSARA).

• Purpose of Remittance: SAMA requires a specific "Purpose Code" for every incoming transaction. UK apps will provide a mandatory dropdown menu. Common choices include:

• Family Support / Worker Remittance

• Personal Savings / Transfer to Own Account

• Property Purchase / Investment

3. Step-by-Step Instructions

1. Compare Live Rates: Use a real-time comparison tool like Monito or FXCompare specifically for the GBP/SAR pair, as rates fluctuate by the minute.

2. Verify the Mid-Market Rate: Check the current rate on Google. As of mid-2025, the GBP/SAR rate sits near 4.70 – 4.80; ensure your provider's rate margin is within 0.5% of this live market rate.

3. Set Up the Account: Register with your chosen provider. Under UK Money Laundering Regulations, you will need to upload a clear photo of your UK Passport or Driving Licence. Most digital providers verify this within minutes.

4. Fund the Transfer:

• Bank Transfer (Faster Payments): This is the standard for UK users; it is usually free and arrives at the provider's account instantly.

• Debit Card: Faster but usually attracts a 0.5%–1.2% surcharge from the provider. Avoid using Credit Cards as they are treated as "Cash Advances" with high interest and fees from your bank.

5. Track the Payment: Modern providers offer a live tracking link. If the money has not arrived within 48 hours, ask the provider for the UETR code (Unique End-to-End Transaction Reference) to help the Saudi bank trace the funds.

4. Regulatory & Tax Considerations

SAMA Monitoring: The Saudi Central Bank (SAMA) monitors all incoming liquidity for Anti-Money Laundering (AML) purposes. If you send more than SAR 100,000 (approx. £21,000), the recipient’s bank may place a temporary hold on the funds. The recipient will likely need to log into their Saudi banking app to select the "Purpose of Transfer" or upload a supporting document (e.g., a Gift Letter or Employment Contract) to release the hold.

UK AML Limits: For transfers over £10,000, UK-regulated providers are legally required to verify your "Source of Wealth." You may be asked to provide a bank statement showing the accumulation of savings, a payslip, or proof of a property sale.

The USD/SAR Peg: Since the Saudi Riyal is pegged to the US Dollar at a rate of $1 = 3.75 SAR, the GBP/SAR exchange rate moves in direct correlation with the GBP/USD rate. If the Pound strengthens against the Dollar, you will receive significantly more Riyals in Saudi Arabia.

5. Summary Recommendation Table

• Amount: £100 - £3,000 | Provider: Wise | Est. Cost: ~0.44% | Speed: Minutes to 4 Hours

• Amount: £3,001 - £10,000 | Provider: Revolut | Est. Cost: Variable (Free for Premium/Metal) | Speed: 1 - 24 Hours

• Amount: £10,001+ | Provider: Atlantic Money | Est. Cost: £3 Flat Fee | Speed: 1-2 Business Days

• Amount: Cash Pickup | Provider: Western Union / MoneyGram | Est. Cost: 4-6% (built into rate) | Speed: Under 30 Mins

CRITICAL WARNING: Do not use high-street banks like Barclays, HSBC, or Lloyds for Saudi Riyal transfers unless you have a specialized private banking arrangement. While they often market "Zero Fee" transfers for international payments via their mobile apps, their exchange rate margin is typically 3% to 4.5% worse than the mid-market rate. On a £25,000 transfer to buy property in Riyadh or Jeddah, using a high-street bank instead of Atlantic Money or Wise could cost you over £850 in hidden currency conversion losses.