Sending Money from India to Saudi Arabia? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
A wire transfer is a quick and secure way to send money electronically from one bank account to another – whether you’re sending funds within the same country or internationally. If you’re looking to transfer money from India to Saudi Arabia, wire transfer is one of the most reliable methods. To initiate a wire transfer, you’ll need some key details, such as the recipient’s name, account number, and their bank’s SWIFT or routing code.
Sounds simple, right? But here’s the catch: banks in India usually charge a huge fee for wire transfers (anywhere from ₹1500 to ₹2000) and add a 2-3% markup on the exchange rate. This is where smarter alternatives like BookMyForex stand out. We offer zero transfer fees and guarantee the lowest rates in the market. And no, we don’t compromise on security! Your funds are still processed through our trusted partner banks, ensuring the same level of security as your traditional bank.
Why Indians Transfer Money to Saudi Arabia
Under the Liberalized Remittance Scheme (LRS), Indians can send up to $2,50,000 per financial year abroad. But why do people typically transfer money to Saudi Arabia? Here are some of the most common reasons:
1. Education: Saudi Arabia has been steadily growing as an educational hub, attracting students to its top universities, particularly in the fields of Islamic studies. Parents often send money to cover tuition, accommodation, and daily living expenses for their children studying there.
2. Family Support: Many Indians working in Saudi Arabia send money back home to support their families. Conversely, individuals in India also send funds to their family members living or working in Saudi Arabia for housing, living expenses, or emergencies.
3. Religious Travel (Hajj and Umrah): Saudi Arabia is the spiritual place for Muslims worldwide. Every year, thousands of Indians travel to Saudi Arabia for Hajj or Umrah pilgrimages. Sending money for these trips is often essential to cover travel, accommodation, and other associated expenses.
4. Medical Treatment: Saudi Arabia offers advanced medical facilities that attract patients from around the globe. Indians traveling for treatments or surgeries often need to transfer money to cover medical expenses.
5. Property and Investments: Some Indians invest in property or businesses in Saudi Arabia. Wire transfers are a secure method to fund these investments, ensuring compliance with local and international regulations.
Documents Required for International Money Transfers to Saudi Arabia
The documents required for money transfer to Saudi Arabia through BookMyForex depend on the purpose of the transfer. For example:
—For Education: You’ll need to share the I-20 form or an admission letter from the university.
—For Family Support: Proof of your relationship with the beneficiary is needed.
However, two documents are necessary for all transfers, irrespective of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to Saudi Arabia
When sending money to Saudi Arabia, here’s what you need to keep in mind:
1. Exchange Rates: Exchange rates determine how much Indian Rupees (INR) will convert into Saudi Riyals (SAR). Even a minor difference in the rate can significantly impact the amount your recipient gets. While banks and many transfer services add a markup of up to 2.5% on top of the base rate, BookMyForex guarantees interbank-linked lowest guaranteed rates. For example, if you’re transferring SAR 10,000 and one provider offers ₹24 per SAR while BookMyForex offers ₹23.50, you could save ₹5000 with the better rate.
2. Transfer Fees: Indian banks typically charge flat fees ranging from ₹1500 to ₹2000 for international money transfer to Saudi Arabia, while some platforms charge a percentage of the transfer amount. For instance, a 2% fee on a ₹5 lakh transfer could cost you ₹10,000. BookMyForex, however, offers zero transfer fees on top of lowest rates, just use the promo code “ZEROBANKFEE” when placing your order through our website or mobile app.
3. Intermediary and Recipient Bank Charges: When you send money abroad, the process often involves multiple banks working together to ensure the funds reach the recipient’s account. This is because international wire transfers typically pass through one or more intermediary banks before reaching the final destination. These intermediary banks play a crucial role in routing the transfer, and they charge fees for their services. Additionally, the recipient’s bank may impose its own charges for processing the incoming funds. Platforms like BookMyForex are transparent about these costs, so there are no unpleasant surprises.
4. Transfer Speed: How soon do you need the money to reach? The time it takes for your money to reach the recipient can vary depending on the service provider. Wire transfers via banks usually take 3-5 business days, while BookMyForex processes transfers much faster, typically within 12 to 48 business hours. For education related transfers, BookMyForex even offers same-day transfers.
5. Security and Compliance: Nobody likes to take risks with their hard-earned money. Security is non-negotiable when transferring money overseas. Always choose a platform that uses advanced encryption and secure payment gateways to protect your financial and personal information. At BookMyForex, we use secure payment gateways, advanced encryption and document watermarking to keep your data safe. The platform also complies fully with RBI guidelines and the Foreign Exchange Management Act (FEMA).
6. Tax Collected at Source (TCS): Every foreign remittance comes with TCS, regardless of the platform you use. For education and medical purposes, a 5% TCS is applicable, while for other remittances exceeding INR 7 lakh in a financial year, 20% TCS applies. Transfers below INR 7 lakh in a financial year are exempt from TCS. The good news? You can claim this amount as a tax credit when filing your income tax returns.
