Send Money from India to Saudi Arabia with Bookmyforex
The world is increasingly becoming globalized, and there is a need to stay connected - including financially. Until a few years ago, sending money to a foreign country like Saudi Arabia was a hassle. A lot of paperwork, waiting time, and roundabouts of the bank were prerequisites to doing a simple money transfer abroad. But with BookMyForex, things are easier than ever.
BookMyForex has revolutionized the way Indians transfer funds to foreign countries. With our completely digital process - either from the website or the mobile app - we have allowed users to do money transfers from the comforts of their homes. A simple registration process is enough to allow you to send funds to anyone in Saudi Arabia.
Furthermore, BookMyForex offers a plethora of features to make the process easy and transparent for you. We ensure that the money transfers are completed within 12-48 working hours. Our charges are significantly lower than our competitors. Users can track the status of their transactions at any given point, and our customer support is available to address their grievances if any. Let’s take a better look at our remittance process and how foreign money transfer works.
Ways to Send Money from India to Saudi Arabia
Before we understand how money transfer works, let’s understand what is remittance. Remittance is any amount of money transferred between two individuals or parties through any financial instrument - be it banks or platforms like BookMyForex. Remittance could be of two types:
Inward Remittance: Sending money from a foreign country to the base country (in this case, India).
Outward Remittance: Sending money from the base country (India) to a foreign country.
When dealing with outward remittance, there are two primary ways to send money:
1) Wire Transfer (via SWIFT)
2) Demand Drafts (or money orders)
Understanding Wire Transfers
Wire Transfers, also known as Telegraphic Transfers, are the most common and convenient modes of sending money to countries like Saudi Arabia. The money is first transferred to an entity, typically a bank, which then electronically transfers the money to the recipient’s bank in Saudi Arabia. The whole process occurs via SWIFT, a global intermediary organization that enables international transfers.
While wire transfers are convenient, there are things to consider. Your bank would levy charges of around INR 500 - 1000, while the recipient’s bank would also charge up from USD 10 to USD 40 or equivalent. However, BookMyForex only charges a fee of INR 225 + GST on our end, thus significantly reducing your overall charges.
How to transfer money from India to Saudi Arabia?
Money transfer from India to Saudi Arabia through wire transfer is quite easy now. BookMyForex is a preferred medium as it offers maximum security at the best rates.
For wire transfers via the BookMyForex website, follow these steps:
Step 1: To send money to any country, you have to first select your city and the country where the money needs to be transferred. After which, you enter the amount. Now initiate the transaction by clicking on “Book this Order”.
Step 2: In the next step, authenticate your details using a PAN or Aadhar card.
Step 3: Give your purpose for sending the money along with verifying your eligibility.
Step 4: Next, you will have to upload some documents like your photo and address proof. Use a voter card, valid passport, or Aadhar card for the same. You will also need to submit some documents that give the reason for the remittance.
Step 5: Now, enter all beneficiary details such as name, address, bank name and address, routing number, account number, and Swift code. After these details are given you can transfer money easily.
Step 6: You will get a declaration form that will need your consent. For this, an OTP will be sent to the registered mobile number and email address.
Step 7: Check all the details filled out so far and make the payment using NEFT/RTGS or Net banking.
Step 8: You will get an Order Confirmation summary, following which you need to review the Remittance Application form sent to your email address and send it to BookMyForex digitally. Finally, after the partner bank processes the transaction, you will be given a SWIFT acknowledgement.
You could also use BookMyForex's mobile app for money transfers. It is simple and straightforward. Follow these steps for the same:
Step 1: Open the mobile app and go to the International money transfer section. Choose your city and the country to which the money has to be transferred along with the amount. Press the “Book this Order” button for further details.
Step 2: Now enter your details for validation.
Step 3: Next step is to authenticate the reason for sending money as well as verify the eligibility.
Step 4: Submit documents such as your photo and address proof. A valid passport, voter card, or Aadhar card will work for this. Also, submit documents validating the reason for the remittance.
Step 5: Now add the beneficiary details like name and address, bank name and address, Swift code, account number, and routing code. You are all set to transfer money from your savings account.
Step 6: Choose your location to further the order.
Step 7: Be sure to check your order details thoroughly before making the payment via NEFT/RTGS or Net Banking.
Step 8: You will get the Order Confirmation summary. In the penultimate step, you need to check if you have received the remittance application form in your email address and send it to BookMyForex digitally. Once the partner bank processes the order, you will get a SWIFT acknowledgement of completing the transaction.
Benefits of choosing a fully online remittance process on BookMyForex
You might wonder - what’s the benefit of choosing BookMyForex over a traditional method like the bank? Well, there are plenty of good reasons:
Ease of Access:
BookMyForex is a completely online remittance service platform. This means that you can send money anywhere in the world from the comfort of your home.
Fair Rates:
BookMyForex charges lower fees compared to traditional money transfer platforms or banks. You can save up to 2-3% when you book an online remittance order.
Safe and Transparent:
At BookMyForex, we keep customer safety above everything else. BookMyForex only processes online transactions via the most trusted banks in India. In the case of credit/debit cards and net banking, we process transactions via secured payment gateways and never store any information on our servers. We take every effort to ensure a safe experience for you.
Customer First:
BookMyForex has significantly simplified the foreign remittance process. Instead of having to read lengthy documents, users are guided throughout the procedure. BookMyForex offers fast money transfers that get completed within 12-48 working hours. BookMyForex allows you to transfer money to 150+ countries. We also offer complete transparency, so you can track your transaction until it is done.
Book Now Pay Later Option:
With the “Book Now, Pay Later” option, BookMyForex users can lock particular currency rates for up to 3 days by paying a refundable deposit of 2%. This option is particularly useful in volatile times when currency rates are prone to fluctuations. The safety and benefit of our customers are always a priority for us.
Benefits to Students Studying Abroad:
Under the “BookMyForex Student Offer”, students studying in international universities can enjoy attractive discounts on wire transfers. This will be very useful for students who receive remittances from their homes for their tuition fees.
BookMyForex is 24x7:
BookMyForex allows 24*7 booking of orders to its users. Users can conveniently send money at any time of the day. Our customer support is also present to solve your queries and allow for a seamless user experience.
Factors to consider when sending money from India to Saudi Arabia
BookMyForex ensures that sending money to Saudi Arabia is convenient and hassle-free for you. However, as responsible customers, there are a few factors you must keep in mind during remittance:
1) A fixed transfer fee would be levied on the transaction. Different foreign money transfer services charge different exchange rates and total fees on the transaction, depending on their personal margins. You can evaluate them to find which platforms charge the least fees. At BookMyForex, we charge a fixed, minimal fee of Rs. 225 + GST on all international transactions. Furthermore, we offer various attractive discounts and cashback to make the process more beneficial for our customers.
2) Customer support is an essential, though often overlooked, factor. Lack of customer support during crucial moments of the remittance may lead to unwanted hassle and loss. As such, always try to go with a platform that offers 24x7 customer support. BookMyForex offers a 24x7 booking facility, along with great customer support service with a quick Turn Around Time.
3) The exchange rate is another important factor that you need to take into consideration. With BookMyForex, you can send money abroad to 150+ countries including Saudi Arabia at live exchange rates. To put it simply, we offer the best exchange rate for money transfers from India to Saudi Arabia.
