Money Transfer to India

shreeji24

Member

Member since 03 August 2014

dammam

shreeji24

26 October 2014 09:02:38

shreeji24

26 October 2014 09:02:38

dammam

Hello Friends,

Hope you all doing well....

I am new to the Kingdom, and I have sent money to India once through Al- Rajhi Taweel. They charge you SAR 16 each transaction plus they give you less exchange rate compared to actual rates which you see online.

Can anyone explain how to calculate " what exchange rate we will get at Al- Rajhi today if we want to transfer money".

Or else, if anyone can suggest some other cheapest (BUT LEGAL) way to send money to India

Thanks.

saimans

26 October 2014 09:15:41

saimans

26 October 2014 09:15:41

Formy bank also the Transaction rate is SAR16/ transaction. As a thumb rule I deduct 0.15 from the days forex exchange and thats the amount which gets transferred.

If you go to the bank to tranfer money there they have clearly indicated on the digital machile for the days forex exchange to the various countries. And if you are doing it online then you have the privilege to do the calculation yourself and check the net amount before you do the finaly transfer. I'm talking about this process of ANB bank !!

Raunak86

Contributor

Member since 22 June 2013

Khobar

Raunak86

27 October 2014 06:19:17

132

Raunak86

27 October 2014 06:19:17

132

Khobar

Hi,
The best rates in the country are given by - MoneyGram (express money transfer) and Riyad Bank.

Fixed charges and exchange given vary from bank to bank.

As a thumb rule - SABB gives me 0.5 less than the Interbank exchange rate. Riyad Bank gives me approximately 0.12 less, in comparison.

Else you and each member of your family can carry up to US$5,000 on EVERY visit to India and deposit it in your NRE/Resident account.

Hope it is helpful.

Regards,
Raunak