What is the money transfer limit from Saudi Arabia
Many expatriates have been going on a final exit these days. People want to know remittance or money transfer limit (maximum amount) from Saudi Arabia to India, Pakistan and other countries through NCB Quick pay, Al Rajhi, Enjaz or Telemoney. What if the amount of money transfer exceeds the capital limit of NCB quick pay?
There have been discussions among government authorities for either imposing tax on foreign remittance from Saudi Arabia or impose a money transfer limit or the maximum amount one can transfer to India, Pakistan or any other country through NCB quick pay, Al Rajhi, Enjaz or Telemoney.
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1. Is there any White money transfer limit from Saudi Arabia?
There is no money transfer limit or the maximum amount you can transfer from Saudi Arabia to India, Pakistan or any other country through NCB quick pay, Al Rajhi, Enjaz or Telemoney as long as you have ‘white money’ and it is sent through a legal banking channel.
It is important to mention here that white money pertains to the money earned from the legal business activity. For example, if you are working as an employee and earning a salary of SR 10,000 per month and you have worked in Saudi Arabia for 12 months and earned SR 120,000.
In these 12 months, you have not remitted any amount of money. Now after 1 year, you are planning to transfer SR 100,000 to your home country; as your family was not living here so SR 100,000 is your true saving out of money earned from a legal source of income.
If you are transferring more than your earnings, the authorities have a right to investigate the matter. In other words, money transfer limit or the maximum amount you can transfer from Saudi Arabia to India, Pakistan or any other country through NCB quick pay, Al Rajhi, Enjaz or Telemoney could be any amount as long as it is your white money.
2. Can we transfer Black Money from Saudi Arabia?
A problem arises with those businessmen who have been conducting business in Saudi Arabia in the name of some sponsors. These businessmen actually own the business but legally sponsor is the owner of the business.
Just to fulfill requirements of Jawazat and Labor office, they sign a contract that they are employees and have been receiving the minimal amount as salary e.g. SR 10,000 per month.
Let’s say, a businessman is earning SR 100,000 per month and wants to transfer this money from his bank account to his home country. As we have seen in the above example, his money transfer limit or the maximum amount you can transfer from Saudi Arabia to India, Pakistan or any other country through NCB quick pay, Al Rajhi, Enjaz or Telemoney cannot be more than 10,000 a month.
If he tries to transfer money more than 10,000 a month, he will be soon detected and caught by authorities since his total legal income is only SR 10,000, how can he transfer SR 100,000 per month.
3. How to send money without an iqama?
People who do not have Iqama or those whose Iqama has expired look for information and different tricks to send money without an Iqama. Most of the people who do not have Iqama use Hawala system to transfer money but it is a very risky business.
4. Daily money transfer limit of Banks
As we have mentioned earlier, there is no limit to transfer money to your country by government authorities, however, banks have imposed some limits to reduce risk related to mishandling or unauthorized transactions.
- NCB quick pay maximum transfer amount: SR 100,000 per month
- NCB Al Ahli Bank money transfer limit from Saudi Arabia: SR 1,000,000 per day
- Al Rajhi Bank money transfer limit from Saudi Arabia: SR 50,000 per day
- Tahweel Al Rajhi money transfer limit: SR 20,000 per day
- SAMBA Bank Remittance Limit from Saudi Arabia: SR 67,000 per day
- Riyad Bank Remittance Limit from Saudi Arabia: SR 250,000 per day
- Fawri remittance limit: SR 20,000 per day
- Enjaz money transfer limit: SR 20,000 per day
- Telemoney money transfer limit: SR 20,000 per day
It should be noted that if you visit the branch office of any bank along with your Iqama, they will allow you to transfer as much money as you want from your bank account. But it is always better to transfer money in small trenches e.g. SR 50,000 per day.
5. NCB Quick Pay maximum transfer amount
If you are a Remittance Membership holder, the NCB Quick pay maximum transfer amount SAR100,000 per month. This NCB Quick pay maximum transfer amount can be for one transaction or a combination of multiple transactions provided that the receiving country’s transaction amount limit is also followed.
In some countries, NCB Quick pay maximum transfer amount is USD10,000 per transaction or its local currency equivalent.
6. What if the transfer amount exceeds the capital limit NCB quick pay
It can happen that you need to transfer an amount that exceeds the capital limit of NCB Quick Pay which is SR 100,000/month right now. As we have already mentioned, if it is your white money you can transfer the amount exceeding the capital limit of NCB Quick pay through Al Rajhi Bank, Enjaz or Telemoney as the money transfer limit of each individual bank varies.