PESO to SAR
The Philippines has the highest ratio of people abroad to staying back home. Due to the English language and workers being quite cheaper like India, Pakistan, companies in Saudi Arabia also prefer them. It means there are a lot of workers who are here in Saudi Arabia also. They are earning quite a decent amount. Their currency, called Peso/Piso, is 13.5 agonist one SAR. This is quite good than Pakistan that is above 40 PKR nowadays.
The Philippines workers mostly work in white-collar jobs in offices that means per head salary varies from 1700 at least. It is higher than that of India and Pakistan collectively.
The Philippine government has stopped money laundering sinv=ce after implementing rules and regulations, and hence you need to use any banking channel to send your remittances.
I have explained below quite a few available in Saudi Arabia.
Read More: How to Use Saudi Portals
Send Money KSA to Philippine
There are many channels to send remittance back home from Saudi Arabia to back home. To use any channel, one must have Saudi Iqama or Muqeem card; otherwise, your transactions will not be processed.
Bank AlJazira
This bank got a new set-up that facilitates the expatriates to send money back home with the highest rates. If you don’t have an account already, I would prefer this bank to facilitate you in the best possible scenarios as you can get your account and credit card just by sitting in your home or room. You need not visit the ant branch. Order online, and an account is at your doorsteps.
Al-Ahli Bank – NCB
This offers Quick pay as well as normal banking, where you can send online money transfer modes. I usually use this to send money back home. I also have a credit card for this bank. You can adjust the fee as per your requirements, like a cut from the other side or pay while sending it.
Saudi Fransi Bank
This bank is one of the multi-national here in Saudi Arabia. It offers you the best possible credit card facility. Mu monthly salary transacted in this bank. Overall, I like it, but I never used it to send money back home.
Enjaz Bank
Also, its rates are comparable to bank Aljazeera, but you may see long queues there. That means it is the trusted one with good rates. One more thing people can use and send money back home from a credit card or other bank cards like Al Rajhi, Alahli, SABB, Saudi Hollandi, etc. Its fee is nominal.
TeleMoney
This is no doubt one of the fastest ways like western union. It will charge you a nominal fee of around 30 Riyals.
Xpress Money
As the name suggests, it is no doubt one of the fastest to receive money worldwide. In Saudi Arabia, although it is only available in major cities, so does in the Philippines.
MoneyGram
MoneyGram charges are higher than other exchanges, but you can get back home in less than an hour as they claim on the brochure but practically less than an hour is not quite possible as cash in hand is always takes time.
Western Union
Who has not heard the name of the western union? The most secure and reliable source across the globe. The same way its fee is among the highest ones. The fee is about 40 SAR to send Piso to the Philippines. The receiver has to show the code with identity proof. AdSense payments are coming through it.
Most people here prefer Enjaz Bank as its card is easy to get, and the exchange rate is good. The best is available in every small city, also across Saudi Arabia.