PESO to SAR
Philippine has the highest ration of people abroad to staying back home. Due to the English language and workers are quite cheaper like India, Pakistan so the companies in Saudi Arabia prefer them also. It means there are a lot of workers 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 are mostly work in white color jobs in offices that means per head salary varies from 1700 at least. It is higher than that of India and Pakistan collectively.
Philippine government has stopped money laundering sinv=ce after implementations of rules and regulation 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.
This bank got a new set up that facilitates the expatriates to send money back home with highest rates right nowadays. If you don’t have an account already I would prefer this bank as it facilitates you in best possible scenarios as you can get your account and credit card jyst by sitting your home or room. You need not visit ant branch. Order online and an account is at your doorsteps.
Alahli 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 of this bank. You can adjust fee as per your requirements like if it to cut from other side or you will pay while sending.
Saudi Fransi Bank
This bank is one of the multi-national here in Saudi Arabia. It offers you the best possible credit cards facility. Mu monthly salary transacted in this bank. Overall, I like it but I never used it to send money back home.
Also, its rates are comparable to bank aljazira but you may see long ques 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 banks cards like Al Rajhi, Alahli, SABB, Saudi Hollandi, etc. Its fee is nominal.
This is no doubt one of the fastest ways like western union. It will charge you a nominal fee around 30 Riyals.
As the name suggests it is no doubt one of the fastest one to receive money around the globe. In Saudi Arabia, although it is only available in major cities so does in Philippine.
MoneyGram charges are higher than other exchanges, but you can get back home in less than an hour as they claim on broucher but practically less than an hour is not quite possible as cash in hand is always takes time.
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 one. The fee is about 40 SAR to send Piso to Philippine. The receiver just has to show the code with identity proof. AdSense payments are coming through it.
Most of the 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.