RIYADH: The Saudi Central Bank (SAMA) reported expatriate remittances from Saudi Arabia grew by 10% in August 2024, reaching a total of SR11.86 billion ($3.16 billion). Also, the remittances from Saudi nationals increased by 19% at SR5.83 billion. Saudi Arabia is a main source of global remittances, being the primary source of financial well-being for lots of households around the world, as more than 75% of its labour are foreigners.
Saudi Arabia’s open financial system with no limits on converting or transferring funds, enables smooth flow of remittances. The Wage Protection system supports this framework which makes sure expatriates get their wages through Saudi bank accounts, protecting their rights and facilitating them to send money easily to their homes.
Digital platforms have also helped in the growth of remittance, making easy access to money through smartphones and internet. Remittance has become more efficient as these platforms provide better exchange rates, lower fees and faster processing times. Mobile apps and digital wallets are being developed by financial institutions and fintech companies making it easier for users.
A secure and competitive environment has been made possible for digital remittance services thanks to the supportive regulations and regional authorities of Saudi, to protect the interest of the users. With so much reliance on global remittances, Saudi Arabia, through its digital advancements and policies is making its mark on the cross-border financial support.
