When it comes to sending money internationally, finding a reliable and cost-effective service is a top priority. TransferWise, now known as Wise, has gained a reputation for offering fast and affordable transfers worldwide. But if you’re in Saudi Arabia or planning to send money to or from the Kingdom, you might be wondering—does Wise work there?

I’ve explored how Wise operates globally and its availability in different regions, including Saudi Arabia. Understanding whether it’s an option for your financial needs can save you time, money, and unnecessary hassle. Let’s dive into what you need to know about using Wise in Saudi Arabia.

What Is TransferWise?

TransferWise, now known as Wise, is an international money transfer platform designed to provide fast and cost-efficient financial transactions. It was launched in 2011 to tackle high fees and poor exchange rates associated with traditional bank transfers.

Wise uses a peer-to-peer system for currency exchanges, matching users sending money in one currency with others sending money in the opposite direction. This process eliminates hidden fees and offers mid-market exchange rates, ensuring fairer transactions for users. It supports over 50 currencies, including USD, GBP, and EUR, making it a widely used platform globally.

The service offers various features, such as multi-currency accounts and a Wise debit card, allowing users to hold, convert, and spend money in multiple currencies. Additionally, transfers through Wise are transparent, with upfront fees displayed before completing any transaction. These features make Wise a reliable choice for digital money transfers.

Availability Of TransferWise In Saudi Arabia

Wise (formerly TransferWise) operates globally, but its availability depends on specific regional regulations. Let me explain how Wise works in Saudi Arabia.

Supported Countries And Currencies

Wise supports money transfers to over 170 countries and facilitates transactions in 50+ currencies, including USD, EUR, GBP, and AED. However, sending money from Saudi Arabia using Wise is not yet available. Users in Saudi Arabia can still receive money through Wise in supported currencies. For example, Riyals (SAR) cannot be sent out directly but can be converted into other currencies and received internationally.

Regulatory Restrictions In Saudi Arabia

Saudi Arabia’s financial regulations heavily monitor international money transfers. These regulations affect the availability of Wise for sending funds from the region. The platform’s operations are limited in compliance with the Saudi Arabian Monetary Authority (SAMA) guidelines, which impose strict controls on financial service providers. While restrictions constrain outbound transfers, Wise complies fully with local and international financial rules to ensure transparency and security when funds are sent to Saudi Arabia.

Features Of TransferWise For Users In Saudi Arabia

Wise offers several benefits for users in Saudi Arabia, despite the restrictions on sending funds from the region. These features enhance the experience for receiving money and managing finances efficiently.

Fees And Exchange Rates

Wise uses mid-market exchange rates, meaning the rates you see are free of hidden margins. Fees are transparent and displayed before completing a transaction. For transfers to Saudi Arabia, costs usually depend on the currency, transfer amount, and chosen payment method. Compared to traditional banks, Wise provides significant savings through lower fees and more competitive rates.

Speed Of Transactions

Wise delivers international transfers quickly. Most transfers are completed within one to two business days, depending on factors like the payment method and the currency route. Transfers to supported currencies, such as USD, EUR, or GBP, often arrive faster due to the platform’s efficient processing system.

User Experience And Support

Wise’s platform is user-friendly, with intuitive features for managing transactions. The mobile app allows users in Saudi Arabia to track incoming transfers, view fee breakdowns, and receive notifications. The service supports multiple languages and offers extensive help articles. For any issues, customer support is accessible via live chat or email, ensuring prompt assistance.

Alternatives To TransferWise In Saudi Arabia

Several alternatives to Wise exist for individuals in Saudi Arabia looking for dependable international money transfer services. These options include local banks and other online platforms that cater to international transactions.

Local Banks And Their Services

Local banks in Saudi Arabia typically offer international money transfer services. Major banks such as Al Rajhi Bank, Riyad Bank, and Saudi National Bank provide SWIFT-based transfers for cross-border transactions. Many of these banks allow users to initiate transfers through online banking portals or mobile apps, which streamline the process. Fees for these transfers often vary but can be higher than digital platforms. Exchange rates are generally less favorable, as banks include margins over mid-market rates.

For example, Al Rajhi Bank allows international transfers via the “Tahweel Al Rajhi” service. Riyad Bank’s “TeleMoney” service is another popular choice, focusing on remittances to specific countries. Standard compliance with Saudi Arabian Monetary Authority (SAMA) regulations ensures the safety of transactions but may result in slower processing times compared to digital platforms.

Other International Transfer Platforms

Several platforms offer services similar to Wise, providing users in Saudi Arabia with alternatives for receiving money. PayPal allows receiving funds globally, but limitations exist for transferring money to local bank accounts in SAR. Xoom, a PayPal service, specializes in remittances and supports transfers directly to bank accounts but may involve higher fees than Wise.

Western Union and MoneyGram remain widely used platforms for cash transfers and direct bank deposits, with extensive physical agent locations across Saudi Arabia. These services, while reliable, often charge higher fees and provide less competitive exchange rates.

Currency-focused platforms like OFX and Remitly target international money transfers, delivering competitive exchange rates and tailored options for recurring transfers or large payments. However, availability varies for different currencies and transaction methods.

Pros And Cons Of Using TransferWise In Saudi Arabia

Wise offers significant benefits for receiving money in Saudi Arabia, but there are restrictions and limitations to consider as well. Below is a breakdown of the advantages and disadvantages of using Wise in Saudi Arabia.

Advantages

1. Transparent Fees

Fees are clearly displayed before completing any transaction. This eliminates unexpected charges, making Wise one of the most transparent platforms for international transfers.

1. Mid-Market Exchange Rates

Wise provides mid-market rates, which are considered the fairest rates without added markups. Users in Saudi Arabia benefit by receiving more of the sent amount.

1. Quick Transfers

Most transfers are completed within 1–2 business days. This speed ensures recipients in Saudi Arabia receive funds efficiently.

1. Wide Currency Support

Wise supports over 50 currencies, enabling seamless transfers to Saudi Arabia from various countries, including popular options like USD, GBP, and EUR.

1. User-Friendly Platform

The platform’s website and mobile app are easy to navigate, allowing users to track transfers, view current exchange rates, and access customer support.

1. Regulatory Compliance

Wise complies with local and international financial regulations. This ensures that users in Saudi Arabia experience secure and legally compliant transactions.

Disadvantages

1. No Outbound Transfers From Saudi Arabia

Wise doesn’t support sending money from Saudi Arabia. Local financial regulations limit its ability to process outbound SAR transactions.

1. Dependency On Peer-To-Peer System

Since Wise matches senders and receivers through a peer-to-peer exchange system, currency availability may occasionally impact transfer timelines.

1. Transaction Limits

There are limits based on the sender’s location and the payment method selected, which could restrict large transfers to Saudi Arabia.

1. Lack Of Native Currency Accounts

Wise doesn’t offer multi-currency accounts in SAR, restricting its usability for local expenditures in Riyals.

1. No In-Person Service

Wise is entirely digital, meaning there are no physical branches in Saudi Arabia for those who prefer face-to-face assistance.

Conclusion

Wise offers a reliable and transparent solution for receiving money in Saudi Arabia, combining competitive exchange rates and user-friendly features. While its inability to send money from the region is a limitation, it remains a strong option for those managing international finances. By complying with local regulations and prioritizing security, Wise ensures a trustworthy experience for users. For anyone in Saudi Arabia seeking efficient ways to receive funds, Wise stands out as a practical and cost-effective choice.

Frequently Asked Questions

1. Is Wise available in Saudi Arabia for international money transfers?

Wise is partially available in Saudi Arabia. Users in the country can receive money in supported currencies, but sending money from Saudi Riyals (SAR) via Wise is currently not an option due to local financial regulations.

2. Why can’t I send Riyals (SAR) from Saudi Arabia using Wise?

Saudi Arabia’s financial regulations, governed by the Saudi Arabian Monetary Authority (SAMA), impose strict controls on outbound international money transfers. These regulations prevent Wise from offering SAR as a sending currency.

3. What are the main benefits of using Wise in Saudi Arabia?

Wise offers transparent fees, mid-market exchange rates, quick transaction speeds, and an easy-to-use platform. Users in Saudi Arabia can efficiently manage finances, track transfers, and receive money in over 50 currencies.

4. How does Wise provide low-cost international transfers?

Wise uses a peer-to-peer currency exchange system, matching users sending money in one currency with others sending in the opposite direction. This approach eliminates hidden fees and ensures mid-market rates.

5. How fast are Wise transfers to Saudi Arabia?

Most Wise transfers to Saudi Arabia are completed within one to two business days, depending on the currency and payment method used.

6. Can I hold Saudi Riyals (SAR) in a Wise multi-currency account?

No, Wise does not currently support holding or converting Saudi Riyals (SAR) in its multi-currency accounts.

7. What are the alternatives to Wise for sending money from Saudi Arabia?

Alternatives include local banks like Al Rajhi Bank, Riyad Bank, and Saudi National Bank, as well as international platforms like PayPal, Western Union, Xoom, MoneyGram, OFX, and Remitly.

8. Are there any fees associated with Wise transfers?

Yes, Wise charges an upfront fee based on the transfer amount, currency, and payment method. The fees are transparent and displayed before completing a transaction.

9. Is Wise secure for international money transfers?

Yes, Wise complies with local and international financial regulations, ensuring transparency, security, and safety for all transfers.

10. Does Wise offer customer support for users in Saudi Arabia?

Yes, Wise provides accessible customer support via its website and mobile app, offering assistance with transfers and resolving issues efficiently.