RIYADH: Expatriate remittances from Saudi Arabia soared to SR15.5 billion ($4.13 billion) in March 2024, marking a 29.61 percent year-on-year increase.
According to data released by the Saudi Central Bank, also known as SAMA, this is the highest monthly level recorded in nearly nine years.
The surge reflects an increasingly attractive labor market in the Kingdom and growing momentum in digital payment adoption, enabling smoother international money transfers for the country’s large expatriate population.
In parallel, transfers made by Saudi citizens also rose to SR6.5 billion, representing a 27 percent increase over the same period and reaching their highest level in almost three years, SAMA figures show.
People wait in line to remit money via a money transfer service in Riyadh. Shutterstock
The remittance upswing comes amid broader growth in cross-border transactions. According to Visa’s “Money Travels: 2024 Digital Remittances Adoption” report, published in October, senders in the Kingdom are primarily motivated to provide ongoing financial support to families, address urgent needs, and contribute to health and education-related costs.
These priorities have helped sustain high transaction volumes despite global remittance trends softening elsewhere.
The analysis also highlighted that digital platforms are now the preferred method for sending money internationally from Saudi Arabia. More than half of the surveyed users said they plan to increase their use of digital channels in the coming year, while fewer than a third expect to continue relying on traditional physical methods such as cash or money orders.
Ali Bailoun, Visa’s general manager for Saudi Arabia, Bahrain, and Oman, noted that the Kingdom remains one of the leading remittance-sending markets globally. He emphasized that the country’s payments sector is advancing rapidly and that local partners are continuing to enhance digital solutions that are secure, seamless, and aligned with evolving user expectations.
While digital tools are improving access and speed, remittance users nationwide still point to a few persistent challenges, including service fees and exchange rate clarity.
The study found that about one-third of senders and recipients reported concerns with costs and fee transparency, particularly when using cash-based transfer options.
Nonetheless, the continued shift toward digital channels is helping address many of these issues, offering users greater control, visibility, and convenience in managing international payments.
The report also found that 87 percent of Saudi-based respondents plan to send money abroad at least once per year. In comparison, 73 percent expect to receive remittances during the same timeframe, indicating steady demand and sustained cross-border financial engagement.
The upward volume and digital uptake trend reflect Saudi Arabia’s broader transformation agenda, as the Kingdom works to modernize its financial infrastructure in line with Vision 2030.
As remittance flows reach new highs, digital innovation plays a pivotal role in reshaping how individuals connect with and support their families worldwide.
