Saudi Remittances Reach Highest Monthly Level in Nearly Nine Years
Digital tools and rising demand are driving a surge in cross-border transfers.
Expatriate remittances from Saudi Arabia reached SAR 15.5 billion (USD 4.13 billion) in March 2024, marking a 29.61% increase compared to the same month last year. According to data released by the Saudi Central Bank (SAMA), this figure represents the highest monthly level recorded in nearly nine years. Transfers by Saudi citizens also rose significantly, reaching SAR 6.5 billion—a 27% year-on-year increase and the highest amount in close to three years.
The sharp rise in remittance activity has been attributed to improved labour market conditions and the growing adoption of digital payment tools across the Kingdom. Digital platforms have emerged as the dominant method for cross-border transfers, with more than half of surveyed users indicating plans to increase their use of these services. Fewer than one-third said they intended to continue using cash or money orders for sending money abroad.
Remittance behaviour in Saudi Arabia continues to be driven by familial support, urgent financial needs, and costs related to health and education. While the Kingdom remains one of the world’s top remittance-sending markets, ongoing challenges persist. Around one-third of users cited cost and fee transparency as key concerns, particularly with cash-based transfers where service charges and exchange rates are less clear.
