Could international money transfers to Saudi be on the rise?

International money transfers to Saudi Arabia could increase as the country has now permitted expatriates to purchase property in the kingdom.

Saudi altered its real estate and investment laws to allow people from overseas living and working in the country to own a home.

However, it has been suggested that the decision is unlikely to make a major difference due to the fact that Saudi mortgages are still very limited.

John Sfakianakis, chief economist at Banque Saudi Fransi, explained that this poor finance access means that the country's real estate sector probably won't see any significant increase in activity.

"If Saudis can't locate affordable homes I don't think expats will find it easy to afford property," he added.

But if you are one of the people with sufficient funds to be able to purchase property abroad, it could well prove worthwhile to use an independent foreign exchange broker to move the cash.

This will help access competitive currency exchange rates and avoid the high fees often charged by high street banks.

Click here to make an International Money transfer to Saudi Arabia

Posted by Sarah Pitton