Expatriate remittances from Saudi Arabia soared to 15.5 billion riyals ($4.13bn) in March 2024, marking a 29.61 per cent 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 labour 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 6.5bn riyals, representing a 27pc increase over the same period and reaching their highest level in almost three years, Sama figures show.
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.
Visa’s general manager for Saudi Arabia, Bahrain and Oman Ali Bailoun noted that the kingdom remains one of the leading remittance-sending markets globally. He emphasised 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 towards digital channels is helping address many of these issues, offering users greater control, visibility, and convenience in managing international payments.
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