Arab Bank International Transfers & Exchange Rates

Since its launch in 1930, Arab Bank has grown into one of the most financial institutions of its kind in the Middle East, transitioning seamlessly into the online financial services sector by providing easy-to-use digital banking solutions. The bank operates more than 600 branches across 5 continents; but we want to know how straightforward, accessible and expensive their cross-border transfers are.

About Arab Bank

The bank was founded 91 years ago in Jerusalem, Mandatory Palestine but is now headquartered in Amman, Jordan. In 2020, Arab bank reported $54.4 billion in assets, which is a 6% increase from the year before despite the pandemic.

With a presence in 28 countries, and a network of over 600 branches spanning five continents, Arab Bank is one of the leading banks in the Middle East. The Jordan-based bank offers customers various financial packages, mainly in Palestine, UAE, and Egypt. It has assets estimated to be worth over $54 billion.

Through its personal banking Arabi cross-border services, customers can access Arab Bank international transfers.

Arab Bank Exchange Rates and Fees

Most international money transfer clients always look at the cost of the transfer. This is to ensure they get value for money. Exchange rates and fees are key determinants of the final cost of transactions.

Exchange Rate

Arab Bank’s exchange rates are fixed depending on the transfer destination. The margin ranges from 1.5% to 4% above the mid-market rate.

These exchange rate margins also apply for international Visa Card transactions.

Arabi Bank charges 0.5% foreign exchange fees at bank branches and 0.375% for transactions through the Arabi mobile and Arabi online.

Arab Bank exchange rate margins are significantly higher compared to money transfer providers. Some charge mid-market rates, while others have a rate below 1.5%.

Arab Bank Transfer Fees

International Wire Transfer Fees for Digital Channels:

International Transfers in Other Currencies on the Digital Channels

Arab Bank International Wire Transfer Fee for Transactions at the Branch

Note: Transfers are free to Arab Bank account holders in Palestine.

Additional Costs

On occasion, customers may incur additional "Outward Remittance" charges, such as:

• Submitting an enquiry about any Outward Remittance in a foreign currency: 10.50 BHD or equivalent

• Amending a transfer amount in a foreign currency: 10.50 BHD or equivalent

For the full list of Arab Bank's fees and charges follow this link.

How Do Arab Bank Transfer Fees Compare to Using a Money Transfer Provider?

Generally, banks will always have higher costs than most money transfer providers because there are sometimes more than two banks involved in the transaction process. There are also several fees banks must cover, such as handling and payment charges.

Arab Bank's international transfer fees are reasonable compared to the charges levied by other banks.

For better clarity, we break down the cost of sending money to different countries and most relevant to Jordanians. We do a side-by-side comparison of pitting Arab Bank and a money transfer service. We’ll assume $100 is our transfer amount.

Arab Bank Pros and Cons

Arab Bank SWIFT Codes

Banks all around the world partake in the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which identifies different financial institutions through a system of unique bank codes. Here we provide a list of SWIFT codes for X Bank, organised by geographical locations.

How to Open an Account and Transfer Money With Arab Bank

You can open an account with Arab Bank in two ways. One is through a branch, and the other is by filling out an application form online. You will be required to submit a few requirements for verifying your identity and address. Once this is done, you can register for Arabi Online, which is the online banking service of Arab Bank, and from there, you can access your account to send money.

Opening an Arab Bank Account

Both Jordanians and non-Jordanians can open an account with Arab Bank. However, as mentioned, non-Jordanians must provide the requirements to verify their identity and address in Jordan.

Here are the needed documents:

• Proof of identification (e.g., passport, identification ID for the children of the Gaza Strip, or Identification ID for the children of Jordanian women)

• Birth certificate or family book for minors if opening an account in the state

• Proof of residence (e.g., utility bill that's not more than three months old or a valid lease contract)

• Proof of work (e.g., letter from the employer, salary certificate, salary voucher, craft/professional license stating work address)

• Residence permit and valid work permit or a Diplomatic ID or Investor Card.

Transferring Money With Arab Bank

Once a newly registered account has been activated, users can register to Arabi Online. Users can send money within their accounts or to other local and international banks using that service.

Customers first need to log in using their username and by typing in the captcha from the Arabi Online website. Next, users need to enter the password on the second step of the login process. After logging in, customers can start sending money.

Take note that the type of transfer (local or international) must first be specified. After this, the beneficiary and the exact amount should be entered. Once everything is in check, the transaction can be confirmed.

Additional Information

The lowest transfer cost that you can pay with Arab Bank is 6 JOD, but this is only for transactions of up to 500 JOD (705 USD). If the sum is higher than 500 JOD but not lower than 5,000 JOD, the transfer fee is 10 JOD (14 USD). And, for amounts over 5,000, the transfer fee is 0.25% of the entire amount with a maximum of 70 JOD or almost 100 USD.

As mentioned, if you're sending money regionally, the transfer fees are zero, but Arab Bank also doesn't charge outward remittances fees on transfers to its branches in Palestine.

What Customer Support Options Are Available?

Arab Bank offers several channels to contact customer support. Users can walk into a branch or use the helpline numbers. The bank also provides different social media channels for communication.

Summary

Arab Bank is one of the most trusted banks in the middle east and offers a convenient and secure way to transfer money in the region. However, what it offers generally favors only clients in that part of the world, and the branches it has in other continents don't provide the same advantages. For instance, its Arabi Access feature is limited only to a handful of countries. Aside from that, the fees and exchange rate margin on each transaction add up to a steep transfer cost in contrast to money transfer companies. So, while an excellent bank overall, it may not be the best choice to save money on international transfers.

Fear not, however, there are many reliable global remittance companies offering low-cost, speedy and secure transfer services: use our comparison tool to find out which company is better suited to your needs.

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