SABB Bank International Transfers & Exchange Rates
SABB is an associated company of the HSBC Group headquartered in Riyad, Saudi Arabia. In 2019, celebrated business woman Lubna Olayan became the first Saudi woman to head a Middle Eastern bank. In this review we will evaluate the bank’s international money transfer service and how it compares to specialist operators in the remittance sector.
About SABB
SABB stands for Saudi Arabian British Bank, the origins of which can be traced back to 1959, when the bank was acquired by HSBC. Through various financial services such as everyday banking, wealth management, financing and international transfers the bank serves a predominantly Middle Eastern and British customer base. The bank employs over 5,000 people across 81 locations in Saudi Arabia and the UK.
This review will take a closer look at the bank’s international remittance services and how their services compare to dedicated transfer companies.
Can I Use SABB for International Bank Transfers?
Yes, SABB offers worldwide payments by means of traditional wire transfer as well as offering a new approach to instant transfers: the first of its kind in Saudi Arabia. Read onwards for more details on what to expect from SABB international transfers.
Exchange Rates and Fees
Foreign exchange spread and fee structure are two very important factors to be considered when evaluating the quality of an international money transfer service. Therefore, in the next section we will run through the cost of SABB services, comparing them to specialist money transfers.
Exchange Rates
SAAB makes a profit from currency conversions by applying a profit margin on top of the mid-market rate. The size of this margin varies depending on the currency. For this reason, there are better alternatives elsewhere, thanks to modern money transfer companies that match the true mid-market value for foreign currencies.
Transfer Fees
The fees for SAAB international remittances range from 17.25 SAR (4.25 USD) to 46 SAR (12.26 USD). These fees depend on the currencies involved and the total transfer amount: customers can review the fee before confirming the transaction.
Additional Costs
There are no added costs for sending money overseas with SABB.
How Do SABB Transfer Fees Compare to Using a Money Transfer Provider?
The transfer fees at SABB are much higher than the price of specialist money transfer services. This is because the bank’s fixed fee structure means even smaller transactions will incur fees up to 12 USD.
To save money on unwarranted fees and commissions, consider TorFX, Xe or InstaRem, all of whom offer some of the lowest fees for various international transactions to different parts of the world.
SABB Pros and Cons
Join us as we dive into examining the various reasons why SABB is a good choice, as well as a few reasons why it might be worth exploring alternative options. Here is an overview of the pros and cons:
Pros
Cons
How to Open an Account and Transfer Money With SABB
Understanding the step-by-step process of signing up for a new bank account and sending money can be tricky. We have outlined the process below to simplify the process and rule out any obstacles.
Opening an Account
Prospective customers should fill in the online application form that asks for information about your employment inc. salary, taxes, country, as well as questions about your relationship with other Saudi Arabian bank accounts. You will also be asked to provide proof of ID and residential address.
Transferring Money
The process of transferring money is simple with SABB and remains the same regardless of the destination. Here is an overview of the steps involved:
Step 1: Once you have opened an account log in using desktop browser or mobile device
Step 2: Select the recipient from previous contacts or, if new, enter their payment details. New recipients will need to provide their bank details including bank address, account number and SWIFT code
Step 3: Select the amount you wish to send and the currency you are using
Step 4: Review the transaction, confirming all details are correct, before submitting the payment request
What Customer Support Options Are Available?
Phone: SABB customer service agents are available to call on +966 920007222
Live Chat: log into your account to access the live chat feature
Summary
SABB is a reliable and trusted Saudi Arabian bank that can be used for a variety of financial support needs. Although limited, this bank’s international money transfer options are solid, with instant transfers available for a select few Asian countries. The mobile app also comes highly rated, which means you can expect a great online experience. However, the fixed fee structure of SABB makes this provider less affordable than the majority of money transfer alternatives, such as Wise, WorldRemit or InstaRem. Explore these options by visiting our Company Reviews page and see how you can save money on fees and enjoy better currency conversion rates.
Other Banks
Answers to key questions about SABB
Our users often have questions about the functions and limitations of money transfer services offered by banks so we have compiled a list of answers to commonly asked questions below.