Remittances from Saudi Arabia Surge by 15% to SR14.91 Billion
Expatriates' outbound transfers rise to $3.95 billion in July, with Saudis sending more too; unemployment at historic low supports income flows.
Riyadh: Expatriates in Saudi Arabia sent SR14.91 billion ($3.95 billion) abroad in July, a 15.4 percent increase from the same month last year, according to the latest data from the Saudi Central Bank (SAMA).
Transfers by Saudi nationals also climbed, with a 13.8 percent rise to SR6.61 billion.
Cumulatively, in the first seven months of 2025, expatriate remittances advanced 22.26 percent year on year to SR98.6 billion, while transfers by Saudis rose 14.26 percent to SR37.32 billion, the central bank's monthly report indicated.
Several factors are driving the surge in remittances.
A tightening labor market, with unemployment among Saudis and non-Saudis falling to a record 2.8 percent in the first quarter of 2025, indicates resilient demand for workers and steady income flows.
The Kingdom's efforts toward a cashless economy have also made cross-border transfers faster and cheaper, with e-payments accounting for 70 percent of consumer transactions in 2023.
Technology is playing an increasingly significant role as well.
Fintech collaborations, such as the partnership between Western Union and urpay, enable residents to initiate international transfers directly from digital wallets and super-apps, aligning with financial inclusion goals outlined in Vision 2030.
While expatriates constitute the majority of outward remittances, Saudi nationals' personal transfers are also increasing.
These typically cover expenses such as overseas education, healthcare, holidays, family support, and property or investment outlays—categories that expand alongside higher travel and global integration.
Regulatory frameworks overseen by SAMA ensure the secure and scalable movement of transactions through national payment systems such as SARIE and Mada.
With unemployment low and digital corridors expanding, remittances are likely to remain elevated throughout 2025, despite monthly fluctuations driven by travel and currency movements.
The World Bank projected in 2024 that remittances to low- and middle-income countries would grow 2.8 percent to $690 billion in 2025, with exchange-rate shifts and broader macroeconomic conditions remaining key risks.
Transfers by Saudi nationals also climbed, with a 13.8 percent rise to SR6.61 billion.
Cumulatively, in the first seven months of 2025, expatriate remittances advanced 22.26 percent year on year to SR98.6 billion, while transfers by Saudis rose 14.26 percent to SR37.32 billion, the central bank's monthly report indicated.
Several factors are driving the surge in remittances.
A tightening labor market, with unemployment among Saudis and non-Saudis falling to a record 2.8 percent in the first quarter of 2025, indicates resilient demand for workers and steady income flows.
The Kingdom's efforts toward a cashless economy have also made cross-border transfers faster and cheaper, with e-payments accounting for 70 percent of consumer transactions in 2023.
Technology is playing an increasingly significant role as well.
Fintech collaborations, such as the partnership between Western Union and urpay, enable residents to initiate international transfers directly from digital wallets and super-apps, aligning with financial inclusion goals outlined in Vision 2030.
While expatriates constitute the majority of outward remittances, Saudi nationals' personal transfers are also increasing.
These typically cover expenses such as overseas education, healthcare, holidays, family support, and property or investment outlays—categories that expand alongside higher travel and global integration.
Regulatory frameworks overseen by SAMA ensure the secure and scalable movement of transactions through national payment systems such as SARIE and Mada.
With unemployment low and digital corridors expanding, remittances are likely to remain elevated throughout 2025, despite monthly fluctuations driven by travel and currency movements.
The World Bank projected in 2024 that remittances to low- and middle-income countries would grow 2.8 percent to $690 billion in 2025, with exchange-rate shifts and broader macroeconomic conditions remaining key risks.
