Apr 032014

By Mohammed Waseem

Saudi Arabia is a country which has a huge number of expatriates working there, who send money to their families back home on a regular basis. Money transfer services with good services are very important in such countries. They have a currency exchange company called Alamoudi Exchange Company, which offers international money transfer services.

Headquartered in Jeddah, they conduct business through local and international correspondent banks, as well as leading international money transfer services. Alamoudi is the among the top three money transfer services in the region, in terms of correspondents and the largest exchange house dealing in foreign currency banknotes. They completed 50 years of operation in 2012, which suggests their experience in the industry.

Alamoudi Exchange CompanyCustomers can send money to any country with their service through the banks and international money transfer companies. They do not have online transfer service which means that the senders have to walk in to any of the Alamoudi branches in the Kingdom and complete the transaction from there. They offer cash to cash transfers for over the counter collection, bank transfers for transfers into the recipient’s bank account, demand draft for transfers to the recipient’s bank account via checks and door to door payments for delivery to the recipient’s door step.

Apart from these, they offer instant money transfer services through international money transfer services, such as Western Union, Money Gram, Xpress Money Transfer, Sigue Money Transfer, etc. They also encash Hajj Checks drawn on them by their counterparts during the Hajj (Muslim Pilgrimage) season.

The country which sees the most transfers through Alamoudi Exchange Company is Bangladesh. They have been the most favorite remitting company for the Bangladeshi expats in the Kingdom due to the convenience and customer and service. With over 3.5 million Bangladeshis residing in Saudi Arabia, the company has huge potential.

Fees for the services and delivery times depend on the service chosen, which can be enquired only at an Alamoudi branch or by phone at 920008292. A drawback which deprives them of growth and expansion is their limited presence and their primary presence in the Western Region. They must consider having branches in all major cities across the Kingdom.