Getting Money Out Of Saudi Arabia As An Expat part 2 – Part one is here.
Top 7 Different Fintech in Saudi Arabia
We live in a time when the world is becoming increasingly reliant on technology. In fact, this trend shows no signs of slowing down, and it looks like we’ll be relying on technology even more in the future. In Saudi Arabia, there are currently four different fintech companies doing their part to ensure that it’s easier than ever for people to do their banking. Here are the top 7 fintech companies in Saudi Arabia.
1. SADAD
SADAD is an electronic payment system that allows for secure payments over the internet, whether making bill payments, transferring money, or donating to charity. All you need to do is connect your credit card, debit card, or checking account to the service, and you’re good to go.
2. AdCash Payment Gateway
AdCash offers reliable solutions for online merchants, no matter how big or small their business is. They give users a wide range of payment options, and they work directly with more than one hundred different credit card companies and banks around the world. Besides, they also offer competitive rates.
3. NCR Silver
When you think of banks, the chances are that the first thing that pops into your head is an ATM. But what if all those ATMs could talk to each other? With NCR Silver, your ATMs can be part of a network that allows people to make transactions from ATMs without going inside the building.
4. Cerebra Payment Gateway
Cerebra allows businesses to accept online payments, whether it’s through credit card, debit card, or bank account. This is an ideal service for eCommerce companies because they can simplify taking payments and cut down on expenses from third-party fees.
5. Velmie
Velmie is a mobile-first platform that gives merchants easy access to a suite of services. No matter whether you’re a new merchant or a first-time business owner, you’ll have the tools and resources you need to get your business up and running. Also, they provide a user-friendly dashboard to monitor all your transactions.
6. Falak Investment Hub
Falak Investment Hub is a joint initiative between the Saudi Arabian Capital Market Authority and FinTech4Good. It’s designed to provide small and medium-sized enterprises with tools that will help them manage their business more efficiently. Meanwhile, you can use the service to manage your investments.
7. BM Innovate
While other fintech companies provide services that you can use to manage your money, BM Innovate focuses on providing entrepreneurs with the tools they need to succeed. Even more than that, it’s an accelerator and incubator for Saudi Arabian start-ups.
If you have finished reading our list of the top fintech companies in Saudi Arabia you might also be interested in finding the best bank in Saudi Arabia for expats.
Overview of the Pros and Cons of Living in Saudi Arabia
Living in Saudi Arabia can be an incredibly rewarding experience depending on your current living situation. Some expats can enjoy the benefits of living in a new, exciting culture, while others struggle to adjust to the laws and regulations of this country.
The best way for you to know if Saudi Arabia is right for you is by being informed about what you’re getting yourself into. In this article, we will outline the positive and negative aspects of living in a country like Saudi Arabia. Check it out below!
Pros
Virgin Land
The Virgin Land of Arabia is the beginning point that started civilization itself. This beautiful desert has housed civilizations since thousands of years ago, and it still does today. Besides, it’s home to one of the 7 wonders of the world, The Great Pyramids at Giza.
Houseboats
Houseboats are a luxury in which many people in the world don’t have. In Saudi Arabia, you can find houseboats on popular waterways such as The Red Sea and The Persian Gulf. They have stunning views of the water and a welcome change from an apartment or house in a city.
Protection
Saudi Arabia is a safe country, especially for women! Women in Saudi Arabia are given more rights than women in other Arabic countries. Women can drive, open their businesses, work at hospitals and universities, and more!
Caring citizens
Saudi Arabians also contribute to society in many ways. Some citizens volunteer at orphanages, while others donate money to charities that help the less fortunate, like giving them food and shelter. The citizens also help with national emergencies, sports games, and more.
Opportunity for Higher Education
Saudi Arabia offers free education to everyone who lives within its borders. This includes college-level degrees! While it’s true that many universities in Saudi Arabia are separate for men and women, opportunities like these still provide a great future ahead of its citizens.
Cons
No Freedom of Speech
Freedom of speech is not allowed in Saudi Arabia, so what you say or do can have legal consequences. This also applies to social media platforms like Twitter and Facebook. Even though the government blocks them, people use proxy servers to log on to them. For example, blogger Raif Badawi was sentenced to 1,000 lashes and 10 years in prison for setting up a website that undermines general security.
No Freedom of Religion
Saudi Arabia is an Islamic state with strict Sharia law. Now, this does not mean you are forced to practice Islam, but it also means non-believers do not have the same rights as Muslims. For example, you cannot choose what to wear. Women have to cover their whole body and face while outside, men can only go shirtless in the summer months.
No Freedom of Movement
When living in Saudi Arabia, women are not allowed to drive cars. They also need permission from their legal guardians (a close male family member) before traveling. Also, women can’t go out without a male family member, and even shopping for clothes and makeup is often done by the man of the house.
No Freedom of Association
The government closely monitors your associations and friendship circles. Your friends, hobby groups, and work colleagues all need to be approved by the Ministry of Interior, or they will eventually be shut down. If you gather more than two people together in public to express a political view or discuss religion, for example, you can face imprisonment and/or torture.
No Privacy
Privacy and individual freedoms we often take for granted in the West simply do not exist in Saudi Arabia. For example, having sex with someone you are not married to is punishable by death. The government taps phone calls, reads emails, monitors social media profiles, and installs spyware on computers.
Expensive Cost Of Living
The cost of living in Saudi Arabia is very high. Just a simple lunch for two costs around $20. A gym membership will set you back around $300, and groceries for a month can go up to $400. On top of that, the income tax rate is 3% but only applies to foreign workers who earn more than $53,000 a year. Locals do not have to pay any taxes.
No Personal Freedoms
Women have very few personal freedoms in Saudi Arabia. They cannot choose what they want to study at school or university and must be accompanied by a guardian if they want to go out. Young girls are frequently forced to marry men from the age of 10 or 11, sometimes up to five times their age.
Is Saudi Arabia A Good Place For Expats?
Saudi Arabia is located in the Middle East and occupies most of the Arabian Peninsula. Saudi Arabia was created by uniting the Kingdoms of Hijaz and Nejd through a series of treaties and, eventually, conquests. It is now nearly ethnically Arab except for some scattered communities along its coast, such as Jeddah (inland of Mecca) and Yanbu (northwest of Medina) areas.
The official language is Arabic, while the secondary languages are English, Hindi, and Urdu to a lesser extent. However, Saudi Arabia is a good place for expat that can adhere to the rules and regulations.
Conclusion
Everyone knows that Saudi Arabia is an oil-producing country, but few realize the degree to which its people are dependent on it. With no income tax, value-added tax, or sales tax, almost all of Saudi Arabia’s GDP derives from the profits gained through its oil industry. Therefore anything that restricts this revenue directly affects the local economy by limiting the amount of money available for spending. Refer to this guide to understand getting money out of Saudi Arabia.
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