Finance Ministry denies move to impose fee on remittance

Saudi Arabia’s Ministry of Finance denied on Monday reports that it was planning to impose fees on the remittances of foreign workers.

The ministry said it was committed to supporting the free movement of capital through official channels in accordance with international standards and practices.

The statement was issued in response to “baseless and unfounded reports” by some media outlets. 

The Kingdom is home to more than 10 million foreign workers who in 2017 sent almost $38 billion to their home countries. 

The ministry said keeping the remittances free of fees “will also enhance foreign investors’ confidence in the Kingdom’s economy and financial systems.”

The ministry said it had already denied rumors of charging expats for their remittances in January 2017.