RIYADH, 16 August 2005 — Al-Rajhi Banking and Investment Corporation (ARABIC) has opened a high-tech customer-friendly exchange and remittance center in the Diplomatic Quarters here. This is the first bank’s exchange and remittance outlet of its kind now operating in the high-security Hayyis Safarat District, where more than 70 foreign embassies, offices of the United Nations and other international governmental agencies are located.
“This Al-Rajhi center will primarily serve embassy officials and a large number of foreign workers, who shuttle from city to the DQ daily for work,” said Sami Al-Rajhi, chief of Al-Rajhi exchange and remittance centers, here yesterday. Al-Rajhi said that the move to open this new center was part of an ambitious expansion plan under which ARABIC will set up 18 new remittance centers across the Kingdom this year.
He said that Al-Rajhi’s remittance center at Al-Kindi Square of DQ would ensure guaranteed delivery of funds to the beneficiaries well in time. The center’s location is also important from security point of view as people working at the DQ will no longer be required to go out for remittance. The center currently offers a range of banking services including express remittance, cash online, drafts and checks, traveler checks, remittance between local banks and currency exchange
Referring to the opening of new remittance centers, Sami said: “Five new Al-Rajhi exchange and remittance centers including the one in Jizan have been opened.” “By the end of this year, the bank would have 62 remittance centers,” he said. The bank has also launched a new service called “Cash Online”, which ensures delivery of funds within two hours. Sami said that the Cash Online was the latest product launched by the bank on the basis of 50 years of its experience.