RIYADH, 29 August 2006 — Al-Rajhi bank, one of the leading banks in the Kingdom, has announced a major expansion plan of its money transfer business under which it has started setting up new exchange and transfer centers across the Kingdom. “Two new high-tech customer-friendly Tahweel Al-Rajhi centers, one at the Al-Sameer Center in Jeddah city and another one in Rabigh, have been opened this week,” said Sami H. Al-Rajhi, manager of Tahweel Al-Rajhi.
Sami said that these new remittance offices, popularly known as “Tahweel Al-Rajhi” centers, could be used by Saudis and expatriate customers to transfer money, demand drafts, traveler’s checks, local transfers, debit account remittance and many other services. These centers are equipped to handle “Cash Click” and “Cash Online” services, which are the fastest methods of remittances launched by the bank recently.
Sami added that two more Tahweel centers had also been opened in Ras Tanura and Mubarraz in the Eastern Province. “We have also now geared up to expand and introduce the fastest remittance service called ‘Cash Click’ in our 14 Tahweel Al-Rajhi locations from next week,” said the bank’s official adding that the “Cash Click” service ensures delivery of funds to the beneficiaries abroad within a few seconds only.
“This innovative service, launched recently, is being expanded with an aim to enable customers to transfer their remittances instantly without any hassle,” said Sami. At the moment, Cash Click facility is available for only 10 countries out of the total of 54 countries, where Al-Rajhi has its correspondent banks or has facilities to remit money. These countries include India, Bangladesh, Sri Lanka, Nepal, Pakistan, Sudan, Morocco, Yemen, Jordan and Syria.
Referring to the expansion plan, Sami said, “The network of Tahweel centers is growing very fast and we currently have some 64 operational centers around the Kingdom. A major plan to open more remittance centers across the Kingdom, which will offer may other services besides facilitating the remittance services, is under the implementation phase,” said the Tahweel Al-Rajhi chief, while referring to a “Gift Bonanza Scheme for Al-Rajhi Customers” launched this week.
“Under this Gift Bonanza Scheme,” he said, “every customer will be given a gift.” This promotional scheme will be followed by another “Surprise Promotion” to be launched shortly. All Tahweel Al-Rajhi Centers will have these gifts for customers, said Sami, while calling the customers to visit the centers for their share of gifts. Al-Rajhi, he said, had emerged as the leading bank in terms of the volume of remittances.
Foreign workers in Saudi Arabia remit over $16 billion a year to their home countries. This is 60 percent of the $27 billion transferred by expatriates in Gulf Cooperation Council countries annually. The United Arab Emirates makes up 16 percent with $4 billion a year, whereas Kuwait, Oman, Qatar and Bahrain the remaining $7 billion. Al-Rajhi Bank also offers remittance and draft facilities through its network of 391 branches Kingdom-wide.
The bank has also more than 768 automatic teller machines (ATMs), making it the largest banking network in the Kingdom. This bank has grabbed a major share of the growing remittance market.