Saudi Arabia was the second biggest country in the world to transfer money in a five-year period (2008-2013), according to a financial report.

The United States topped the list with an average of $51.8 billion (SR194.25 billion) during the same period, the report published by Al-Riyadh daily said.

The Kingdom came second with $28 billion (SR105 billion), followed by Russia, $27.9 billion (SR104.62 billion), and Switzerland with $24.7 billion (SR92.62 billion).

According to the report, the United States registered the highest record in volume of money transfers in 2013 at $52 billion (SR195 billion), followed by Russia ($37.2 billion), Saudi Arabia ($35 billion), Switzerland ($30.1 billion) and the UAE ($20.3 billion).

Regarding the Gulf Cooperation Council (GCC), Saudi Arabia ranked first in money transfers by expatriates in 2013 at $35 billion, followed by the UAE ($20.3 billion), Kuwait ($ 15.2 billion), Qatar ($11.3 billion), Oman ($9.1 billion), and Bahrain ($2.1 billion), according to the report.

The outflow of money from the GCC countries reached $93 billion (SR349 billion) in 2013, or an increase of 7.8 percent compared to 2012 figures.

Al-Riyadh daily estimated that money transfers from the GCC countries in a five-year period (2008-2013) averaged $79.1 billion, which accounted for 22.6 percent of the total money transfers globally.