Looking to exchange SAR with US Dollars

Post new topic

malisohail Serial expat

Member since 28 February 2011

malisohailSerial expat25 November 2013 08:30:37

272

Hi,

I will be travelling extensively in few months with friends & then later with family. I just want to keep some cash in the form of US dollars. I am looking to exchange on standard rate with some expat or agency.

i.e. 1 USD = 3.75010 SAR

I had been following this post but its not that much of help as the selling price of USD is quite high these days if done through banks or money exchange retail points.

/forum/viewtopic.php?id=74182

Mode of payment:
1. It can be handedover to you via cash or through bank transfer on the same moment (whatever you choose).聽
2. We can exchange our signed iqama & passport copies to make it more secure and comfortable.

malisohail Serial expat

Member since 28 February 2011

malisohailSerial expat26 November 2013 20:30:50

272

anyone ?

stressedmom Serial expat

Member since 05 April 2013

stressedmomSerial expat27 November 2013 04:37:58

661

Most US airports have a place to exchange in their international terminals, but there is always a fee.

Amer@Riyadh Member

Member since 01 April 2011

Amer@RiyadhMember27 November 2013 05:18:06

I think the exchange rate we get from the bank isn't that bad. You may actually find it worth the hassle of getting money exchanged from outside or open market.

I use SABB since I have my salary account there.
Their rate is fixed at 3.753998947 SAR to a dollar

This compared against your target rate (i.e. 3.75010 SAR) results in a loss of only 27 halalas for every 1000 SAR exchanged. This comes out to be just 0.27%.
And you get to do this in an instant, online via internet banking.
Compare it with the hassle of going somewhere or to some individual for exchanging currency.
Also, keep in mind that getting them from open market would always have the risk of a fraud, where as with the bank, it is highly unlikely that bank will give you fake currency notes.

Full Monty Serial expat

Member since 04 October 2013

Full MontySerial expat27 November 2013 08:43:58

206

A while back I might have taken you up on the offer, being without a bank account and therefore unable to exchange my dollars for riyals.

I think I eventually got 3.75 at the bank.

I agree using a bank is much less fraught with risk.

chimchim Member

Member since 13 February 2015

chimchimMember16 February 2015 16:37:17

If you're looking for ease and convenience, the airport is the way to go. But you'll get a slightly better rate at the bank.

Articles to help you in your expat project in Riyadh

Opening a bank account in Saudi Arabia
One of the first and most important tasks for expats in Saudi Arabia is to get their bank accounts open and ...
Banking in KSA
My personal experience recommends that the foreign banks are far better and easier to deal with in terms of ...
Study in Riyadh
Saudi Arabia may not be one of the most well-known educational destinations. In fact, a lot of Saudi nationals do ...
Working in Riyadh
As the capital city of Saudi Arabia, Riyadh is one of the biggest urban communities in the country and is home to ...
Compounds in Riyadh
Here is a listing of many (not all) of the compounds in Riyadh along with contact information.
Buying property in Riyadh
Even though Saudi Arabia has experienced significant changes in the past years, the local real estate market ...
Things to do in Riyadh alone or with your crowd
Riyadh is one of the biggest and most beautiful cities in Saudi Arabia, with quite a bit to offer to expats in ...
Getting a driver's license in Riyadh
As mentioned earlier, the purpose of writing the article is to inform聽expats聽who arrive in Saudi Arabia, ...