Exchanging Riyals for U.S. Dollars

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TexasPilot Active member

Member since 17 September 2010

TexasPilotActive member05 April 2011 11:41:29

When I lived in Jeddah I had this all worked out but now I'm in Riyadh and have to start all over again. Where do I get a good haircut, where do I buy food, etc...

Most important right now, does anyone know where I can exchange Riyals for U.S. Dollars? Preferably close to the Embassy area or around the Kingdom tower. I'll even go to the Batta or Philippino market area if I can get a good exchange rate.

The banks won't even look at me because I'm not a resident and the hotel busboys offered to get me some Dollars but with the prevalence of funny money floating around I don't want to take any chances. I'm looking for an established business.

Thanks in advance.

slyshooter Serial expat

Member since 18 October 2010

slyshooterSerial expat05 April 2011 12:01:08

863

You can get your money exchanged from Aqaria Mall, which is nearest to Kingdom Tower, it's on Olaya Road, on the same intersection of Jareer Bookstore signal, exactly opposite to Starbucks. There are two banks that offer money exchange there, since the Riyal and US Dollar are tied up, the rate is fixed everywhere in the country

The other place you can get is also on Olaya Road, if you travel further South towards FAisaliah, go straight from Faisaliah signal, and before you reach the second signal, you will find ENJAZ bank on your left handside, they also exchange money

TexasPilot Active member

Member since 17 September 2010

TexasPilotActive member05 April 2011 12:16:48

Thank you, I'll go check them out. Can you believe that I have an account with Emirates NBD in Dubai but their branch here in Riyadh won't even give me the time of day unless I have an account with them locally? Ridiculous but oh well...

I understand the rates are SUPPOSED to be fixed but in Jeddah you can get better rates at the market than at the banks. I wish there was somewhere like that here but I'll go to the banks where you said for now.

Thanks again.

fredsaleh1 Member

Member since 26 December 2010

fredsaleh1Member05 April 2011 23:27:47

the best place is the Al-Rajhi money exchange centres. they're professional, and guaranteed. the rate is pretty good too. they're available everywhere.

kamiii Serial expat

Member since 31 January 2011

kamiiiSerial expat05 April 2011 23:40:07

434

fredsaleh1 wrote:
the best place is the Al-Rajhi money exchange centres. they're professional, and guaranteed. the rate is pretty good too. they're available everywhere.

Yeah I agree with fredsaleh1 .. even in Jeddah.. Al Rajhi used to have a better rate then the coin/money exchangers in the umbrella souq ( The gold and abaya souq opposite Mahmal center / Behind Queens Building )

TexasPilot Active member

Member since 17 September 2010

TexasPilotActive member06 April 2011 01:15:35

Yeah behind Queens in the Corniche, that's where I always went in Jeddah and used the same guys which were great but if you say Al Rajhi is better then that's where I'll go.

Is there one close to the Kingdom tower? That's the closest big building I can see from here. I live about 1.5 miles from there on that road toward the Embassy area. Even closer to me is the Euromarche supermarket.

Dubliner1967 Active member

Member since 20 January 2011

Dubliner1967Active member06 April 2011 04:12:43

as I understand it....the real is tied to the dollar at 3.75, so what rate is available from the money changers ? and how is it even possible to get a better rate ?

rcmedina Active member

Member since 30 March 2011

rcmedinaActive member06 April 2011 04:22:55

Al Rajhi in Olaya is good聽 Al-Olaya Branch
Phone No.:聽 14160856
Fax No.:聽 14160873
POBox:聽聽
...you can also try
Enjaz ENJAZ- BANK AL BILAD
ALOLYA ST.
AL OLYA
RIYADH
(966)聽聽(1)聽聽4798937

kamiii Serial expat

Member since 31 January 2011

kamiiiSerial expat06 April 2011 15:09:16

434

Dubliner1967 wrote:
as I understand it....the real is tied to the dollar at 3.75, so what rate is available from the money changers ? and how is it even possible to get a better rate ?

thats the money market trading rate.. open market rate always varies..

TexasPilot Active member

Member since 17 September 2010

TexasPilotActive member06 April 2011 15:35:13

#10

Thank you RCMedina. Is that close to Al Uruba street? That's where I live.

3.75 is the rate that governments trade but when you go to a bank they will pay you less to buy it from you and charge you more to sell it to you. As much as people around the world hate the American way, when it comes down to it everybody wants to make a buck!

andsoitis Active member

Member since 15 July 2011

andsoitisActive member12 January 2012 22:47:42

#11

can anyone tell me where in jeddah i can get dollars... headind for sri lanka on honeymoon

malisohail Serial expat

Member since 28 February 2011

malisohailSerial expat24 September 2013 22:04:45

#12

272

TexasPilot wrote:
Thank you RCMedina. Is that close to Al Uruba street? That's where I live.

3.75 is the rate that governments trade but when you go to a bank they will pay you less to buy it from you and charge you more to sell it to you. As much as people around the world hate the American way, when it comes down to it everybody wants to make a buck!

thats very factual. Exchanging dollars with a local bank is a sheer disappointment. The difference is not marginal in anyway.

Allons-y Active member

Member since 21 October 2010

Allons-yActive member23 August 2017 07:07:36

#13

**Urgent update needed...

What is the "best" place to change riyals to USD these days?

For around 3,800 SR, what would be the likely range of money "taken" as commission from banks/places in Batha/etc.? For example, at that amount, is it a question of losing 40 SR vs. 80 SR or is the range much bigger, like a differential of 300+SR?

Thanks in advance for all input.

Allons-y Active member

Member since 21 October 2010

Allons-yActive member23 August 2017 08:51:17

#14

*I went ahead and did the conversion at my bank (Alawwal)... which amounted to more or less what the exchange rate is.聽 Saved time and probably wouldn't get beaten by much.

Kaby VIP Member

Member since 14 April 2015

KabyVIP Member23 August 2017 12:55:06

#15

564

Well you can try nextt time Al-Amoudi Exchange on Madina road, as it is the one who gives best rates from all other bank's and exchange center's in KSA.聽
Either the rates of conversion or the rates for sending money to your home country they have the best rates from all others.

kom340 Contributor

Member since 01 August 2013

kom340Contributor27 August 2017 09:38:38

#16

181

Hi,

Can you share more precise location of Al-Amoudi exchange please?
Is it on King Fahd Road?

Kaby VIP Member

Member since 14 April 2015

KabyVIP Member27 August 2017 12:54:28

#17

564

This have all branches details of Al-Amoudi Exchange, Best reachable branch with convenience is Madina Road Branch.

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