Currency Exchange Tips for Saudi Arabia

The national currency of Saudi Arabia is called “Saudi Riyal” or “SAR.”. If you are planning a Saudi Arabia trip for the first time, then you must understand the currency exchange process. Being unsure about where and how to exchange money can cost you both time and money.  The currency exchange process is quite straightforward if you know the right steps and tips. 

In this blog, we will learn everything about Saudi Riyals, how to get them, factors impacting the exchange rate of the riyals, and tips to get the best exchange rates for INR to SAR.

Overview of the Saudi Riyal currency

The Saudi Riyal has a lot of significance as the official currency of Saudi Arabia. The Riyal symbolises the financial stability of the country, and reflects its position as a leading nation of the world. It is the medium of all transactions within the country and plays an essential role in both domestic purposes and global trade.

The Saudi Riyal is regulated and issued by the country's central bank, Saudi Arabian Monetary Authority or SAMA. The Riyal is further subdivided into 100 halalas. Both the Riyal and halalas are available in various denominations, such as coins and notes.

How to Get Saudi Arabian Riyals

There are many ways to get the Saudi Riyals, including 

• Reputed banks, 

• Online currency exchange platforms or 

• You can also get the Riyals after landing in the country. 

Many airports in Saudi Arabia, like King Khalid International Airport in Riyadh and King Abdulaziz International Airport in Jeddah, have special currency-exchange services and ATMs for withdrawing Riyals.

Before getting any currency-exchange services, you can consult SAMA’s list of licensed money changers. If you are using ATMs to withdraw Riyals, connect with your bank beforehand to know if there are any foreign or international ATM fees or if they have partnered banks in Saudi Arabia that offer fee-free withdrawals for your debit card. 

Pro Tip: It is very important to be careful when exchanging currency because scams can happen to the best of us at any place or time in the world. Go to a currency exchange operator or bank that has proper licences. Street money changers and unverified individuals offering you to exchange currency at attractive rates must be strictly avoided. 

Tips To Get The Best Exchange Rates For INR to SAR

Let's see some valuable tips that you can use to maximise the value of your Indian Rupees (INR) while converting to Saudi Riyal (SAR).

• Compare Exchange Rates

It is important to compare the exchange rates provided by different banks, money changers, and online currency exchange platforms. The rates that all these organisations provide will vary, so take your time to compare all the offers to get the best. Also, find out if there are any additional fees involved or not.

• Timing Is Key

Fluctuations in the market hugely impact the exchange rates. So, monitor the exchange rate trends throughout the day to figure out the perfect time to convert your INR to SAR. You can use any authentic currency conversion websites or mobile apps that will give you real-time exchange rate updates.

• Opt For Online Currency Exchanges

Many online currency exchange platforms offer you good rates. Also, these provide the convenience of converting your INR to SAR through your mobile phone hassle-free. It is suggested to compare the rates provided by different currency exchange platforms to get the best price but only use a platform that is authentic and reputable.

• Try To Avoid Airport Currency Exchanges 

Why spend extra money when you can get exchange rates outside?

Opt for airport currency exchanges only when no other option is left because the fees and operating costs for ​​currency exchange services at airports are comparatively higher. 

• Negotiate Fees & Commissions

You can negotiate fees and commissions with your currency exchange provider to save money. Also, ask the providers about potential discounts and waivers. Always be careful about any additional charges or hidden fees before trusting any currency exchange provider.

Factors That Impact The Exchange Rate of The Saudi Riyal Currency

Let's explore some of the factors that impact the exchange rate of the Saudi Riyal.

• Oil Prices

Saudi Arabia is known to all of us for its vast oil reserves. It is the world's largest oil exporter. So, any fluctuations in global oil prices impact the value of the Riyal. The higher the oil prices, the higher the value of the Riyal because higher oil prices increase the revenues of the country and foreign exchange reserves.

• Macroeconomic Indicators

Like any other currency, the exchange rate of the Saudi Riyal currency is influenced by some macroeconomic indicators, such as, inflation, interest rates, and GDP growth. Factors such as stable economic conditions, low inflation, and positive growth prospects bring foreign investors to invest in the country and increase the demand for Riyal. This situation strengthens the exchange rate of the Riyal.

• Government Policies

Monetary policies implemented by the Saudi Arabian government and the Saudi Arabian Monetary Authority or SAMA impact the exchange rate of the currency. Interest rate adjustments, capital controls, and exchange rate interventions impact the value of the Riyal as well.

• Political Stability & Geo-Political Factors

Any political or geo-political instability in Saudi Arabia can affect the confidence of foreign investors to invest in the country. If they do not invest, then the exchange rate of the Riyal will go down.

Conclusion

As we have explored, there are plenty of options to exchange money from INR to SAR. But the most important thing is to do your research about the exchange rate to choose the best option to convert the money. Consider the shared tips to make a more informed decision and save money.

Frequently Asked Questions (FAQs)

Q. Where can I exchange Indian currency for Saudi Riyal?

There are many ways to exchange Indian currency for Saudi Riyal, including at airports, local banks, offline money changers, or online money-exchanging platforms.

Q. Can I go to a bank to exchange money in Saudi Arabia?

All banks in Saudi Arabia provide currency exchange services. The banking hours in Saudi Arabia are from 9:30 a.m. to 4:30 p.m., Saturday to Thursday.

Q. What card is best to use in Saudi Arabia?

As Visa and Mastercard are globally accepted, you can take any of them with you. But before making any payment or withdrawing money from the ATM, look out once for what cards are accepted.