Best Exchange rate

Banks usually provide the best rate; some of them do serve non-account holder customers as well.

There is a transaction provide service called 'Injaz'. They will do it. I recall a friends exchanged money from there.

'Open market' exchangers are in the 'very' downtime indecent area of Riyadh called 'Batha'. But I don't recommend even going there.

Unfortunately your best exchange rate is in Batha.

Its not a dangerous place (go with someone) the exchange shops are on a main road)

your other choice is to find someone going to the UK on a holiday and they will gladly exchange currency. (there will be a significant number going as the Hajj/Eid Holidatys are in early Nov).

(If you wish I do have a number of colleagues going - I can them if you wish)

Is it possible to exchange British pounds for Riyals at Riyadh airport. What is most cost effective, exchanging pounds to riyals or using UK issued debit card for riyal withdrawl from ATM machine.

@TLL
Kindly more information about "Injaz" service for exchange of foreign currency

RehabDoctor wrote:

@TLL
Kindly more information about "Injaz" service for exchange of foreign currency

Injaz basically is a money transfer service provider covering two sort of transactions:

1- Western Union -- Injaz is the owner of this service in KSA.
2- International transfers to bank accounts.

Though they transfer money in non-SAR currencies, they are not currency exchangers.

About exchanging currency, 2 main sources:

1- Banks & their outlets - obviously they don't provide the best rate.
2- Open market in the downtown (Batha)

I'd suggest to get only a few hundreds of GBP exchanged from bank outlet on Riyadh Airport. You may get more later from Batha if needed.

Thanks @TLL

SaudiUK wrote:

Unfortunately your best exchange rate is in Batha.

Its not a dangerous place (go with someone) the exchange shops are on a main road)

So what's unfortunate in Al Batha then?

Al Rajhi Bank also offer the same service i guess.. ull find al rajhi bank almost every where.

There is an exchange office in Gharnata Mall just opposite to Carefour. They deal in limited currencies (Euro, Pound, Dollar & Darhams).

seeker of truth wrote:

SaudiUK wrote:

Unfortunately your best exchange rate is in Batha.

Its not a dangerous place (go with someone) the exchange shops are on a main road)

So what's unfortunate in Al Batha then?

Al Rajhi Bank also offer the same service i guess.. ull find al rajhi bank almost every where.

Nothing unfortunate..(bad choice of words)

Its an area which many avoid due to overcrowding problems, pick pocketing etc...

Large markets and there are money exchangers who convert all curriencies and rates are good.

Get it done through any branch of Al Rajhi Remittance / Tahweel Al Rajhi.

Are  you looking for best exchange rates.
You should check out here Excellent Currency Exchange Rates - lydianfx.com

They are expert in offering  best exchange rates. Their service are cheaper and secured.

I think the best rate would be at the black market or independent money changer!
It is just more safe to exchange your money in a bank!

I work for a bank so I know that bank's wont give you a good rate at all.
However, if you have UK's debit card withdrawing from any ATM in Saudi might give you a better rate than what you will get from banks when exchanging.

Few facts to bear in mind:-

1. Avoid exchanging currency at Airports you get the worst rate ever at airports in any country across the globe.
2. Western Union has very high transaction charge per transaction for remittance in Saudi.
3. I suggest use prefectly legal sources that are banks or exchange houses like Al Rajhi , Telemoney etc. You get very close to best market rates. Trying to make a few bucks elsewhere may cause a larger worry.
4. Never Ever Remitt / Exchage money on Saturdays & Sundays. These are global weekends and money markets are closed globally. Thus the exchage rates are much lower to cover any fluctuations that might happen with markets reopening on Monday. I was getting SAR to INR coversion of 14.39 even with trading rate being 14.89. This climbed to 14.59 on monday.
5. Just for emergency.... Lulu Hypermarket does take payment in dollars while giving back chage in SAR . but offcurse there conversion is few halalas lower then market.

Kymadoce wrote:

Few facts to bear in mind:-

4. Never Ever Remitt / Exchage money on Saturdays & Sundays. These are global weekends and money markets are closed globally. Thus the exchage rates are much lower to cover any fluctuations that might happen with markets reopening on Monday. I was getting SAR to INR coversion of 14.39 even with trading rate being 14.89. This climbed to 14.59 on monday.

it it working on THURSDAY evening?

THE MARKETS IN BATHA FOR MONEY EXCHANGE WORKING ON THURSDAYS?????????? Need urgent reply

UmairMansoor wrote:

THE MARKETS IN BATHA FOR MONEY EXCHANGE WORKING ON THURSDAYS?????????? Need urgent reply

Writing in capitals isn't going to get you a reply any faster

You replied

UmairMansoor wrote:

You replied

True, but not to your question

Anyone who knows where I can exchange Philippine peso to Saudi Riyal here in Riyadh? Is there a minimum amount? Thanks in advance.

@macoy Al Rahji  bank is  the most popular bank among Filipinos.
but any bank  will do.  good luck!

macoyguevarra wrote:

Anyone who knows where I can exchange Philippine peso to Saudi Riyal here in Riyadh? Is there a minimum amount? Thanks in advance.

Hi Macoyguevarra, theres lot of place in Batha (its a filipino market)if your new in Riyadh ask someone to assist you or someone who knew the place well. Almost are filipino workers in remitance bank just ask, for sure they will help you. Remmitance money is a lot higher than money exchange example 11 is to 10......goodluck....

Thank you seeker of truth and JasfurJQ. Is it better to go to Al Rajhi or to go to Batha? Which one has higher rate? Thanks again.

macoyguevarra wrote:

Thank you seeker of truth and JasfurJQ. Is it better to go to Al Rajhi or to go to Batha? Which one has higher rate? Thanks again.

Anywhere much nearer from your place will be better for you, the difference is not that big 1 or 2.....

Hi! My husband called up Al Rajhi bank to inquire about the Philippine peso to riyal exchange rate but he was informed by the one who answered his inquiry that they do not accept Philippine peso. Is there any other bank which accepts Philippine peso? Please advice, we are alrrady desperate on finding one because our budget is already depleting and husband's salary is at the end of this month, thanks in avance.