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Best Exchange rate


#1  2011-09-29 23:43:27

syas2011
Member
From: Sheffield
Registered: 2011-09-18
Posts: 12

Best Exchange rate

Hi I'm wondering where I could go for the best exchange rate.
I dont have an account here yet and I need to exchange British pounds that I've brought with me.

Any ideas??




 
 
 
 

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#2  2011-09-30 19:31:49

TheLegendLeads
A SharpShooter
TheLegendLeads
From: Riyadh
Registered: 2010-04-06
Posts: 3055

Re: 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.




 
 
 

"The cure for boredom is curiosity. There is no cure for curiosity." -- Dorothy Parker
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#3  2011-10-01 11:49:19

SaudiUK
EB member +
From: Riyadh
Registered: 2010-03-17
Posts: 533

Re: Best Exchange rate

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)




 
 
 

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#4  2012-07-05 15:34:03

RehabDoctor
Serial expat
From: London
Registered: 2012-04-13
Posts: 275

Re: Best Exchange rate

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.




 
 
 
 

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#5  2012-07-06 10:42:20

RehabDoctor
Serial expat
From: London
Registered: 2012-04-13
Posts: 275

Re: Best Exchange rate

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




 
 
 
 

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#6  2012-07-06 11:02:09

TheLegendLeads
A SharpShooter
TheLegendLeads
From: Riyadh
Registered: 2010-04-06
Posts: 3055

Re: Best Exchange rate

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.




 
 
 

"The cure for boredom is curiosity. There is no cure for curiosity." -- Dorothy Parker
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#7  2012-07-06 11:08:30

RehabDoctor
Serial expat
From: London
Registered: 2012-04-13
Posts: 275

Re: Best Exchange rate

Thanks @TLL




 
 
 
 

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#8  2012-07-06 12:43:12

seeker of truth
EB member +
From: Ar Riyadh
Registered: 2010-09-12
Posts: 635

Re: Best Exchange rate

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? big_smile

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




 
 
 

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#9  2012-07-06 23:24:51

malisohail
Serial expat
malisohail
From: Riyadh
Registered: 2011-02-28
Posts: 222

Re: Best Exchange rate

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




 
 
 

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#10  2012-07-07 07:48:12

SaudiUK
EB member +
From: Riyadh
Registered: 2010-03-17
Posts: 533

Re: Best Exchange rate

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? big_smile

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

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.

Last edited by SaudiUK (2012-07-07 07:49:15)




 
 
 

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#11  2012-07-07 09:07:03

tansari
Active member
From: Riyadh
Registered: 2012-07-04
Posts: 52

Re: Best Exchange rate

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




 
 
 

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#12  2012-08-07 09:27:12

bellclara
New member
Registered: 2012-08-07
Posts: 2

Re: Best Exchange rate

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.

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#13  2012-08-07 09:38:46

seeker of truth
EB member +
From: Ar Riyadh
Registered: 2010-09-12
Posts: 635

Re: Best Exchange rate

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! smile

Last edited by seeker of truth (2012-08-07 09:59:08)




 
 
 

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#14  2012-08-07 09:48:09

pkmusd
EB member +
pkmusd
From: Ar Riyadh
Registered: 2010-09-09
Posts: 628

Re: Best Exchange rate

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.




 
 
 

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#15  2012-08-08 00:16:25

Kymadoce
Contributor
Kymadoce
From: Riyadh
Registered: 2012-05-24
Posts: 165

Re: Best Exchange rate

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.




 
 
 

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#16  2012-08-09 17:11:45

saimans
ViP
saimans
From: RIYADH
Registered: 2012-02-06
Posts: 1576

Re: Best Exchange rate

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.

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