Are you an expat whos’ currently living and working in Saudi Arabia? Or perhaps you’re a tourist who’s planning to visit the different sights in the Kingdom? If so, then you should know all about the official currency and where you can exchange money in this country.
Whether you need to exchange money for sending remittances to your home country, or for buying goods and services in Saudi Arabia — you’ll need the services of a trusted money changer. In this article, we will discuss the top money changers in the Kingdom.
- The Best Money Changers in Saudi Arabia
- Currency of Saudi Arabia
- Money Changer Options in Saudi Arabia
- 7 Best Money Changers in Saudi Arabia
- Final Thoughts
The Best Money Changers in Saudi Arabia
Before anything else, let us begin with a discussion about the currency of Saudi Arabia, and about money exchange in general.
Currency of Saudi Arabia
The official currency of Saudi Arabia is the Saudi Arabian Riyal, with the currency code “SAR.” During your stay in the Kingdom, it’s essential to have some Saudi Arabian Riyal bills, especially for small expenses, tips, emergencies, and other transactions that need cash.
Aside from cash, another payment option are bank cards, be it credit cards or debit cards. Major card brands such as Mastercard and VISA are accepted in most retail establishments, and you can also withdraw cash from ATMs located all over the Kingdom.
That being said, be sure to know the transaction fees, daily withdrawal limits, and other terms involved when using your bank card in another country.
Money Changer Options in Saudi Arabia
As mentioned earlier, carrying some Saudi Arabian Riyal bills is a must; you never know when you might need to pay in cash. Fortunately, there are several places where you can exchange currency in the Kingdom:
- Banks. Major banks in Saudi Arabia offer currency exchange services, in addition to usual banking and financial products. Simply visit the nearest bank to inquire about money exchange.
- ATMs. If you have a bank card that can be used internationally, you can use it to withdraw Saudi Arabian Riyals in most of the ATMs around the Kingdom.
- Hotels. There are many hotels that offer money exchange services. Be sure to inquire with your hotel before you arrive.
- Exchange Bureaus. Also called money exchange centers, these bureaus provide currency exchange services regularly, including weekends and outside office hours. You can find them in airports, shopping malls, and other locations across Saudi Arabia.
Of course, keep in mind that the above places offer services at slightly different rates. What’s more, currency exchange rates are generally affected by market conditions, local and global economies, and even political situations.
7 Best Money Changers in Saudi Arabia
At this point, let’s take a look at some of the best and most trusted money changers in Saudi Arabia:
1. Abdullah Othman Al-Nathir and Sons Exchange Company
Headquartered in Riyadh, Abdullah Othman Al-Nathir and Sons Exchange Company provides currency exchange services. Its operating hours are between 8:00 am and 9:45 pm, from Saturdays to Thursdays.
Address: Abdul Rahman Ibn Awf Rd, An Nasim Al Gharbi, Riyadh 14223, Saudi Arabia
Telephone: +966 11 231 6888
2. Al Amoudi Exchange Company
Established in 1963, Al Amoudi Exchange Company is one of the leading exchange bureaus in the Kingdom. Notably, it is owned by the Al Amoudi family, which has been in the currency exchange industry for three generations!
The company is engaged in foreign currency exchange, money transfer (domestic and international), cheque encashment, and other services.
Headquartered in Jeddah, the company has branches in the following locations: King Abdulaziz International Airport – North Terminal, King Abdulaziz International Airport – Hajj Terminal, King Khalid International Airport – Terminal 2, and Makkah Branch – Jabal Omar.
As for the company’s main branch (Madinah Road Branch), it is open from Saturdays to Thursdays, between 9:30 am and 10:30 pm. Its address and contact details are as follows:
Address: Madinah Road (Adjacent of Tahlia/Pepsi Bridge), Al Andlus Dist, Jeddah, KSA
3. Baghlaf Exchange
Baghlaf Exchange is a currency exchange company based in Dammam, Saudi Arabia. It offers prompt service at the best rates, with friendly and approachable staff. The office is open everyday, from 8:30 am to 8:00 pm.
Address: 2854, Al Dawasir, Dammam 32416, Saudi Arabia
Telephone: +966 800 124 0293
4. Bin Yaala Exchange
Another leading financial company in the country is Bin Yaala Exchange, also known as Muhammad Hassan Yaala and Sons Exchange Company. The company provides currency exchange services. It also enables customers to send (and receive) remittances from all over the world.
Bin Yaala Exchange operates several branches across the Kingdom, including: Jeddah – Al Musaidiyah, Jeddah – Qabil, Najran, and Riyadh.
Address: 8150 Medina Road, AR Ruwais District, Jeddah 23215
5. Omari Money Exchange
Situated in Riyadh, Omari Money Exchange offers currency exchange services at good rates. The staff are friendly and approachable, providing excellent and quick service. The office os open everyday, from 9:00 am to 9:00 pm.
Address: Almarqab, Riyadh 12645, Saudi Arabia
Telephone: +966 11 287 7337
6. Othman Ahmed Bakerman and Partners Exchange Company
Based in Riyadh, Othman Ahmed Bakerman and Partners Exchange Company provides money exchange services at reasonable rates. The office is open between 8:00 am and 10:00 pm from Saturday to Thursday, and from 1:00 pm to 9:00 pm every Friday.
Address: 2389 Abu Ayyub Al-Ansari, Almarqab, Riyadh 12646, Saudi Arabia
Telephone: +966 50 732 9000
7. Sharhan Exchange
Based in Dammam, Sharhan Exchange was established in 2015. The first branch was opened at the international departure flight hall of King Fahad International Airport. Eventually, a second branch was opened at the arrival hall, also at the airport.
Address: Office 3001, King Fahad International Airport Dammam, Saudi Arabia
If you are planning to visit Saudi Arabia anytime soon, either for work or for tourism purposes, be sure to have the official currency — Saudi Arabia Riyal — with you. You can exchange foreign currency in banks, ATMs, hotels, or any of the exchange bureaus featured above. To get the best rates, don’t forget to compare options first!
Meanwhile, if you are a Filipino based in the Kingdom and you are wondering where you can get a loan, check out this guide on how to apply for a loan, for Pinoys in Saudi Arabia.