How can I get the best exchange rate between the US dollar and the Saudi riyal?
Since the exchange rate between the US dollar and the Saudi riyal is fixed at a value of 3.75 riyals per dollar, comparing rates offered by different providers should be an easy task.
Travelers to Saudi Arabia will have no problem using cash, or credit and debit cards — specifically Visa and MasterCard. Oddly enough, traveler’s checks are still accepted in most tourist areas in Saudi Arabia.
US dollars and other foreign currencies can be exchanged for Saudi riyals at banks and foreign exchange bureaus throughout the major cities of Saudi Arabia. Foreign exchange bureaus in busy areas will likely have the most competitive exchange rates.
Popular cities with many foreign exchange bureaus include Makkah, Jeddah, and Medina, due to being a religious destination. Be aware that currency exchange offices in these cities can be particularly busy around the Haj and Umrah seasons.
The US dollar is the most traded currency in the world. The world’s unofficial reserve currency, it can be found in most major currency pairs. In forex, it’s an important benchmark and target rate for countries that fix or peg their currencies against its value. It is also used as the standard currency for oil, precious metals and other commodities.
$1, $5, $10, $20, $50, $100
1c, 5c, 10c, 25c, 50c
The Saudi riyal is the official currency of Saudi Arabia. Oil is a big part of the economy, with Saudi Arabia in control of 20% of all the world’s oil reserves. It is the largest economy in Arab world.
SR , ر.س
5, 10, 50, 100, 500 riyals
0.01, 0.05, 0.10, 0.25, 0.50, 1 riyal, 2 riyals
What affects exchange rates between the US dollar and the Saudi riyal?
Since the Saudi riyal is pegged to the US dollar at a fixed rate, the exchange rate between the two currencies doesn’t fluctuate.
A currency peg requires the central bank to constantly be buying and selling foreign currencies, which can cost huge amounts of money. However, as one of the largest oil exporters in the world, Saudi Arabia has large reserves of foreign currency to prop up the value of their own currency when needed.
With oil being such a big part of the Saudi Arabian economy, the price of it can directly effect the economy. If the Saudi economy were to take a severe downturn, the central bank would likely have a hard time keeping the exchange rate at the level it wants.
Send money from USD to SAR
How does the Saudi riyal trade against the US dollar historically?
The Saudi riyal has been pegged to the US dollar since 1986 and the exchange rate has only seen very minor fluctuations since. As long as the Saudi Arabian Monetary Authority maintains its current exchange rate policy, the exchange rate will stay the same.
The current dollar peg has served Saudi Arabia well over the years, largely because oil exports make up such a big part of the government’s revenues. Oil is a commodity that is quoted in US dollars worldwide, so a stable relationship between oil revenues and the value of the currency is highly beneficial.
US Dollar to the Saudi Riyal for the last 10 days
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US Dollar to the Saudi Riyal for the last 10 months
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US Dollar to the Saudi Riyal for the last 10 years
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Market rate for common transfer amounts USD to SAR
Adrienne Fuller is the head of publishing at Finder US. With a decade of experience creating guides in finance and education, she aims to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. For the past 3 years she has been the publisher of money transfers, helping readers save when they send money all over the globe. She has a BA from Colorado College and loves to hike with her two Catahoula dogs around her home in San Diego.
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