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Post by lambretta225 on Mar 23, 2015 15:48:41 GMT
Where or how is the best way or place to get dollars? I want $4500 dollars to take on vacation to Florida with me and rather than get them in the UK when I go home I was hoping it would be cheaper to get them out here as the exchange rate for sar to dollars is a lot more stable than sterling.
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Post by GroveWanderer on Mar 26, 2015 9:38:39 GMT
As far as I know, virtually any Saudi bank will sell you dollars. At least, I've not come across one that doesn't, yet.
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Maursh
Senior Member
Posts: 169
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Post by Maursh on Mar 30, 2015 12:49:49 GMT
You are right it is "cheaper" to exchange the SAR but not for the reasons you are thinking.
The SAR exchange rate to USD is fixed/pegged at 3.75. Since USD/GBP ("cable") is floating that is the only volatility in the GBP/SAR rate - ie GBP/USD falls 1% therefore GBP/SAR falls 1% and so on.
If your choice is between selling GBP or USD to buy SAR then you should sell the SAR since you are not really having to make a market transaction. Banks in the region take a small spread on the USD/SAR rate, but substantially less than a tourist exchange rate would on GBP to USD rate.
And, I agree with GroveWanderer that any bank in the region will make the switch for you.
Hope that is not too technical an explanation.
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Post by vpainter on Apr 2, 2015 18:51:50 GMT
The bank inside RT should sell you USD.
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Post by David_and_Nita on Oct 14, 2015 10:51:27 GMT
Tried them.
They won't sell you dollars unless you open an account with them.
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Post by Twofeets on Oct 14, 2015 12:41:31 GMT
As David and Nita said, the bank here in RT may not sell you USD.
Initially they completely refused unless I opened an account (Which you cannot do until you have your iqama).
Once I had my iqama they would only exchange a limited amount of money (about $300) and then only if the bills were new.
Even worse, even with an account they will not exchange other currencies (I had Qatar and Emerate currency on me, they told me no).
Some of the banks in Rahima are much more willing to exchange currency however.
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Post by vpainter on Oct 23, 2015 14:06:17 GMT
The banking rules have changed here since I posted in April 2015. The banks now require you to have an account to do most anything with them. It was a Saudi Banking law that is now being enforced by the Ministry and the banks on the Aramco camps are having to follow.
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