The Saudi Riyal is the official currency of the Kingdom of Saudi Arabia.

SAR or abbreviated as SR is issued by the Saudi Arabian Monetary Authority (SAMA) and has been the official currency of Saudi Arabia since the early 1950s. Replacing the Saudi Arabian pounds, the first banknotes were introduced in 1953.

The Saudi Riyal is subdivided into 100 halalas with each halala valued 1/100th Riyal. The currency is currently pegged to the US Dollar with a set or fixed exchange rate of 1 USD = 3.75SR.

SR is widely used in the country and available in 1, 5, 10, 20, 50, 100, and 200 banknotes denominations while coins come in 5, 10, 25, 50, and 100 halalas. Being the official currency, Saudi Riyal is widely accepted for all types of transactions in Saudi Arabia.

Ways to pay while in Saudi Arabia

If you are traveling to Saudi Arabia, it is important to note that other than the Saudi Riyal, there is no other currency officially accepted in Saudi Arabia. And with its different banking systems and money customs, you might be wondering, what’s the best way to pay in Saudi Arabia?

Businesses in Saudi Arabia do not accept foreign currency, so before traveling, it is recommended to have Saudi Riyals on hand for day-to-day transactions. The usual way of exchanging your money for Saudi Riyal is through exchange bureaus hotels, and banks.

Exchange bureaus are typically located in major cities in Saudi Arabia, popular tourist destinations, airports, malls, and some shopping centers. Exchange bureaus are also known for competitive exchange rates.

Meanwhile, banks are another option that offers money exchange services.

Banking hours in Saudi Arabia start from 9:30 am to 4:30 pm from Saturday to Thursday. Between banks and exchange bureaus, the former operates longer hours compared to exchange bureaus. Plus, exchange bureaus may charge higher commission fees.

ATMs are also widely available throughout the country and typically accept international debit cards and credit cards. However, before traveling, it is recommended to always check with your bank regarding international transaction fees and restrictions that may cause inconvenience in your transactions while in Saudi Arabia.

Some hotels also offer currency exchange services for their guests. But exchanging your money through hotels may mean higher commission fees or less favorable rates. But hotels offering currency exchange services offer convenience and accessibility.

Be mindful of exchange rates

Another important reminder is that exchange rates vary and can fluctuate over time due to political, economic, and market factors.  So, before exchanging money, it is best to check the current exchange rate and the commissions that may be charged.

This way, you save yourself from the disappointment of not getting a fair deal. Plus, keep your transaction receipts and exchange documents in case of discrepancies.

The good thing with modernization though is that digital payments are now also available in the Kingdom like credit cards and Apple Pay.

Now that you know the currency of Saudi Arabia and the options on how you can exchange your money, make sure to start planning your Umrah trip or a Saudi Arabia Holiday now.