This guide to banking, money, and currency in Saudi Arabia has our best tips, from finding the most favorable exchange rates to breaking down the expected prices of local goods and services to help you spend money smartly. Read on to learn more about the local currency and banking system in Saudi Arabia.
As you plan your travel to the Kingdom of Saudi Arabia, understanding the intricacies of managing your finances and navigating the local banking system will ensure a smooth and hassle-free experience during your stay. From the official currency to banking facilities and payment methods, this guide will provide you with essential information to make informed decisions and effectively handle your travel money in Saudi Arabia.
Saudi Arabia, renowned for its rich cultural heritage and vibrant economy, is a country where financial transactions play a crucial role in daily life. As a visitor, it is important to familiarize yourself with the local currency, banking practices, and available services. Whether you are a leisure traveler or a business professional, this guide will equip you with the knowledge to access banking services, exchange currency, manage payments, and make the most of your financial resources while exploring the enchanting landscapes and vibrant cities of Saudi Arabia.
- Travel Money in Saudi Arabia: Everything You Need to Know
- Saudi Arabian Riyal Basics
- How to Get Saudi Arabian Riyals
- Cost of Goods and Living in Saudi Arabia
- Importing and Exporting Saudi Arabian Riyals
- Counterfeit Saudi Arabian Riyals
- Using Credit Cards in Saudi Arabia
- Cultural Sensitivities Around Money
- Preparing for Your Saudi Arabia Trip
Travel Money in Saudi Arabia: Everything You Need to Know
Saudi Arabian Riyal Basics
- Currency Code: SAR (Saudi Arabian riyal)
- Symbol: ر.س / ﷼
- Forms: Banknotes and coins
- Division: 1 riyal = 100 halalas
- Countries of Use: Saudi Arabia (official currency)
Denominations
The Saudi Arabian riyal is available in the following denominations:
- Banknote denominations: 1, 5, 10, 20, 50, 100, 200, and 500 riyals. These banknotes feature various designs and security features, including watermarks and holographic elements.
- Coin denominations: 5, 10, 25, 50 halalas, and 1 riyal. The coins are made of base metals and have different sizes and designs.
The Saudi riyal is the official currency of Saudi Arabia and is widely used throughout the country for everyday transactions. You should familiarize yourself with the various denominations to ensure that you can handle your financial transactions smoothly during your stay in Saudi Arabia.
Saudi Arabian Riyal Exchange Rates
The current exchange rate for USD to SAR is: US$1 = ﷼3.75
Because exchange rates fluctuate constantly, it’s essential to use a currency converter, such as XE, to track them before making any exchanges. (It’ll help you better track your spending too.) It’s also a good idea to compare rates and fees at different banks and exchange offices to make sure you’re getting the best rate.
How to Get Saudi Arabian Riyals
You don’t necessarily need to get Saudi Arabian riyals prior to your trip—it’s easy and cheaper to get the local currency after you’ve landed at the airport. Major airports in Saudi Arabia, such as King Khalid International Airport in Riyadh and King Abdulaziz International Airport in Jeddah, have currency-exchange services and ATMs where you can withdraw riyals.
While scams can occur in any destination, it is important to be cautious when exchanging currency. Stick to reputable currency exchange operators or banks that display proper licenses or authorizations. Avoid street money changers or unverified individuals offering attractive rates. It is safer to use established exchange services at airports, banks, or reputable financial institutions.
Currency Exchanges
To find trusted currency-exchange operators, look for authorized and licensed establishments. In Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA) regulates currency-exchange activities. Reputable exchange services and banks will typically display their authorization or license in their offices or websites.
To verify the authenticity of currency-exchange operators, consult SAMA’s list of licensed money changers.
Cash Advances at ATMs
ATMs are commonly found in major cities and well-populated areas in Saudi Arabia. You can easily locate ATMs in shopping malls, business districts, and tourist areas. However, in less populated or remote areas, the availability of ATMs may be limited.
It is advisable to use ATMs located in busy and well-monitored areas, such as inside shopping centers or bank branches, to minimize the risk of fraudulent activities. Always be aware of your surroundings, shield your PIN when entering it, and check the ATM for any signs of tampering or suspicious devices before making a withdrawal.
Before traveling, contact your bank to inform them about your travel plans and to inquire about any foreign transaction fees or international ATM fees that may apply. It is also recommended to check if your bank has any partner banks in Saudi Arabia that offer fee-free withdrawals for your debit card.
Cost of Goods and Living in Saudi Arabia
Although the Kingdom can be considered relatively affordable for US travelers due to a lower cost of living compared to some major US cities, the overall cost of goods and services in Saudi Arabia varies, depending on factors such as location, type of establishment, and personal preferences.
It is advisable to research and plan your budget accordingly to have a realistic understanding of the expenses you may incur during your visit to Saudi Arabia.
- Average daily expenditure: For budget-conscious travelers, a daily expenditure of around US$50 to $100 can cover basic expenses, such as accommodation, food, transportation, and attractions. Mid-range travelers can expect to spend between $100 to $200 per day, while high-end travelers can spend $200 or more per day.
- Bus ride: The cost of a bus ride in Saudi Arabia can vary based on the distance and location. On average, local bus fares can range from $0.50 to $3 for short distances within a city.
- Uber: Uber operates in major cities in Saudi Arabia, and the fares are generally affordable. The cost of an Uber ride will depend on the distance traveled, time of day, and demand. As a reference, a short Uber ride within a city can cost around $3 to $8.
- Three-star hotel in city center: The cost of a three-star hotel in the city center of Saudi Arabia will depend on the specific city and the time of year. On average, a three-star hotel in a city center can range from $40 to $105 per night. Prices can vary, so it is advisable to check for specific rates and availability when making hotel reservations.
- Meals: The cost of meals in Saudi Arabia can vary depending on the type of restaurant, location, and dining preferences. On average, a meal at a budget-friendly eatery can cost around $3 to $8. A meal at a mid-range restaurant or casual dining establishment may range from $8 to $27. Fine-dining and more upscale restaurant meals start at $27 and spike upwards from there.
Importing and Exporting Saudi Arabian Riyals
There is generally no specific limit on the amount of Saudi riyals that foreigners can bring into or take out of Saudi Arabia. Travelers are allowed to bring a reasonable amount of cash in Saudi riyals for personal use during their visit. It is advisable to carry an amount that is appropriate for your travel needs while ensuring you comply with any customs regulations or requirements in your home country regarding the declaration of large sums of money.
Foreign Currency
Regulations can vary regarding the amount of foreign currency (such as US dollars) you’re allowed to bring into Saudi Arabia before it must be declared. Saudi Arabia does not impose a specific limit on the amount of foreign currency that can be brought in. However, it is generally recommended to declare amounts exceeding the equivalent of ﷼60,000 (approximately $16,000) upon arrival or departure.
Counterfeit Saudi Arabian Riyals
Counterfeit currency can be a concern in any country, including Saudi Arabia. While the Saudi Arabian authorities make efforts to combat counterfeit currency, it is important for individuals and businesses to remain vigilant and take necessary precautions to detect and avoid counterfeit notes. Here are some general tips to help identify counterfeit Saudi Arabia currency:
- Familiarize yourself with genuine currency: Take the time to become familiar with the security features of the local currency, such as special printing techniques, watermarks, security threads, and holographic elements. This will make it easier for you to identify any discrepancies in the banknotes you receive.
- Inspect the banknotes: Before accepting or using banknotes, visually inspect them for signs of counterfeiting. Look for uneven or blurred printing, missing security features, poor quality paper, or any other irregularities that may indicate a counterfeit note.
- Feel the texture: Genuine banknotes often have distinct textures that can be detected through touch. Pay attention to the feel of the paper, raised ink, and any embossed elements on the banknotes.
- Check security features: Utilize the security features present on the banknotes, such as watermarks, security threads, holograms, and color-shifting ink. Tilt the banknote to observe if the colors and patterns change, indicating the presence of security features.
- Use ultraviolet (UV) light: If available, you can use a UV light to check for fluorescent elements embedded in genuine banknotes. These elements may not be visible to the naked eye but will become apparent under UV light.
If you suspect you have received counterfeit currency, report it to the local authorities or your bank immediately. Handling counterfeit currency knowingly or unknowingly can have legal consequences, so it is crucial to exercise caution and take appropriate measures to protect yourself from counterfeit notes while conducting financial transactions in Saudi Arabia.
Using US Dollars in Saudi Arabia
Foreign currencies, including the US dollar (USD), are not widely accepted for day-to-day transactions in Saudi Arabia. While some hotels, upscale establishments, and businesses catering to tourists may accept foreign currencies, it’s not common practice in most places. Instead, the Saudi riyal is primarily used.
Carrying and using local currency will generally be the most convenient and widely accepted method for payments in Saudi Arabia. It is also recommended to have smaller denominations of cash on hand for smaller purchases and in areas where credit cards may not be accepted.
Using Credit Cards in Saudi Arabia
Credit and debit cards are widely accepted and easy to use in Saudi Arabia, especially in major cities and establishments catering to tourists. Here is some information regarding card usage and payment options in the country:
- Accepted Cards: International payment networks, such as Visa, Mastercard, and American Express, are commonly accepted in hotels, restaurants, retail stores, shopping malls, and larger businesses in Saudi Arabia. It is advisable to check for card acceptance signs or inquire with the establishment before making a purchase.
- ATM Withdrawals: ATMs are widely available throughout Saudi Arabia, especially in major cities and urban areas. You can use your debit or credit card to withdraw cash in Saudi riyals from ATMs, preferably in well-populated areas and secure environments.
- Contactless Payment: Contactless payment options, such as contactless cards and mobile payment methods like Apple Pay or Google Pay, are gradually becoming more popular in Saudi Arabia. Some businesses, particularly larger retailers and restaurants, may accept digital payment methods. However, traditional card transactions, where you insert or swipe your card and enter a PIN, are still more common.
- Traveler’s Checks: Traveler’s checks are not widely used in Saudi Arabia. It may be challenging to find establishments that accept traveler’s checks; instead, it’s smart to rely on debit or credit cards for your transactions, or withdraw cash from ATMs as needed.
- Carrying Cash: While credit and debit cards are widely accepted, it is still advisable to carry some cash, particularly for small purchases, street markets, taxis, and tipping. In local markets or smaller establishments, cash may be the preferred form of payment. Additionally, it is customary to have cash for tipping service providers, such as drivers, hotel staff, and restaurant servers.
It’s always recommended that you notify your bank or card issuer about your travel plans to avoid any potential issues. It is also advisable to have a backup card or alternative payment method in case of any card-related issues during your travel.
Credit Card Fees
Before traveling to Saudi Arabia, familiarize yourself with the applicable fees associated with your cards. If you opt for a cash advance, you may be subject to foreign transaction fees or currency conversion fees. Cash withdrawals at out-of-network ATMs can also incur a service charge.
Cultural Sensitivities Around Money
Understanding the cultural sensitivities related to money and financial transactions is essential when visiting Saudi Arabia. While certain practices may differ from other countries, respecting local customs and adhering to cultural norms will contribute to a positive and respectful experience.
Tipping Etiquette in Saudi Arabia
Tipping is not as common or expected in Saudi Arabia as it may be in some other countries. However, it is appreciated for exceptional service. In upscale establishments, such as hotels and restaurants, a service charge may already be included in the bill. If not, a discretionary tip of around 10% to 15% of the total bill can be given to show appreciation for exceptional service.
Tipping is also customary for services like hotel staff, drivers, and tour guides, where a small amount can be given as a gesture of gratitude. While tipping is not mandatory, it is a kind gesture that can be extended to show appreciation for excellent service.
Bargaining and Haggling
Haggling or bargaining is not as prevalent in Saudi Arabia as it is in other regions. In general, fixed prices are common, especially in modern retail stores, malls, and upscale establishments. However, in local markets, souks, or traditional areas, there may be some room for negotiation, particularly when purchasing traditional crafts, textiles, or unique items. It is advisable to approach bargaining with respect and politeness, while also being mindful of the cultural context. Bargaining is less common with everyday services or establishments, such as restaurants, hotels, or transportation services, where fixed prices are expected.
Bottom line: While bargaining may be acceptable in certain situations, it is not appropriate or expected in all venues or circumstances. Always approach negotiations with courtesy and be prepared for the possibility of a fixed price. Respect local customs and norms, and remember that the goal is to maintain positive interactions and promote cultural understanding during your visit to Saudi Arabia.
Preparing for Your Saudi Arabia Trip
Obtaining a visa is an essential part of planning your trip. At Entriva, we can easily and efficiently help you with every aspect of getting a Saudi Arabia visa. Start your visa application process.
Doing your research before traveling helps you avoid issues and be prepared in case of an emergency. For more information on other aspects of travel to Saudi Arabia, including travel requirements, visa extensions, and local laws, visit our Saudi Arabia content hub.