Job Discussion Forums

Griff-James · Posted: Wed Oct 15, 2008 6:28 pm Post subject: Converting cash

Heathrow offers a no commission service via American Express. There's also ICE, Travelex and ThomasCook.

Does anyone have any insights or advice about the best service.

I want to convert �1K to SRs.

scot47 · Joined: 10 Jan 2003 Posts: 15343

I am pretty sure you will get the best rate at Al Amoudi Moneychangers in downtown Khobar. Bahrain Airport might be okay but check the rate. In most airports rates are shocking but the "Bureau de Change" just as you come out of the departure lounge is okay.

bad cowboy · Joined: 17 Jun 2008 Posts: 10 Location: USA

If you're not in a pinch for cash, I've found that people leaving the country (running) offer the best rates. (Ask around if any Brits are planning on leaving soon.) You can also get good deals on their worldly goods.

Also, check to see if anyone is heading to England during the Eid Holdiays. Pakistanis, especially.

Person-to-person is my recommendation.

Hope that helps.

scot47 · Joined: 10 Jan 2003 Posts: 15343

The worst advice I have seen for a long time. Go to Al Amoudi. If in Jeddah go to Shara Gabel in the Balad. I do not recollect the name of Moneychanger Street in Riyadh,.Of course you will have to open your wallet for cab fare.

bad cowboy · Joined: 17 Jun 2008 Posts: 10 Location: USA

scot47,

Now that I have had my morning coffee and smelling salts, I realize that exchanging at the bank and exchanging with a fellow Brit. are the same, minus the cab fare...as you say.

Sorry about that, too used to banks buying low and selling high, and getting more than you bargained for taking chances in the street. It was an automatic gut response (much like PTSD).

Caffeine and Reason have since assured me the Riyal is pegged to the dollar here, the banks don't gouge, and with a couple days notice you can go and pick up your US$10,000 tax-free, carry-on, cowboy-boot stash.

Sorry for the lame advice Griff.

-bc

brasscat · Posted: Mon Nov 10, 2008 8:23 am Post subject: Another Resource

10 Nov. 2008 11:30 AM +0300

The bank where your account is, they do currency exchanges.

Be careful of on the street money changing, you maybe dealing with a local cop.

Also check with your university's finance department. They handle currency routinely.
brasscat

shadowfax · Posted: Mon Nov 10, 2008 8:59 am Post subject:

It can depend on the amount and on the currency. For example Al-Rajhi Taweel is better if you want to buy Indian Rupees but less favourable if you want pounds sterling, when compared with Riyadh Bank. However, there is a high handling charge (100SR) with Riyadh Bank, so I would only use it for a large amount exchange.

scot47 · Joined: 10 Jan 2003 Posts: 15343

Currency exchange in banks is usually limited to US$. The Saudi currency is pegged to that currency and so the"greenback" has a special role in this country If you want other foreign currency head for a Bureau de Change.

Because there is no exchange control there is no black market. Brasscat's scenario of the policeman as "agent provocateur" is more redolent of Moscow circa 1967 than KSA today.

redeyes · Joined: 21 Jun 2007 Posts: 254

Shadow, I just pm'd you.

Redeyes.