russianrobert Posted July 1, 2012 Share Posted July 1, 2012 Due to circumstances beyond my control, i will be arriving back in the UK and needing to change cash. I've got Saudi Riyals. I'm never usually in this situation but this time there's no way round it. Has anyone used the foreign exchange counters at Heathrow, a high St. bank or other, to get the best rates? I don't think the best rates will be at the airport. I was ripped off by a high St. bank when changing money years ago and don't really know which other options are worth considering. Doesn't help that i don't spend a lot of time in the UK. Cheers for any info. Link to comment Share on other sites More sharing options...
PattayaParent Posted July 2, 2012 Share Posted July 2, 2012 (edited) High Street banks will send Saudi Riyals 'for collection' and credit your account when the exchange has been confirmed which might take 5 to 10 days. Airport might be your best bet as they will see Riyals more often, or maybe the moneychangers in Chelsea / Kensington. Edit: or buy Quids with your Riyals as you're leaving Saudi or in the banks in Saudi. Edited July 2, 2012 by PattayaParent Link to comment Share on other sites More sharing options...
russianrobert Posted July 2, 2012 Author Share Posted July 2, 2012 Unfortunately, I wont be able to get to the bank in Saudi before i leave. I was thinking about at the airport but was just wondering if anyone has other options. Cheers Link to comment Share on other sites More sharing options...
PattayaParent Posted July 2, 2012 Share Posted July 2, 2012 Unfortunately, I wont be able to get to the bank in Saudi before i leave. I was thinking about at the airport but was just wondering if anyone has other options. Cheers I think the exchange in the airport in Saudi is your best bet. Link to comment Share on other sites More sharing options...
russianrobert Posted July 2, 2012 Author Share Posted July 2, 2012 I'll be picking up my expenses on Thursday afternoon and Friday is a Sunday in KSA. So i wont be able to get to the bank as i leave on Saturday morning. I've just had a quote from a bureau de change in the UK and for 13,000 SR they will give me 1,999 GBP. At todays exchange rate it's 2207 GBP, thats 208 pounds less!! I know you never get the official exchange rate anywhere but thats a difference of 9.42%!! Daylight robbery Link to comment Share on other sites More sharing options...
samran Posted July 2, 2012 Share Posted July 2, 2012 Given this is a Thai forum, and assuming you are in BKK fairly regularly, I'd head down to the unofficial money changers in Suk Soi 3. We accidentally forgot to change a wad of money from Doha one trip and they changed it into baht there for a much better rate than elsewhere. Link to comment Share on other sites More sharing options...
endure Posted July 2, 2012 Share Posted July 2, 2012 I'll be picking up my expenses on Thursday afternoon and Friday is a Sunday in KSA. So i wont be able to get to the bank as i leave on Saturday morning. I've just had a quote from a bureau de change in the UK and for 13,000 SR they will give me 1,999 GBP. At todays exchange rate it's 2207 GBP, thats 208 pounds less!! I know you never get the official exchange rate anywhere but thats a difference of 9.42%!! Daylight robbery Sounds about right for the UK. The Post Office (a major foreign currency provider in the UK) are selling baht at 45 and buying them back at 54 at the moment. Link to comment Share on other sites More sharing options...
IMA_FARANG Posted July 3, 2012 Share Posted July 3, 2012 (edited) DO NOT, if at all possible, exchange Saudi Riyals outside of Saudi.....you will take a bath on the exchange rate and maybe (most likely) have to pay an exchange fee because the Saudi government sets a low official Riyal exchange rate....and that's what any bank will get and they will give you. If you can try very hard to get almost any currency before you leave Saudi. There are money changers in all of the major Saudi cities where you can exchange Riyals for Pounds or Dollars and you will get a better rate there than anywhere outside of Saudi. I believe you will also exchange places at all international airports in Saudi. Once again, based on my experience (I worked there for 5 years) try very hard to change any Riyals you have to bone of the major international currencies (Pound, Dollar, or Euro) BEFORE you leave Saudi. They will even take your Riyals, convert them, and wire transfer them to your U.K. or U.S. bank.....but there will be a small fee for that. Saudis that travel outside Saudi Arabia do that all the time. Otherwise expect to get at least 10% less outside of Saudi then you would in Saudi on the exchange rate. Quite possibly more than 10% less. Edited July 3, 2012 by IMA_FARANG Link to comment Share on other sites More sharing options...
IMA_FARANG Posted July 3, 2012 Share Posted July 3, 2012 (edited) As I mentioned in my previous post the reason is....that the Saudi government has set a very low offical exchange rate for Saudi Riyals outside of Saudi Arabia. ALL U.K., U.S., and European banks will get this official exchange rate when they accept Riyals and try to clear them through their Saudi bank partner....and that's why any bank or moneychanger outside of Saudi Arabia will never give you a good exchange rate....because they would lose money if they did give you a better rate than the Saudi government official exchange rate. Whether that's a "scam" or not depends on your point of view....but it's still a fact...it's just a part of life in Saudi Arabia. I once found a money exchange place in Jeddah just outside the international airport and exhanged my Riyals for 10 $100 bills a few hours before my flight from Jeddah to Bangkok.....so I know the problem. That's why I say...try VERY hard to find an exchange place either in or near the airport before you leave Saudi Arabia...or be prepared to accept a low exchange rate otherwise. Edited July 3, 2012 by IMA_FARANG Link to comment Share on other sites More sharing options...
PattayaParent Posted July 3, 2012 Share Posted July 3, 2012 I'll be picking up my expenses on Thursday afternoon and Friday is a Sunday in KSA. So i wont be able to get to the bank as i leave on Saturday morning. I've just had a quote from a bureau de change in the UK and for 13,000 SR they will give me 1,999 GBP. At todays exchange rate it's 2207 GBP, thats 208 pounds less!! I know you never get the official exchange rate anywhere but thats a difference of 9.42%!! Daylight robbery The Al Rajeh Exchange places are open 7 days a week to late in the evening. They'll be open on Thursday and Friday, try after sunset prayer and before last prayer. Link to comment Share on other sites More sharing options...
jocko Posted July 3, 2012 Share Posted July 3, 2012 If possible try your very best to change them in Saudi Link to comment Share on other sites More sharing options...
russianrobert Posted July 3, 2012 Author Share Posted July 3, 2012 I'll be picking up my expenses on Thursday afternoon and Friday is a Sunday in KSA. So i wont be able to get to the bank as i leave on Saturday morning. I've just had a quote from a bureau de change in the UK and for 13,000 SR they will give me 1,999 GBP. At todays exchange rate it's 2207 GBP, thats 208 pounds less!! I know you never get the official exchange rate anywhere but thats a difference of 9.42%!! Daylight robbery The Al Rajeh Exchange places are open 7 days a week to late in the evening. They'll be open on Thursday and Friday, try after sunset prayer and before last prayer. Cheers for that, i'll look into it. Link to comment Share on other sites More sharing options...
russianrobert Posted July 3, 2012 Author Share Posted July 3, 2012 As I mentioned in my previous post the reason is....that the Saudi government has set a very low offical exchange rate for Saudi Riyals outside of Saudi Arabia. ALL U.K., U.S., and European banks will get this official exchange rate when they accept Riyals and try to clear them through their Saudi bank partner....and that's why any bank or moneychanger outside of Saudi Arabia will never give you a good exchange rate....because they would lose money if they did give you a better rate than the Saudi government official exchange rate. Whether that's a "scam" or not depends on your point of view....but it's still a fact...it's just a part of life in Saudi Arabia. I once found a money exchange place in Jeddah just outside the international airport and exhanged my Riyals for 10 $100 bills a few hours before my flight from Jeddah to Bangkok.....so I know the problem. That's why I say...try VERY hard to find an exchange place either in or near the airport before you leave Saudi Arabia...or be prepared to accept a low exchange rate otherwise. Thanks. I'm definitely going to try to get them changed before leaving. Otherwise i'm going to get fleeced! Link to comment Share on other sites More sharing options...
gk10002000 Posted July 3, 2012 Share Posted July 3, 2012 Perhaps somebody can "buy" them from you before you leave? A bit unconventional but might be convenient and with not too high a vig. Co-worker, local contact, etc? Link to comment Share on other sites More sharing options...
russianrobert Posted July 3, 2012 Author Share Posted July 3, 2012 Perhaps somebody can "buy" them from you before you leave? A bit unconventional but might be convenient and with not too high a vig. Co-worker, local contact, etc? I had considered that but unfortunately i have mainly Lebanese co-workers who only have Lebanese pounds-no use to me. Link to comment Share on other sites More sharing options...
Jiu-Jitsu Posted July 4, 2012 Share Posted July 4, 2012 (edited) I'll be picking up my expenses on Thursday afternoon and Friday is a Sunday in KSA. So i wont be able to get to the bank as i leave on Saturday morning. I've just had a quote from a bureau de change in the UK and for 13,000 SR they will give me 1,999 GBP. At todays exchange rate it's 2207 GBP, thats 208 pounds less!! I know you never get the official exchange rate anywhere but thats a difference of 9.42%!! Daylight robbery Best Foreign Exchange will give you £2,148.76 if you can collect in London. ACE FX you get £2,147 through delivery.. Click here for more info. Edited July 4, 2012 by Jiu-Jitsu Link to comment Share on other sites More sharing options...
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