Exchanging Saudi Riyals to Dollars
Jul 17, 2010 | 3:14 pm
#1
Original Poster
Join Date: Dec 2009
Location: Nebulous
Programs: Delta, KLM, Luftansa
Posts: 125
Exchanging Saudi Riyals to Dollars
Because of a perfidious client, I left Saudi Arabia with a large sum of riyals. My bank is no help. Does anyone know where to exchange for dollars? Right now, I'm thinking I'll have to return to the kingdom to exchange them.
Jul 17, 2010 | 3:43 pm
#2
FlyerTalk Evangelist
Join Date: Nov 2002
Location: ORD
Posts: 14,773
If it's a freely traded currency and you're allowed to leave the country with it, then the main branch of any big bank in your city should exchange them at its foreign currency desk. Usually the bank won't help you if you don't have an account with them, though.
I'd also imagine that the main branch in, say, Houston, would be more likely to take riyals than the main branch in, say, Reno.
I'd also imagine that the main branch in, say, Houston, would be more likely to take riyals than the main branch in, say, Reno.
Jul 17, 2010 | 10:40 pm
#3
A FlyerTalk Posting Legend
Join Date: Dec 2000
Location: Shanghai
Posts: 46,418
If the amount is really large, then you owe it to yourself to do some research.
My gf frequently converts $10k worth of JPY into USD, which isn't large enough to deal with currency houses in NY, but sufficient to get a slightly better rate from Wells Fargo (though still 200+ basis points away from the WSJ rate).
The local WF branches hate it when we do this because their managers claim that the difference gets billed to them.
Recently, I've been migrating her over to buying dollar coins with her credit card. Buying those gets her very close to the spot rate plus JL miles. Do you happen to have any CCs in Saudi Arabia that don't charge premiums for foreign purchases?
My gf frequently converts $10k worth of JPY into USD, which isn't large enough to deal with currency houses in NY, but sufficient to get a slightly better rate from Wells Fargo (though still 200+ basis points away from the WSJ rate).
The local WF branches hate it when we do this because their managers claim that the difference gets billed to them.
Recently, I've been migrating her over to buying dollar coins with her credit card. Buying those gets her very close to the spot rate plus JL miles. Do you happen to have any CCs in Saudi Arabia that don't charge premiums for foreign purchases?
Jul 18, 2010 | 12:24 am
#4
Join Date: Aug 2008
Posts: 514
Jul 18, 2010 | 4:57 am
#5
Join Date: Nov 2007
Location: Itinerant
Programs: DL FO, AA PLT, BD *G
Posts: 423
Thanks for the idea!
Jul 18, 2010 | 9:53 am
#6
Join Date: Oct 2008
Location: Happily living in Frenaros Cyprus having escaped the near-death experience called Sofia Bulgaria
Programs: Etihad Guest Gold, DL FO and 1MM, and a bunch of others at a low level
Posts: 2,060
What a brilliant idea! Wish there was an option for me to buy Euros that way since I am exchanging dollars for Euros.
