Currency Rates for Saudi Riyal
Currency Exchange Rates for Saudi Riyal. Currency Information on SAR for Saudi Arabia - ﷼. The foreign exchange currency code for SAR represents the Saudi Riyal exchange rate.
GBP to SAR
History of Saudi Riyal
Saudi riyal has been the country's currency for quite a long time since its origin, even before the country obtained its current name, Saudi Arabia. The term 'riyal' has its derivative from the names of currency denominations,'rial' which in its formal name is 'real'. The term means 'royal' with its root being in based from the Spanish. It was the currency of the kingdom of Hejaz before the country was created. Its original value was tied to the Ottoman 20 kurus.
Notes and coins
The coins were introduced in 1925 from the Hejaz. Today, one hundred Halalas are equivalent to one Saudi riyal. The coins denominations are 5, 10, 25, 50, and 100 halalas. Bank notes exist in denominations of 1, 5, 10, 50, 100 and 500 Riyals.
There are no restrictions on the currency during imports and export of funds in Saudi Arabia. Anybody with a visa has the rights to have the bank account. There are no declarations made while in the Saudi territory and thus foreigners and travellers can move the currency in and out. There exists retail banks that carry out bank transactions to any destination and in any currency. The variables involved in transfer of these funds are the bank exchange rates offered by various institutions.
There are no specific substitute currency within the country. However, the substitutes for the currency comes from external bodies like in 1986 when the us dollar was pegged at a fixed rate of 3.75 Saudi Riyal for an equivalent dollar. This was after the united Arab Emirates signing in and using the US dollar previously after the signing in . Thereafter, the other currency attracted many other worldwide currencies for an exchange with fluctuations on the world market. Currently, due to the ups and downs of the dollar, the Saudi Riyal is also susceptible to the wave.
Other institutions offering exchange services
Apart from banks there are other institutions that offer exchange of currency in Saudi. These include different transfer systems like postal, bank-to-bank, telex and SWIFT. These makes transactions to be more friendly.
The word ‘riyal’ is similar in origins to the names of currencies in denominations of ‘rial’, they are both derived from the word ‘real, which is also used in the names of some currencies. The word is of Spanish origin and means ‘royal’.
Send Money Transfer to Saudi Arabia. The Saudi riyal has been the country’s currency since the country’s origin, even before it was named ‘Saudi Arabia’. One riyal subdivides into 100 halalah, and coins are available in denominations of 5, 10, 25, 50 and 100 halalah, banknotes are issued in denominations of 1, 5, 10, 50, 100 and 500 riyals. Bank Exchange Rates for Saudi Riyal. The foreign exchange rates for Saudi Arabia also known as the ISO code SAR. Send money transfer online with us with the cheapest options.