Currency in Saudi Arabia: A Comprehensive Guide

Currency in Saudi Arabia

The Basics of Saudi Arabian Currency

The official currency of Saudi Arabia is the Saudi riyal, often abbreviated as SAR. Each riyal is further divided into 100 halalas. With the unification of the country’s provinces in the early 20th century, various currencies like the Indian rupee, French riyal, and Ottoman-era tender were replaced by the Saudi riyal. Saudi Arabia issued its first coins in 1935, followed by notes intended for Hajj pilgrims in 1953, which were eventually replaced by official banknotes in 1961.

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The Saudi Riyal and the International Market

Since 1986, the Saudi riyal has been officially pegged to the International Monetary Fund’s special drawing rights (SDRs), but in reality, it is tied to the US dollar. The official exchange rate stands at US$1=SAR 3.75, or inversely, SAR 1=US$0.266667.

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Riyadh Skyline

Denominations in Use

Banknotes come in denominations of SAR 1, 5, 10, 50, and 100. However, the SAR 1 note is gradually being phased out. Coins in Saudi Arabia are bimetallic and are issued in 1 and 2 riyal denominations, as well as 1, 5, 10, 25, and 50 halalas.

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Riyadh ATM
Riyadh ATM

ATM Usage in Saudi Arabia

Banking in Saudi Arabia is as convenient as using an ATM. With over 18,000 machines distributed across the country, ATMs are located in a variety of settings, from bank branches to shopping malls and high-street stores. Most ATMs offer user interfaces in both English and Arabic.

It’s common for Saudis to carry cash, with the nation’s 32-million population withdrawing a total of SAR 728.5 million in 2017. While different banks in the Kingdom set various ATM cash limits, withdrawing up to SAR 2,000 is generally not an issue. In addition to cash withdrawal, ATMs usually allow bank balance checks and mini-statement requests.

International Debit and Credit Card Usage

Locally issued debit or credit cards can typically be used at any ATM within Saudi Arabia (with Visa or Mastercard tags). However, usage fees ranging from SAR 2 to SAR 30 may apply when using ATMs from banks other than the card-issuing bank. Chinese UnionPay cards and Russian cards are also becoming more regularly accepted in some stores, however, these are not yet fully operation, according to reports on the ground by our team.

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Important Tips for Using ATMs in Saudi Arabia

Be aware that at some ATMs, uncollected cash is quickly retracted back into the machine, and retrieving such cash can be a lengthy procedure.

Information on ATM locations can be found on the websites of local banks, or global search sites provided by Mastercard and Visa.

ATMs work in a variety of languages, English is standard along with the native Arabic at ATMs.

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