The Saudi Riyal buy back rates below were last updated 24 minutes ago
If you’ve ever tried selling left-over Saudi Riyals in the high street you’ll know how difficult it can be to find a good deal. Banks and travel agents typically offer very poor exchange rates, many bureau de change add fees or commission to your order and some currency suppliers will only buy back Saudi Riyals that they originally sold you in the first place. If that isn’t bad enough there is no standard procedure for buying currency back in the UK; every supplier has a slightly different ordering process and often you can be waiting for weeks before you see any money.
Fortunately there are a growing number of currency traders who are willing to buy Saudi Riyals sent to them by post – and at much better rates than you’ll find anywhere in the high street. The currency buyers we compare above are all licenced foreign exchange dealers based right here in the UK and they’ll buy any unwanted Saudi Riyals regardless of where there were originally purchased – no receipt required.
What’s the catch? There is no catch. These suppliers are able to offer such great rates because they trade in large volumes of currency and are able to sell your Saudi Riyals straight on to new customers instead of incurring additional costs by going to the bank, and these savings are passed directly on to you.
Ordering is simple: choose a buyer, fill out an online form, print it and post it together with your currency. You’ll be notified as soon as your currency has been received and you can expect payment within three working days directly into your nominated bank account.
There are three easy steps to selling your Saudi Riyals back online. All of these instructions will be explained to you as you go along and we’ll also email you after you’ve placed your order so don’t worry if you forget anything.
If you have any questions about the selling process, please contact our friendly team who’ll be happy to advise you further.
Yes, but only certain buyers will accept them and you may be offered a lower rate than you would for notes because they are heavier to post and more expensive to exchange. Please contact us if you have any Saudi Riyal coins to sell and we’ll try and find a buyer for you.
You can post your currency by whichever method suits you best or take it in person if you live nearby, however we strongly recommend you post your currency via Royal Mail Special Delivery which is a guaranteed Next Working Day service and requires a signature on delivery. This service is fully trackable, can be insured for up to £2500 per package and costs between £5-15 depending on the value of your currency (you can send multiple packages if you are selling a large amount).
You can find out more and pay for your postage online on the Royal Mail website.
If you are unsure about the best postage option just ask at the counter of your local Post Office branch and the staff will be able to advise you further.
You should be paid within three working days from the date the buyer receives your currency. You’ll be paid by Bank Transfer directly into the bank account you nominate when you place your order.
The Saudi Riyal buy back rate changes frequently throughout the day and it is likely that the rate will be slightly different when your currency is received by the buyer from the rate advertised when you placed your order. In most circumstances this will not be a problem and the buyer will honour the rate you received when you placed your order but you must try to get your currency to them as soon as possible.
In some cases where there is a long delay between when the order was placed and when it was received, or where the Saudi Riyal rate changes drastically within a short space of time, a different rate may be offered by the buyer on the day they receive your currency. You do not have to accept this offer and you may have your currency returned to you, minus a small charge for return postage.
The buyer will always contact you by to confirm any exchange rate changes before they process your order.
For your security and protection all of our buyers are registered with HMRC and the Financial Conduct Authority (FCA) for the trading of currency in the UK. As part of their legal requirements to help combat against money laundering and fraud, some buyers may ask you to provide some form of ID with your order if it is over a certain value. Accepted forms of ID are a photo driving licence or a passport and you can send either of these by email rather than posting them with your currency. You’ll be given full instructions and further details at the point of placing your order if you need to provide any additional ID; this is purely routine and won’t affect your order in any way.
When selling Saudi Riyals you want the exchange rate to be as low as possible because the Sterling value is calculated by dividing the amount of currency you have by the buy back exchange rate. This may seem counter-intuitive so let's see an example based on the comparison above.
If you have 750 Saudi Riyals and the lowest (best) exchange rate is 4.7870, the Sterling value is calculated by:
750 / 4.7870 = £156.67
Now using the same amount but with a higher exchange rate of 5.0194:
750 / 5.0194 = £149.42
So the lower exchange rate yields more Pounds for your Saudi Riyal. Our comparison table above automatically calculates these amounts for you so you can see at a glance who is offering the best deals.
Over the past week the Saudi Riyal buy back rate has worsened by 1.53% from last Wednesday's rate of 4.715 to today's rate of 4.7870 which means SR750 is worth £2.39 less today than it did a week ago. During this period the worst time to sell is right now at 4.7870 and the best time to sell was on Monday at 4.643.
The 90 day outlook has seen the Saudi Riyal buy back rate worsen by 1.14% from 4.733 on 20th October 2016 to 4.7870 today. Based on these figures, SR750 is worth £SR1.79 less today than it did three months ago. The worst buy back rate we recorded was 4.971 on 5th December 2016 and the best buy back rate we recorded was 4.643 on 16th January 2017.
Posted by Peter Rudin-Burgess on 6th January 2017
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