Exchanging Saudi currency for USD
 

Need to know best places in U.S. to exchange Saudi currency for USD.
Many thanks.

You can do this in any major bank (better in a bit city), but I'm not sure you'll get good rates because the currency isn't used much outside of Saudi Arabia. You would have done better by exchanging at the airport before you left.

The worst possible exchange rate you're going to find, when starting with Saudi riyals and wanting to end up with USD, is to go into a bank in the U.S.A. (even an international one) and exchange your Saudi currency for dollars. You'd be better off doing any of the following:

1) Paying with a credit card in the U.S. The number of places in the U.S.A. that don't accept CC is getting smaller every day.
2) Having an account at a Saudi bank with reciprocity to an American bank, and then using the former's ATM card to get cash at the latter's ATMs.
3) Buying travelers checks in USD before you land here, then cashing them at a bank.

The best bank for exchanging ANY currency into USD depends on which city you plan on visiting.

>>You can do this in any major bank <<

Not so -- it may be true in NYC where you are. Or maybe in Chicago, etc. But in my region of about 2.5 million population almost no banks will deal in foreign currency. A tiny % will let you order currency at a high mark up and exchanging back to $$ is at an even higher markup.

violetduck -- instead of looking for the 'best' place you may need to look for 'any' place. Do you know anyone traveling to the Middle East in the foreseeable future? That might be your best option.

<<Need to know best places in U.S. to exchange Saudi currency for USD.
Many thanks.>>

Ok, purple poultry, there are various questions raised by this simple statement.

(1) Are you carrying Saudi cash and trying to exchange it for dollars? If so, are you in Saudi Arabia? If yes, exchange it there; if no, you may need to do this on arrival in the US at a major international airport (JFK, ORD, DFW, LAX, IAH, IAD, MIA). Even in major cities, there are few banks that have extensive foreign currency holdings and the exchange rate is always bad.

(2) Do you have a bank account in Saudi Arabia and are you looking to obtain US currency while in the US? If so, use an ATM with your atm card. There is no better solution. There isn't a vendor in the country that will take riyals and few outlets for changing them exist.

(3) Are you in a country other than US or Saudi Arabia and seeking to change Saudi cash into greenbacks? If so, again you will be best off at an international airport's currency exchange counter.

Thanks to all for your help and BigRuss love the purple poultry! This currency was
part of an estate and believed to be approximately 1500 USD. It is not mine. They checked with a local bank in TN and were told they did not deal with Saudi currency. Since Fodorites are so helpful I told them I would ask you.

I'd try going to the nearest international airport. Hopefully there is a bureau de Change landside)

You'll find Citibank in Nashville, and Citi can almost certainly do the transaction. Other big banks will be found in Nashville and Memphis, but I doubt you'll be able to do it anywhere else. It has to be a big international bank. But again, you're going to really bite it in the exchange rate.

>>You'll find Citibank in Nashville, and Citi can almost certainly do the transaction. <<

Worth a shot -- but IME It is very likely local branches in smaller cities won't take the currency even if they do in major cities.

I would explore options for doing the transaction through the mail. (That is, contact several banks via email or phone.)

Bigger banks should be able to get the currency, given you a receipt, and send it to their main branch to process the transaction. They will want to verify if the notes are legit, and that can take a while, but I can't imagine that any full-service branch couldn't do this. For example, Citi says the following on their web site: "Returning with unused foreign banknotes? Simply exchange them for US. dollars at a competitive rate at any Citibank branch ($5; free if you exchange over $1,000)"

Every large international bank in a big city should offer this service. Just realize they will take a hefty commission even if there's no fee, and this is often up to 10%.

<<Just realize they will take a hefty commission even if there's no fee, and this is often up to 10%.>>

Or will charge a crap exchange rate equivalent to 8-10% worse than the actual exchange rate.

But keep in mind that this is a one time deal involving essentially found money. Concerns about the price paid for the exchange may not be the same ones that a frequent traveler might have.

"Worth a shot -- but IME It is very likely local branches in smaller cities won't take the currency even if they do in major cities."

what is the distinction between a smaller city (Nashville, pop 600,000) and a major city (I assume the reference here is to SF, pop 800,000)?

Or are neither Nashville nor SF a major city?

Call Wells Fargo per this link.

https://www.foreignexchangeservices....int.html?max=1

WEST END
1712 WEST END AVE
NASHVILLE, TN 37203
Call to confirm currency availability:
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