Getting the best available SAR Rate Today with BookMyForex

If you are looking for the best Saudi Riyal exchange rates to buy or sell Saudi currency in India, it is always better to go for Live Saudi Riyal exchange rates. Traditional places for foreign exchange do not show live rates. You can check the live INR to SAR exchange rates online at BookMyForex which is India’s first and largest online currency exchange marketplace.

Saudi Riyal Profile

Riyal is the official currency of Saudi Arabia. It is abbreviated as SAR in the international foreign exchange market. One Saudi Riyal is made up of 100 halalah or 20 ghirsh. As is the case with most of the oil-exporting nations from the middle-east region, the Saudi Arabian currency exchange system functions on a fixed rate exchange system. The Saudi Riyal is pegged against the US Dollar at 3.75 SAR.

Click Here to Know More About Saudi Riyals

Saudi Arabia is a major destination for Indians looking for job opportunities in Gulf countries. Did you know that Indians in Saudi Arabia are the largest community of expatriates in Saudi Arabia? 

As per the estimates, about 41 lakh Indians are living in Saudi Arabia latest by 2017.

If you are planning to travel to Saudi Arabia for employment or some other purpose, you would certainly require Saudi Riyals to transact there. Now, instead of making in-person visits to banks or local money changers and paying more, you can get Saudi Riyals online at BookMyForex at the best Saudi Riyal rates in your city.

BookMyForex is India’s first and largest currency exchange marketplace which provides a full suite of forex solutions including foreign currency notes, forex cards, travellers’ cheque, wire transfer etc. 

Why Should You Purchase Saudi Riyals from BookMyForex?

BookMyForex aims to provide a seamless experience of currency exchange to its customers in terms of transaction cost and service quality. Unlike other money changers which provide foreign exchange at a fixed rate throughout the day, BookMyForex provides forex at live rates. Further, you can place your order online and get your forex delivered at your home. 

Best SAR Exchange Rates: BookMyForex.com shows you the base interbank rates that you can see on Business News Channels and online Search Engines. BookMyForex scans through rates quoted by 100s of money changers in your area and provides you with the best exchange rates. Our currency converter calculates rates based on the interbank rates or mid-market rates. You can buy or sell Saudi Riyals at the rates shown on our site, there is no hidden charge levied for currency conversion. 

Trust and Security: As per the foreign exchange regulations in India, you are required to provide with multiple documents such as your Passport, Visa, Airticket, PAN card details. In certain cases, you may even be required to furnish your Income Tax Return. 

While thinking about the safety of the data and documents as provided by the customers, BookMyForex has come up with the idea of watermarking the documents, every time the customer uploads it on the website. Watermarking clearly defines the purpose of use of the document and prevents from getting them misused for any other purposes.

Convenience:  With BookMyForex, there is absolutely no need to step out from your home to get forex. You don’t get to make calls to multiple money changers to check for the currency availability and so. You can simply stay at home and order foreign exchange from your phone using the BookMyForex app! Not just that, you can also make payment online and also get your foreign exchange delivered directly to your home. It’s that easy!

Better SAR Exchange Rates than Indian Banks

You must be wondering how come BookMyForex is able to provide foreign exchange rates than Indian banks. Being a currency exchange marketplace, BookMyForex firstly compares Saudi Riyal rates quoted by 100s of money changers nearby your location and then provides you with the best Saudi Riyal rates. Secondly, unlike banks which would provide SAR at a fixed rate for the day charging very high mark-up fee, BookMyForex provides SAR at live Saudi Riyal rates which is very close to the prevailing interbank rates. 

Here is a comparative analysis of BookMyForex with Indian banks to underscore the important points where BookMyForex has an advantage:

How does BookMyForex provide the best Saudi Riyal (SAR) rates in India?

Fixed vs Live Rates: Unlike authorized banks providing foreign exchange at fixed rates for the day, BookMyForex allows its customers to convert INR to SAR at live and direct rates. You can only get the present Saudi Riyal exchange rate on the BookMyForex forex rate page. Setting up the Saudi Riyal exchange rate for the entire day drives banks and other money changers to hold the higher margin to hedge against any adverse variations during the day. BookMyForex, on the other hand, gives its customers the most revised foreign currency rate and therefore passes the benefit on to its customers in the form of a better exchange rate.

Individual vs Aggregator: As a digitally powered currency exchange marketplace, BookMyForex first compares SAR rates among 100s of currency exchanges near your location and provides you with the best SAR exchange rates. With several banks and other approved suppliers, we have special tie-ups that allow us to provide our clients with the best possible deal in their area.

Institutional Expenses: Most money changers in India have an administrative structure at the physical level that involves various forms of fixed costs, such as rent, salaries and other operating costs. The basic economic rule tells us that the customer ultimately incurs all of these expenditures in the form of higher fees and purchasing prices.
As a completely digital portal, BookMyForex saves the cost and passes the benefit on to customers in the form of the best foreign exchange rates on the market.

How can you buy Saudi Riyal (SAR) at the best rates in India?

Only BookMyForex will enable you in India to provide the best prices for Saudi Riyal. To do exactly that, you'll have to follow these steps below:

Step 1: Just visit the BookMyForex website or you can also call us at 9212219191 to book a currency order.

Step 2: On the portal (in this case, SAR), you should pick the currency you want to buy and then note the amount you really want to exchange. Currency exchange rates vary from location to location, so your city's name will also have to be reported.

Step 3: You now need to list your information now and fill in details such as the location, the countries to which you are traveling, the start and end date of your trip and the purpose of your journey. It will also be important to include documentation such as visa, passport, PAN card as well as some other documents. You'll be able to book an order then.

Step 4: Once your transaction is checked, you will have the option of having the currency delivered to the house, or you can either go to the forex shop/bank and pick it up personally. Due to the ongoing COVID-19 pandemic, it is highly advised to select the doorstep delivery of the currency.

Note: BookMyForex does not charge any additional fee for converting currency apart from the government taxes.

Understanding Buy SAR rate and Sell SAR rate

In the currency exchange market, currency rates are defined as either a buying rate or a selling rate. The purchase and selling rates will vary from bank to bank and a different rate will be quoted by other money exchangers. Let's talk about Saudi Riyal (SAR) here, for instance. A SAR purchasing rate is when you will be able to purchase the SAR from the exchanger (a bank or a money exchange vendor). Now, on the other hand, a selling rate would be at which you might sell SAR to the bank or other vendors. It is not just about having the best buy/sell prices. We also assist you in providing as much detail about the banks about their overall quality and customer reviews so that you can select the vendor that suits your need.