About the Saudi Riyal
The Saudi riyal is the currency of Saudi Arabia, issued by the Saudi Central Bank, still widely known as SAMA. It has been pegged to the US dollar at 3.75 riyals per dollar since 1986.
Because of the peg, the riyal's rate against the euro, the pound or the yuan follows the dollar's rate against those currencies almost exactly. The central bank moves its interest rates in step with the US Federal Reserve.
Saudi Arabia is one of the world's largest oil exporters, and oil is priced in dollars, which is a large part of why the peg has lasted. Large foreign reserves stand behind it.
Paying in SAR
- IBAN
- Saudi accounts are identified by an IBAN, which starts SA and is 24 characters long. For payments from abroad, use the IBAN together with the bank's SWIFT/BIC code and the recipient's full name as the bank holds it.
- Domestic clearing
- Riyal payments between Saudi banks settle through SARIE, the central bank's payment system. Its instant service sends payments within seconds, 24 hours a day.
- Weekend
- The Saudi weekend is Friday and Saturday. Saudi banks do not settle on those days, so a payment sent on a Thursday or Friday from Europe may only be credited on Sunday.
- Purpose and documents
- Saudi banks ask for the purpose of international payments, and may ask for an invoice or contract for larger amounts. Include a clear payment description to avoid delays.
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