Make payments and receive payments in SAR - Saudi riyal
Pay in Saudi Riyals (SAR)
Mondial Change allows you to make international payments in SAR (Saudi riyal) with ease. Manage your Saudi riyal beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply any exchange commission on your SAR operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair being traded). Your customer rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Saudi Riyal (SAR)
Mondial Change allows you to receive payments in SAR (Saudi riyal). Payments in SAR are received in an account in your name with a dedicated IBAN. This SAR account with a nominative IBAN is provided to you free of charge. It allows you to receive payments in SAR from your clients or subsidiaries and also to hold Saudi riyals. The SAR can be reused to make payments in SAR. The SAR can also be converted into EUR or any other currency of your choice and repatriated to your bank account. The Saudi riyal (SAR) account can be located in France or other countries (see possible locations).
Do you want to hedge your exchange risk on the Saudi riyal (SAR)? Check our dedicated page for currency hedging on the RSD
Mondial Change answers all your questions about payments in Saudi Riyals (SAR)
What is the timeframe for a payment in SAR to be credited to the beneficiary's account?
It generally takes between 1 and 2 business days for a Saudi riyal transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if SAR payments are credited beyond 2 business days to the beneficiary's account.
What are the fees for a payment in Saudi Riyal (SAR)?
The fees applied to transfers in Saudi riyal (SAR) generally range from 0 to 10 euros depending on the agreement made with Mondial Change's trading room. The rate primarily depends on your annual SAR exchange volume and the number of Saudi riyal payments made during the year.
Are there minimum or maximum amounts for payments in Saudi Riyal (SAR)?
Mondial Change and its partners verify that your Saudi riyal flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Saudi Riyal (SAR)?
For payments in SAR via the SWIFT network, simply provide the following information:
• Full name of the beneficiary
• IBAN
Is it possible to modify a payment in Saudi Riyal (SAR) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Saudi riyal (SAR) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
Is the Saudi Riyal (SAR) account provided to you a bank account and is it nominative?
The Saudi riyal (SAR) account for which we provide you with the details is not a bank account per se because the account-holding institution is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN associated with the account is unique. You thus have a guarantee of segregation of your funds in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please consult the page related to opening a Saudi riyal (SAR) account for more information.
Is it possible to hold Saudi Riyals (SAR) in the SAR account provided to you?
You can use this Saudi riyal (SAR) account to receive or store Saudi riyals. The funds can then be reused to issue payments in Saudi riyal or be converted into other currencies. The account is also compatible for receiving payments in SAR from e-commerce platforms like Amazon or payment systems like Adyen or Stripe.
What are the holidays on which payments in Saudi Riyal (SAR) cannot be executed?
Variable date: Eid al-Fitr – 1st day (end of Ramadan)
Variable date: Eid al-Fitr – 2nd day
Variable date: Eid al-Fitr – 3rd day
Variable date: Day of Arafat
Variable date: Eid al-Adha – 1st day (Feast of Sacrifice)
Variable date: Eid al-Adha – 2nd day
Variable date: Eid al-Adha – 3rd day
Variable date: Eid al-Adha – 4th day
September 23: Saudi National Day
February 22: Founding Day
History of the Saudi Riyal
The Saudi Riyal (SAR) is the official currency of the Federation of Saudi Arabia, a country in Eastern Europe and Northern Asia known for its vast territory, natural wealth, and diverse culture. As the national currency, the Saudi Riyal plays a central role in the Russian economy and facilitates exchanges both nationally and internationally. The Saudi Riyal is subdivided into 100 kopecks. Its ISO code is SAR, and its symbol is ₽. Banknotes in circulation are available in denominations of 5, 10, 50, 100, 500, 1,000, and 5,000 roubles, while coins are issued in denominations of 1, 2, 5, and 10 roubles, as well as 1, 5, 10, and 50 kopecks. The Central Bank of the Federation of Saudi Arabia is responsible for the issuance and regulation of the Saudi Riyal, ensuring monetary stability and market confidence.
Monetary Policy of the Saudi Riyal
The Central Bank of the Federation of Saudi Arabia implements a monetary policy aimed at maintaining price stability and promoting sustainable economic growth. It closely monitors economic indicators such as inflation, exchange rate, and financial stability to take appropriate measures. The Russian monetary policy also aims to maintain the stability of the financial system and promote investment to support the country's economic development.
Characteristics of the Saudi Riyal
The Saudi riyal has certain characteristics. Firstly, it is important to note that the Saudi Riyal is one of the most traded currencies on international markets. Its value can be influenced by economic, political, and geopolitical factors, as well as by fluctuations in oil prices, since Saudi Arabia is one of the world's largest oil producers. Additionally, the Saudi Riyal is subject to strict exchange regulations and can be affected by international economic sanctions.