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The Saudi Riyal (SAR) is pegged to the US Dollar at a fixed rate of 3.75, a peg maintained by the Saudi Arabian Monetary Authority (SAMA) since 1986. With over 15 million expatriates in the Kingdom — 38% of the total population — Saudi Arabia is one of the world's top remittance-sending countries, particularly to India, Egypt, Pakistan, Bangladesh, and the Philippines.
Money exchanges operate across major cities and are regulated by SAMA. Banks like Al Rajhi Bank and Riyad Bank are the largest players, alongside dedicated exchange houses such as Western Union and MoneyGram outlets. For expats, Friday is typically the busiest day for remittances, which can affect availability of rates.
The Indian expat community alone remits an estimated $10–12 billion annually from Saudi Arabia to India — one of the world's largest single-corridor remittance flows. The INR/SAR rate is therefore closely watched by millions of Indian workers in the Kingdom.
