Beware of these practices when exchanging your money from saudi riyal to jordanian dinar
Did you come from Saudi Arabia to Jordan, or did you send or receive money transfers from it?
If your answer to the previous question is yes, then you had to exchange your money from the Saudi Riyal to the Jordanian Dinar or vice versa, at least once.
The currency exchange process seems very simple!
You might think so, money exchange kiosks are located in airports, and you can exchange your money inside the ATMs of most banks, and you can easily buy products and pay various bills in foreign currencies directly using your bank cards such as debit cards and credit cards.
But how do you ensure that you get the best exchange rate, pay the lowest commission, and the most important question here, how do you ensure that you do not pay additional fees that might surprise you?
Exchange rate differences may be very influential, especially with large amounts of money, where a difference of one penny in the exchange rate can increase or decrease the transferred amount, so you must choose a reliable exchange company and you can negotiate with them if the price does not suit you, but you have to know that these currencies have a cost and cannot go below a certain price, and imaginary prices are not available in the market.
Some exchange companies offer very competitive rates, but when you go to exchange your money, you don't find cash money available.
In the end, reliable exchange companies like Abu Sheikha Exchange offer the best exchange rates, the best service and cash money is always available.
Does it seem a little more complicated now? Don't worry, just keep reading the next lines, and we will tell you what to avoid when thinking about exchanging currency from Saudi Riyal to Jordanian Dinar, and of course you can follow the same tips if you exchange money for any other currency.
What is the exchange rate?
The exchange rate of any currency is its value against another currency, which is usually a variable rate, and is used in personal or commercial transactions, whether between people, organizations, or even countries.
The currency exchange rate of any country is affected by the size of its national economy and its foreign trade dealings, and it is also strongly affected by the size of the foreign currency reserve that the country have, and the sources of national income in hard currency, in addition to the incoming and outgoing financial transfers to and from the country.
And the exchange rate can be fixed or flexible.
In the first case, the state decides to set a fixed exchange rate, not subject to market fluctuations or supply and demand, against other currencies, or at least linking the price of the national currency to a specific value of another global currency such as the dollar, or the ratio of its value to the value of gold, for example, such as linking the Kingdom of Jordan the value of its dinar with the value of the US dollar.
According to the Central Bank of Jordan, Jordan has adopted the policy of linking the Jordanian Dinar to the US dollar at a medium exchange rate of 709 penny to the dollar, since October 1995, so that the value of the remaining currencies against the Jordanian Dinar is determined based on the exchange rate of currencies against the dollar.
In the second case, when the currency exchange rate is flexible, the price is completely dependent on supply and demand factors, and accordingly it may be exposed to severe price fluctuations, up or down, then it is difficult to determine or predict the value of the currency in the future.
The exchange rate of the Saudi Riyal against the Jordanian dinar
It is now clear that the exchange rate of any currency against the Jordanian Dinar is related to the value of this currency against the dollar, so you can apply the same rule with the Saudi Riyal, where the exchange rate of the Saudi Riyal against the Jordanian Dinar moves according to the movement of the value of the Saudi Riyal against the US dollar.
Now after we explained the exchange rate, these are practices you should avoid when exchanging your money:
Exchange kiosks inside the airport
You may want to save effort and exchange your money in the airport, to avoid searching in the city, but it can cost you a lot of money.
Exchange kiosks inside airport halls usually offer lower exchange rates, causing you to lose a significant amount of your money during the transfer process.
Therefore, avoid exchanging your money from Saudi Riyal to Jordanian Dinar at exchange kiosks inside the airport, as you will not make a great effort to reach the branches of exchange companies within the city, and always remember that you will always find Abusheikha Exchange near you wherever you go in Jordan. Know Abu Sheikha Exchange's nearest branch.
Purchasing with a credit card
If you have a credit card issued in Saudi Riyal, avoid using it to pay for your purchases in Jordanian Dinars, as this will incur you additional transfer fees and a lower exchange rate.
The best solution before you start shopping is to exchange an appropriate amount of Saudi Riyal into the Jordanian Dinar, and then use this amount to pay for your purchases in cash, to make the best use of your money.
Purchasing in a foreign currency
If you use a foreign currency to purchase inside Jordan, such as the Saudi Riyal, you will be subject to the buyer's acceptable exchange rate, and you will lose more money in this case.
The buyer may ask for an exchange commission, and his exchange rate will be much lower than the exchange rate of trusted service providers and major exchange companies.
So avoid buying from Jordan in Saudi Riyals or any other foreign currency, and exchange your money first to Jordanian Dinars at a reliable exchange company.
Currency exchange into banks
Remember that banks usually charge a higher exchange commission or lower exchange rates, which makes you to lose a large part of your money, and it is the last thing you want, whether you want to spend money for travel and tourism, to send family expenses abroad, for treatment, or to complete business transactions, or other purposes.
So avoid exchanging currency into banks, and choose a reliable exchange company to make the most of your money.
Unreliable service provider
Financial services such as exchange and money transfer are very sensitive services, and may involve a lot of fraud or even theft, in the case of dealing with unreliable service providers.
So avoid unreliable companies, and make sure that the company has a strong history of providing quality and reliable financial services, to ensure your personal security, and the security of your money.
Do you want to exchange your money from Saudi Riyal to Jordanian Dinar?
Get the best exchange rate and the lowest commission when you exchange your money at Abu Sheikha Exchange, we work to serve you in 17 branches covering all over Jordan, until midnight, and during weekends and official holidays.