Exchanging currencies with one another

Question:
He says: Honorable Shaykh, may Allah grant you success, what is the ruling on exchanging currencies with one another, such as selling dollars for riyals? And are currencies one type or multiple types?

Answer:
Currencies are multiple types; every country has its own currency. Every country has its own currency. So if you sell Saudi riyals for American dollars, or Kuwaiti or Iraqi dinars, the type differs, so it is permissible to exchange them with a difference in amount. However, immediate hand-to-hand exchange is required. Immediate hand-to-hand exchange in the meeting place is required, as the Messenger (peace and blessings be upon him) said: . Yes. The decision issued by the Council of Senior Scholars is that the currencies of countries are types, every country has its own currency, and it is permissible to exchange some with others with a difference in amount, but not on credit; immediate hand-to-hand exchange is required. Yes.