Is it permissible to give the bank riyals to convert them into pounds in my country?

Question:
He says: Honorable Shaykh, may Allah grant you success. When transferring money to another country, I give the bank riyals, and then it converts them into pounds in my country, for example. Is this permissible?

Answer:
Currency exchange, as you know, is hand-to-hand. You take the currency in exchange for the currency in the presence of the parties, hand-to-hand. Otherwise, it becomes riba (usury or interest), specifically riba al-nasi'ah (usury of deferment). So either you send the money with a trustworthy person who delivers it to the one you want in your country, or you buy the currency you want to transfer in Riyadh and then transfer it through the bank to the country you want. Yes.