SAMA reduces Banking Service Charges of Transfers, Playing cards and Financing for People
The Saudi Central Financial institution (SAMA) has issued a brand new Charges Information for Monetary Establishments’ Providers, introducing broad payment reductions and limits on prices for patrons throughout banking and fee companies. The transfer is a part of SAMA’s regulatory position to enhance transparency and defend shoppers.
As soon as it comes into power, the up to date rules will take the place of the present Banking Tariff. It would apply to all monetary establishments supervised by SAMA, together with banks and fee service suppliers. The up to date charges will take impact inside 60 days from the date of publication.
Digital companies, transparency, and equity take heart stage
SAMA claimed that the brand new information’s targets are to ensure that costs are honest and affordable, make charges clearer and extra open, and assist individuals who do not have entry to monetary companies by making them cheaper. The steerage additionally tells customers to embrace digital banking, which helps the monetary sector’s steady digital transformation.
That is the primary version of the charges information protecting monetary establishments broadly and the third version particularly associated to the banking sector.
Decrease administrative charges on financing merchandise
Below the brand new information, SAMA decreased the utmost administrative charges for non-real property financing merchandise, together with client finance and motor finance leasing.
➤ Earlier restrict: 1% of the financing quantity or SR5,000, whichever is decrease
➤ New restrict: 0.5% or SR2,500, whichever is decrease
Diminished Mada card and transaction charges
The information introduces decrease and clearly outlined charges for Mada card companies:
■ Re-issuing a Mada card (on account of loss, injury, or three incorrect PIN makes an attempt) decreased from SR30 to SR10
■ Worldwide transactions capped at 2% of the transaction quantity
■ Worldwide money withdrawals utilizing Mada playing cards (excluding GCC NET) capped at 3%, with a most payment of SR25
■ Charges for invalid objections to transactions or account statements capped at SR15
SAMA clarified that Mada card charges don’t embrace supply prices. Clients can accumulate playing cards instantly from financial institution branches at no further cost.
Cheaper checks and standing order companies
A number of charges associated to checks and fee directions have additionally been decreased:
✓ Issuing a financial institution examine decreased from SR10 to SR5
✓ Copy of a examine older than one 12 months decreased from SR20 to SR10
✓ Establishing a standing fee order at a department decreased from SR15 to SR5
✓ Canceling a standing fee order is now freed from cost
Low-cost digital transfers
The information standardizes charges for digital cash transfers inside Saudi Arabia by way of financial institution accounts and digital wallets:
🔹 SR0.5 for transfers as much as SR2,500
🔹 SR1 for transfers above SR2,500 and as much as SR20,000
Free and reduced-cost account paperwork
SAMA additionally eliminated or decreased charges for a number of buyer paperwork:
🔘 First issuance of a debt affirmation or debt switch certificates: Free
🔘 Account statements for intervals underneath one 12 months: Free
🔘 Account statements for intervals over one 12 months:
• SR15, if requested at a financial institution department.
• Free if requested electronically
Implementation timeline
SAMA confirmed that the brand new charges framework will probably be applied inside 60 days, permitting monetary establishments time to replace their programs and buyer disclosures. The total charges information is on the market by way of SAMA’s Rulebook on its official web site.
The brand new payment construction displays SAMA’s ongoing efforts to guard shoppers, enhance effectivity within the monetary sector, encourage digital banking, and strengthen confidence in Saudi Arabia’s monetary system.
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| SAMA reduces Banking Providers Charges of Transfers, Playing cards and Financing for People |
