Instant transfer between banks, which was approved by the Central Bank of Saudi Arabia and will take effect tomorrow (Sunday) the 21st of February 2021. Instant Transfer in Saudi Arabia will be free of charge to customers the as a trial phase until the end of next May.
Instant Bank Transfer Launched in Saudi Arabia
This instant payment system in Saudi Arabia will enable All the financial institutions, companies and individuals to complete transfers between different banks instantly, 24 hours a day, seven days a week.
The bank affirmed that the system developed by “Saudi Payments”, once activated, will enable beneficiaries to implement immediate financial transfers between accounts in local banks, with less fees than the current system of interbank transfers.
Minimum transfer fee of half a riyal has been approved for operations equal to or less than 500 riyals, and one riyal for operations exceeding 500 riyals.
And they emphasized that the fees included in the tariff for the services of the Saudi system for quick financial transfers that exceed the maximum limit for a single transaction will be maintained.