SAMA extends working hours of money remittance centers

The Saudi Arabian Monetary Authority (SAMA) allowed the extension of working hours for money remittance centers, affiliated to banks.

The Saudi central bank also permitted them to work throughout the week, including on Fridays and Saturdays, starting 7:00 a.m. until 5:30 p.m., according to each bank’s assessment, provided the branches’ working hours are not less than the hours specified in SAMA’s directives.

SAMA stressed that money remittance centers are required to comply with a number of controls which include implementing the mandatory precautionary and preventative measures set by the Ministry of Health on workers attending at their workplaces.

The authority also required work to continue on developing electronic channels, particularly, smart phone apps, to facilitate for the customer to get to all services related to electronic money transfer.

SAMA also emphasized that banks should continue to implement the exemption from electronic banking services fees, also levying transfer fees for locations outside the Kingdom via conventional channels while not exceeding the maximum fees stated in the bank tariff.

Meanwhile, memberships should to be opened at remote transfer centers, with the requirement to verify the identity of the customer through using documents, data or information from a reliable and independent source.