SAMA to impose new banking services fees in 3 months

The Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, has amended banking fees for accounts and services, which will be implemented in three months.

The Authority has set tariffs for Electronic funds transfer (EFT) at SAR 7 and SAR 5. Tariffs for an EFT to a bank account abroad are set at SAR 50, while fees for transfer amendment or cancellation are set at SAR 15.

The amendments also included tariffs for the GCC banking network (SAR 10), balance inquiry service (SAR 3) and debit cash withdrawal via global network (SAR 25).

Fees for credit card cash withdrawal were set at SAR 75 for less than SAR 5,000 and SAR 300 for more than 5,000.