The Saudi Central Bank (SAMA) issued a new Fees Guide for Financial Institutions’ Services on 22 December, setting updated maximum fees for a range of retail banking and payment services, taking effect within 60 days.
SAMA said the guide will replace the current Banking Tariff once it enters into force and will apply to all financial institutions under its supervision, including banks and payment companies.
In its announcement, SAMA framed the move as part of its supervisory role, with the stated aims of supporting fair pricing, improving disclosure and transparency, and advancing financial inclusion by widening access to services at regulated fee levels. It also said the guide encourages the use of electronic channels, aligning with the financial sector’s digital transformation.
Key changes customers may notice
The guide lists maximum fees for what it describes as “essential transactions and services” for retail customers, and notes that these maximums exclude value-added tax (VAT) where applicable.
Under the new caps, the maximum fee for reissuing a Mada debit card is SAR 10 (USD 2.67). The guide also caps international purchase transactions at two percent of the transaction amount, and caps international cash withdrawals (excluding the GCC Net) at three percent of the transaction amount, up to SAR 25 (USD 6.67). It sets a maximum SAR 15 (USD 4.00) fee for a wrong dispute of a transaction or account statement. The guide also notes that card-related fees do not cover delivery costs if customers choose delivery, and that customers can collect cards from branches without additional charges.
The maximum fee for issuance of a bank check is listed at SAR 5 (USD 1.34), and requesting a copy of a check with a payment date exceeding one year is capped at SAR 10 (USD 2.67). Setting up a standing payment order is capped at SAR 5 (USD 1.34), while cancellation of a standing order is listed as free.
For domestic transfers within the Kingdom from a bank account or e-money company, the guide sets a maximum fee of SAR 0.5 (USD 0.13) for transfers of SAR 2,500 (USD 666) or less, and SAR 1 (USD 0.27) for transfers above SAR 2,500 (USD 666) and up to SAR 20,000 (USD 5,300).
For transfers exceeding SAR 20,000 (USD 5,300), the guide differentiates between branch and electronic channels and between same-day and next-business-day processing, with different maximum fees listed for each option.
The guide lists account statements for less than one year as free, and makes a distinction for older statements: an account statement for more than one year is capped at SAR 15 (USD 4.00) when requested at a branch and free when requested electronically. It also lists proof of debt and debt transfer letters as free.
Financing administrative fees: a tighter cap outside real estate
The guide sets maximum “administrative fees” for financing services, excluding real estate finance at 0.5 percent of the finance amount or SAR 2,500 (USD 666), whichever is lower. For real estate finance, it lists a cap of one percent or SAR 5,000 (USD 1,333), whichever is lower.
By comparison, the Regulations for Consumer Financing include a provision stating that fees, costs, and administrative service charges recovered from a borrower must not exceed one percent of the amount of financing or SAR 5,000 (USD 1,333), whichever is lower.
SAMA’s existing Banking Tariff, which sets maximum fees banks may, but do not necessarily, charge, lists higher caps for several services that the new guide caps lower.
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