The Saudi Central Bank (SAMA) has issued a new Fees Guide for Financial Institutions, introducing broad reductions and caps on customer fees across banking and payment services to enhance transparency and consumer protection. The guide, replacing the current Banking Tariff, applies to all financial institutions under SAMA supervision and takes effect within 60 days. It promotes fair pricing, transparency, financial inclusion, and digital services.
Key changes include lower administrative fees for non-real estate finance (capped at 0.5% or SR2,500), reduced Mada card fees (re-issuance SR10, international transactions 2%, cash withdrawals 3% up to SR25), cheaper check and standing order services (bank checks SR5, standing orders SR5, revocation free), standardized electronic transfer fees (SR0.5–SR1), and free or reduced-cost account documents. SAMA’s guide supports sector efficiency, consumer protection, and digital adoption, reinforcing confidence in Saudi Arabia’s financial system.
