Go Search
Advanced Search
Skip Navigation Links
Home
About SAMA
News
Consumer Protection
Finance and Exchange Rates
Economic Reports And Bulletins
Laws And Regulations
Banking Control
Insurance
Finance
Speeches And The Press
Currency
Currency Museum
Payment Systems
Related Links
Contact Us
FAQs
Anti-Money Laundering Committee
Licensed Entities
Apply for a Job

BANK SERVICES CHARGES

 
SAUDI ARABIAN MONETARY AGENCY

HEAD OFFICE, RIYADH

 

No. M/A/1/291

Date: 19-9-1390

(12-8-1979)

 

CIRCULAR

 
To all the banks in the Kingdom:


SAMA has conducted a comprehensive study of the fees charged by the banks for their services. The study covers fees charged by banks in various parts of the world.

A considerable time has elapsed since SAMA issued the schedule of tariff for banks. Hence, it became necessary to make this study, keeping in view the rapid economic growth witnessed by the Kingdom and the expansion of banking business which SAMA encourages to promote banking habit among the public.

In the light of the said study, SAMA has introduced a new tariff for banking services (a copy is enclosed herewith), which supersedes the old tariff issued under SAMA' s circular No. 115288/71 dated 22.12.1379. The new tariff shall be effective as from 10.10.1399.

SAMA has kept in view that the new tariff should reflect the state of our economy and be moderate and reasonable as well as the need to spread the banking habit.

You are kindly requested to circulate this tariff to all your branches and to place it at a prominent place in your bank and its branches so that customers could see it easily. The tariff will apply as from the date mentioned above.


Please confirm receipt of this circular.


Regards,

 

ABDULAZIZ AL-QURAISHI

GOVERNOR

 

SCHEDULE OF CHARGES APPLICABLE TO FIRMS, COMPANIES & INDIVIDUALS

 

 I. Doc. L/C (IMPORT CREDITS)

(a) OPENING OR ISSUING    

 NEW TARIFF

1/4% ON FIRST SR. 400,000 (OR EQUI-

ALENT) FOR 3 MONTHS (OR PART

THEREOF)

1/8% ON ADDITIONAL AMOUNTS

ABOVE SR. 400,000 (OR EQUIVALENT)

FOR 3 MONTHS (OR PART THEREOF)

1/16% PER MONTH AFTER 3 MONTHS

(OR PART THEREOF)

 (b) CONFIRMING  

ACTUAL AMOUNT AS CHARGED BY

CORRESPONDENT.

 (c) ADVISING   SR. 20(FLAT RATE)
(d) NEGOTIATION  NO CHARGE
(e) AMENDMENT:
(1) INVOLVING INCREASE OF AMOUNT AS PER (a) ABOVE ON TARIFF
(2) OTHER AMENDMENTS

SR. 25 + TELEX, CABLE OR MAIL

CHARGES

(f) CANCELLATION OF UNUTILIZED

 NO CHARGE

LETTER OF CREDIT

(g) MISCELLANEOUS    NO CHARGE

                                                     

 

(IMPORTER WILL BE ALLOWED 7 DAYS GRACE TO RETIRE THE BILL

AFTER RECEIPT OF ADVICE FROM THE BANK)

 

 II. COLLECTION (INCOMING/OUTGOING)

  (LOCAL/FOREIGN CURRENCY)

 
 (i) PAYABLE WITHIN THE COUNTRY  

 (a) CLEAN BILLS

(INCLUDING CHEQUES) 

 ON BRANCH -FREE

ON OTHERS - SR. 5

(b) DOCUMENTARY BILLS 

     ON BRANCH -FREE

ON OTHERS -1/10% + POSTAL

CHARGES (MIN.SR. 10 MAX. SR.l00)

(ii) PAY ABLE OUTSIDE THE COUNTRY

(a) CLEAN (INCLUDING CHEQUES)

 

SR. I PER THOUSAND + POSTAL

CHARGES (MIN. SR.10 MAX. SR. 100)

   (b) DOCUMENTARY  

SR. I PER THOUSAND+POSTAL

CHARGES(MIN.SR.25 MAX. SR. 250)
III. REMITTANCES NEW TARIFF
TO PLACES WITHIN THE COUNTRY
(i) DRAFT/MAILTRANSFER

SR. 5 UP TO SR. 10,000.

SR. 10 OVER SR. 10,000.

  (ii) CABLE/TELEX TRANSFER

  SR. 10 UP TO SR. 10,000.

SR. 20 OVER SR. 10,000 + ACTUAL

TELEX/CABLE CHARGES

TO PLACES OUTSIDE THE COUNTRY
(i) CABLE/DRAFT/MAIL TRANSFER  

SR. I PER THOUSAND

(MIN. SR. 10 MAX. SR. 50 + ACTUAL

CABLE/TELEX CHARGE FOR CABLE

OR TELEX TRANSFER)

IV) COMMISSION ON

(i) SALE OF TRAVELLERS CHEQUES  

OR PERSONAL LETTER OF CREDIT

    1 %

(ii) PURCHASE OF TRAVELLERS 

CHEQUES

  NO CHARGE

(iii) INCOMING DRAFTS OR PAYMENT

ORDERS

NO CHARGE

  (iv) NEGOTIATION OF DRAFTS UNDER

PERSONAL LETTERS OF CREDIT

NO CHARGE

V) CHARGE FOR COLLECTION ITEMS

RETURNED UNPAID (NO OTHER

COLLECTION COMMISSION TO BE CHARGED). 

  (a) FOREIGN COLLECTION

SR. 10 PER ITEM (FLAT RATE)

(b) LOCAL COLLECTION (INCLUDING CLEARING CHEQUES)-NO CHARGE

 VI) CHARGES   ON ACCOUNTS  CURRENT ACCOUNT
(a) BALANCE REQUIREMENT

FOR BALANCE LESS THAN SR. 1000

SR. 15 PER HALF YEAR. BALANCE

 ABOVE SR. 1000 NO CHARGE

SAVING ACCOUNT -NO CHARGE

 (b) STATEMENT OF ACCOUNT NO CHARGE
(c) ACCOUNT CLOSED    NO CHARGE
(d) LOST CHEQUE BOOK   SR. 10
(e) STANDING INSTRUCTIONS SR.5 ON EACH PAYMENT
 VII. COMMISSION ON GUARANTEES

  1/4% ON THE FIRST SR. 10 MILLION

1/8% ON ADDITIONAL AMOUNT (PERANNUM)

FOR MISSING BILL OF LADING -SR. 20 (FLAT RATE)
VIII. MISCELLANEOUS   ABOVE SAMA RATE:
(a) FOREIGN EXCHANGE SELLING  (a) 1/8% ON THE FIRST U.S. $1MILLION
RATE (b) 1/6% ON ADDITIONAL AMOUNT

(NOTE: THE ABOVE RATES ARE MAXIMUM RATES AND LOWER RATE CAN BE OFFERED)

 

 
Copyright SAMA. All Rights Reserved. [ Disclaimer ] [ Home | Contact Us | FAQ | Site Map ]