​In accordance with the authority vested in the Saudi Central Bank (SAMA) under the provision of the Saudi Central Bank Law - issued by Royal Decree No. (M/36) dated 11/04/1442H and the Rules Regulating Money Changing Business - issued by the Minister of Finance's Decision No. (4686) dated 21/11/1441H, SAMA shall have the mandate to carry out supervisory and control tasks over financial institutions, including money Exchanging business and licensing.

Types of licenses:

1. Sale and trading in foreign currencies inside Saudi Arabia.

2. Sale and trading in foreign currencies inside Saudi Arabia, in addition to importing and exporting currencies.

The Guidelines:

Applicants wishing to apply for a license to engage in money exchanging business must review the following documents:

• Money exchanging laws and regulations.

• Money exchanging instructions and rules.

• Circulars issued to the money Exchanging sector.

• Regulations of license fees for money changing business.

• Eligibility requirements.

Application Forms:

SAMA underlines that all requirements stipulated in the Guidelines must be fulfilled before filling out the forms:

• License Application Form for Money Exchange Business.

• Fit and Proper Form.

• Letter of Guarantee for the Purposes of Conducting Money Exchanging Business.

• Cash Reserve Deposit Certificate Form for Class (B And C).

• Other Requests Forms.

Application Process:

The applicant must submit a completed license application form, using (License Request), completed with all information including the prerequisite documents and files.

If any changes occur to the given information by license applicant prior to SAMA's decision on the application, the license applicant shall notify SAMA as soon as possible.