According to the fees introduced for interbank transfers following this coming May, the upper limit of the transfer fee of half a riyal has been approved for transactions equal to or less than 500 riyals. As for transactions whose value exceeds 500 riyals the transfer fee has been set at one riyal only.
The fees included in the tariff for the services of the Saudi System for Fast Money Transfer, which exceed the maximum limit for a single transaction is maintained.
The Central Bank obliged all banks to take all necessary measures and amendments to refer to the name of the immediate payments system when using the name “fast” in all banking channels, instead of the Saudi system for quick financial transfers.
The central bank confirmed that the newly introduced system will enable financial institutions, companies and individuals to complete transfers between different banks instantly, 24 hours a day, seven days a week, reduce operational costs, and provide innovative solutions for the financial sector.