SAMA’s new fees guide reduces banking, Mada card, financing, check, transfer, and document fees nationwide/Image: X
Saudi Arabia has taken a major step to make banking more affordable and transparent. The Saudi Central Bank, known as SAMA, has unveiled a comprehensive new fees guide for financial institutions. The updated framework slashes customer fees, caps charges across multiple services, and pushes for digital solutions, marking a clear push toward fairness, transparency, and financial inclusion.
SAMA’s new fees guide
The newly issued fees guide will replace the current Banking Tariff and applies to all banks and payment companies supervised by SAMA. Once officially enforced, which is set within 60 days from its publication, the guide will standardize fees, ensuring that customers across the Kingdom face fair and reasonable charges.SAMA emphasized that the guide is designed to strengthen disclosure and transparency, support financial inclusion, and encourage wider adoption of digital channels. This update represents the first guide covering all financial institutions and the third edition specific to banks, reflecting ongoing modernization efforts across Saudi Arabia’s financial sector.
Lower fees for financing products
One of the most notable changes affects administrative fees for non-real estate finance products, including consumer and motor finance leasing.
- Previous cap: 1% of the finance amount or SR5,000, whichever was lower
- New cap: 0.5% or SR2,500, whichever is lower
This move significantly reduces costs for customers seeking personal and vehicle financing.
Mada card and transaction fees reduced
The guide also sets clear limits on fees for Mada card services, aiming to make card usage more affordable and predictable. Key updates include:
- Card re-issuance (lost, damaged, or after three incorrect password attempts): Reduced from SR30 to SR10
- International transaction fees: Capped at 2% of the transaction amount
- International cash withdrawals (excluding GCC NET): Capped at 3% of the transaction value, with a maximum of SR25
- Invalid objections to transactions or account statements: Capped at SR15
SAMA clarified that these fees do not include delivery costs, and customers can collect cards from bank branches without additional charges.
Cheaper checks and standing orders
Several other banking services have seen significant reductions:
- Issuance of a bank check: Reduced from SR10 to SR5
- Copy of a check older than one year: Reduced from SR20 to SR10
- Setting up a standing payment order at a branch: Reduced from SR15 to SR5
- Revocation of a standing payment order: No charge
These changes make everyday banking tasks more affordable and straightforward for customers.
Low-cost electronic transfers
The guide also standardizes fees for domestic electronic transfers through bank accounts and digital wallets:
- Transfers up to SR2,500: SR0.5
- Transfers between SR2,500 and SR20,000: SR1
This standardization encourages the use of digital transfers and reduces the cost barrier for small and medium transactions.
Free and reduced-cost account documents
SAMA has also removed or lowered charges for various account-related documents:
- First issuance of a debt confirmation or debt transfer certificate: No charge
- Account statements for less than one year: No charge
- Account statements older than one year:
- SR15 if requested at a branch
- No charge if requested electronically
This aligns with SAMA’s push to make information more accessible and reduce unnecessary fees.
Implementation and outlook
Financial institutions have 60 days to align their systems and disclosures with the new guide. The full guide is available on SAMA’s Rulebook via its official website.Overall, the updated fee structure reflects SAMA’s ongoing efforts to protect consumers, improve sector efficiency, and accelerate the adoption of digital financial services. By introducing these changes, the Kingdom reinforces confidence in its financial system while making banking more transparent and affordable for everyone. Go to Source
