The Saudi Central Bank (SAMA) announced the issuance of the “Fees Guide for Financial Institutions’ Services,”which will replace the currently applicable Banking Tariff once it enters into force.
The updated guide introduces lower fee caps on several essential banking services, aiming to enhance affordability, transparency, and customer protection.
Under administrative fees, the maximum charge for non-real estate finance products has been reduced from 1% or SAR 5,000 to 0.5% or SAR 2,500, whichever is lower.
For Mada card services, the re-issuance fee for lost or damaged cards, or PIN errors (up to three times), has been reduced from SAR 30 to SAR 10.
The fee for issuing an additional Mada card, previously unspecified, is now capped at SAR 10, providing clarity and consistency.
International transaction fees using Mada cards, which were not previously specified, are now capped at 2% of the transaction amount.
For international cash withdrawals using Mada cards, the previous flat fee of SAR 25 has been replaced with a cap of up to 3% of the transaction value, with a maximum of SAR 25.
An invalid objection to transactions or account statements, previously undefined, is now capped at SAR 15.
In cheque services, the cost of issuing an additional cheque book (25 cheques), issuing a bank cheque, cancelling a bank cheque, or requesting a copy of a cheque dated less than one year has been reduced from SAR 10 to SAR 5.
Requesting a copy of a cheque dated more than one year old has been reduced from SAR 20 to SAR 10.
For transfers, setting up a standing payment order at a branch now costs SAR 5, down from SAR 15, while cancelling a standing order is now free.
Domestic electronic transfers within Saudi Arabia for amounts up to SAR 2,500 are now charged SAR 0.5, compared to the previous tiered structure starting at SAR 0.5 for amounts up to SAR 500.
Transfers exceeding SAR 2,500 and up to SAR 20,000 remain capped at SAR 1, maintaining stability for mid-value transactions.
In document services, issuing a debt confirmation or debt transfer certificate remains free, with no change from the previous policy.
Issuing an account statement for less than one year, which previously cost SAR 25, is now free of charge.
For account statements exceeding one year, fees have been reduced to SAR 15 when requested at a branch, while electronic requests are now free, compared to earlier fees of up to SAR 50.
SAMA confirmed that financial institutions must not exceed the maximum fee limits set out in the guide, and that all listed fees are exclusive of VAT where applicable.
The new Fees Guide is expected to enter into force within 60 days of publication, supporting financial inclusion and encouraging greater use of digital banking channels.