How to transfer funds between Saudi local bank accounts
Saudi Local Bank Transfer – Fees and Procedures
Here’s how to make an online transfer between local Saudi banks. Transfers between the same bank accounts are simple and free. All that is required is an account number. However, when transferring funds between two different banks in Saudi Arabia, the steps below must be followed.
To begin, you must have the following information about the beneficiary account in order to transfer funds between banks:
- Beneficiary Account Name
- Beneficiary Account Number
- Beneficiary Bank
- Beneficiary IBAN Number
If you don’t know the IBAN number, click here to check the IBAN number.
Add Beneficiary Account
The beneficiary account can be added online. After adding a beneficiary account, activation is required. Activation can be done via an OTP sent to the registered mobile number by dialing an IVR or by visiting an ATM.
Once successfully added, you can transfer money from the mobile app, online banking, or through the ATM.
Saudi Local Bank Transfer Timing
Transfers between the two banks are only available during regular business hours. Transfers available Sunday through Thursday from 10 a.m. to 3 p.m. Transfers made after business hours will be credited the following business day.
Saudi Local Bank Transfer Fees
Online / ATM: The fee for same-day transfers is SR 7.35, and the fee for next-day transfers is SR 5.25.
Through Branches: SR 26.25