VAT: Bank Transaction Fees Effective January 1, 2018

SAMA instructed all Saudi Banks, prepare to collect VAT from January 01, 2018.

Customers will have to pay the following charges from next month

Customers will have to pay SR3.15 in tax for inquiring balances in a bank account maintained in any of the Gulf countries. For balance inquiries through ATMs, the tax is SR3.67 and sending money to a local bank account through express transfer will be taxed SR5.25. Same-day express transfer entails a tax of SR7.35.

Customers will have to pay an SR10.5 tax for activating an automatic payroll, issuing an additional chequebook of 25 leaves, canceling a check, demanding to disclose the date of a check issued within the same year and withdrawing money from ATMs in the Gulf countries.

Enquiring years ago issued cheque will cost SR21.

Quickpay / Tahweel Al Rajhi and other international remittance fees will increase 5%. (SR18 will become 18.90)

SR31.5 VAT for inquiring the balance in an account that was open within one year to five years, issuing an additional ATM card and reissuing a lost ATM card. The VAT for balance inquiry in an account older than five years from a branch of the bank and transfer of money to external account electronically will be SR52.5.

SR78.75 on money transfer to an external account through a branch and for making purchases of SR5,000 or less using credit cards.