Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) has issued a new Fees Guide for Financial Institutions’ Services, introducing broad reductions and caps on customer fees across banking and payment services, as part of its regulatory role to enhance transparency and consumer protection.

The new guide will replace the current Banking Tariff once it comes into force, and will apply to all financial institutions under SAMA’s supervision, including banks and payment companies. The updated fees are set to take effect within 60 days from the date of publication.

Focus on fairness, transparency, and digital services

SAMA said the updated guide aims to promote reasonable and fair pricing, strengthen disclosure and transparency, and support financial inclusion by enabling wider access to financial services at regulated cost levels. The guide also encourages the use of electronic channels, aligning with ongoing digital transformation across the sector.

The new issuance represents the first edition of the fees guide covering financial institutions broadly, and the third edition applicable to the banking sector.

Lower administrative fees on financing products

Under the updated guide, maximum administrative fees for non-real estate finance products, including consumer finance and motor finance leasing, have been reduced.

• Previous cap: 1% of the finance amount or SR5000, whichever is less

• New cap: 0.5% or SR2,500, whichever is less

Reduced Mada card and transaction fees

The guide introduces lower and newly specified fees for Mada card services, including:

• Re-issuance of Mada cards (lost, damaged, or after three invalid passwords): reduced from SR30 to SR10

• International transaction fees: Capped at 2% of the transaction amount

• International cash withdrawals using Mada cards (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 noted that Mada card fees do not include delivery costs, and customers may collect cards from bank branches without additional charges.

Cheaper check and standing order services

Several fees related to checks and payment instructions have also been reduced:

• Issuance of a bank check: Reduced from SR10 to SR5

• Copy of a check dated more 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

Low-cost electronic transfers

The guide standardizes fees for electronic transfers within the Kingdom through bank accounts and electronic wallets:

• SR0.5 for transfers up to SR2500

• SR1 for transfers exceeding SR2500 and up to SR20,000

Free and reduced-cost account documents

The updated guide removes or lowers fees for several customer documents:

• First issuance of a debt confirmation or debt transfer certificate: No charge

• Account statements for less than one year: No charge

• Account statements for more than one year:

• SR15 when requested at a branch

• No charge when requested electronically

Implementation timeline

SAMA said the updated fees framework will come into effect within 60 days, giving financial institutions time to align their systems and disclosures with the new requirements. The full guide is available through SAMA’s Rulebook on its official website.

The new fees structure reflects SAMA’s continued efforts to balance consumer protection, sector efficiency, and digital adoption, while reinforcing confidence in Saudi Arabia’s financial system.