The Saudi Central Bank (SAMA) has issued a new Fees Guide for Financial Institutions’ Services, which will replace the current Banking Tariff once it comes into force, as part of efforts to strengthen consumer protection and transparency across the financial sector.
SAMA said the guide is intended to ensure that customers can access financial services and products at reasonable and fair fees, while improving disclosure standards and reinforcing confidence in the Kingdom’s financial system. The move also supports digital transformation by encouraging greater use of electronic service channels.
Under the new guide, several maximum fees charged to customers have been reduced. These include administrative fees for certain financing products, charges for reissuing mada cards, fees for international purchase and cash withdrawal transactions, and costs associated with financial transfers from bank accounts and electronic wallets.
The central bank noted that the updated framework enhances customer protection by providing clearer guidance on permissible fees and by limiting excessive charges, while also promoting broader financial inclusion.
The Fees Guide applies to all financial institutions subject to SAMA’s supervision and regulation, including payment companies offering a wide range of financial services. It represents the first edition of its kind in terms of the breadth of financial institutions covered, and the third edition for the banking sector specifically.
SAMA said the guide forms part of its wider supervisory and regulatory mandate and reflects its continued efforts to modernise the financial sector in line with evolving market practices.
The Fees Guide for Financial Institutions’ Services is available through SAMA’s Rulebook on the central bank’s website.
Follow us on
