Saudi News

Saudi Centeral Bank Impliment Ristrictions on Add New Beneficiares and Transfer Money

Many bank customers in the Kingdom of Saudi Arabia have fallen for financial fraud, especially after the spread of electronic payment methods, as some customers were surprised of withdrawn of money from their bank accounts, making purchases from unknown sites, which leads the Saudi Central Bank (SAMA) to take a new measures in order to protect its customers from financial fraud.

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1 — Suspension of opening new bank accounts for customers through online platforms until further notice.

2 — Non-Saudi customers will no longer be able to add money transfer beneficiaries online. Instead they have to do it in person.

3 — Transit time for domestic transfers will be 2 hours while it will be 24 hours for international transfers.

4 — Customers can request to raise the maximum daily transfer limit from the bank, as well as take all necessary measures to reduce the commission of crimes and financial fraud.

5 — The maximum daily transfer amount for all accounts of individuals and institutions is limited to 60,000 riyals online.

Saudi Banks need to warn customers and the necessity of caution in case of these fraudulent operations, highlighting not to divulge and neglect any bank or personal data, and to deal with data of secret number and verification codes with caution.

Ensure the level of trust and security of websites before making any transfers or purchases through various platforms.