If you’ve been side-eyeing random bank charges, here’s some good news.
Starting Friday, February 20, reduced banking service fees officially take effect in Saudi Arabia. The updated Financial Institutions Services Tariff Guide, introduced by the Saudi Central Bank (SAMA), replaces the old banking tariff — and yes, it comes with fee cuts and stricter limits.
What’s Changing?
The new guide sets maximum caps on fees across banking, financing, and payment services. That means banks and payment companies under SAMA’s supervision cannot charge more than the approved limits for basic services.
The move is part of a bigger push for transparency, fair pricing, and stronger consumer protection — with a clear focus on digital services.
Important note: the listed maximum fees do not include VAT where applicable.
Lower Fees on Everyday Services
Several commonly used services now come with reduced maximum charges, including:
Administrative fees for certain financing products
Reissuing Mada cards
International purchases and cash withdrawals
Transfers from bank accounts and e-wallets
Using Mada cards at GCC point-of-sale terminals
It’s essentially a reset on how much banks can charge for everyday transactions.
More Transparency, Less Surprise Charges
Under the new rules, financial institutions must clearly disclose all fees before providing a service. They also need to get customer consent in advance and immediately notify customers via SMS once a fee is deducted.
Banks are also not allowed to charge fees simply for having — or not having — funds in an account or e-wallet. And they can’t pass on extra third-party costs after a product or service is already delivered.
Why This Matters
SAMA says the updated guide supports financial inclusion and encourages more people to use digital banking channels — all while keeping pricing regulated and reasonable.
For customers, it means fewer grey areas, more clarity, and hopefully, fewer “Wait, what is this charge?” moments.
This article was posted on saudimoments
