Contract Financing
Contract Finance from Riyad Bank also known as Invoice Discounting, unlocks lump sums of cash that are invoiced and are due to be paid to you. The feature is designed to provide short term finance for businesses in order to undertake and complete works, prior to actually being paid for these services.
Riyad Bank will loan a percentage of the invoice value and can also issue a Guarantee or Letter of Credit to a supplier once you have entered a Contract Finance agreement. As part of the agreement the invoice issuer will provide assurances, that on the completion of the contract the invoice will be paid directly to the bank.
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All business and corporate customers are eligible under the following conditions:
- Invoices have to be drawn on a reputable private or public sector company or Government agency
- The business or corporation must have a proven track record of performance with these services
Existing Riyad Bank customers can apply through the Relationship Manager.
New customers can apply through the nearest Riyad Bank Corporate Branch.
The financing cost varies according to the nature and duration of the contract / funded project.
- Mada transactions : if the TXN < S..R 100 the fee will be 0.70%, If the TXN >= S..R 100 the fee will be 0.80 % Cap S..R 160.
- Visa , MasterCard , UPI transactions : 2.50%
- GCCNet transactions : 1.50% Cap S..R 80
- Card fees = 100 SR
- Service monthly fee = 50 SR
- Reissue of PIN = 15 SR
- Set up fees = 10000 SR
- Monthly Maintenance fees = 500 SR
- Fee per user = 100 SR
- Fee per transaction = 2 SR
- Visa/Mastercard Service Charge = 4.25%
- Refund Fee = 3 SR
- Charge Back Fee = Free of Charge
- Fail Transaction Fee = Free of Charge
- Card fees = 100 SR
- Service charges for each transfer:
- Riyad Bank Accounts = 0
- Local Bank Accounts = S..R 7
- Global Bank Accounts = S..R 80
- Services charges per MyPay card
- Recurring fees (Monthly) = 0
- Reissue of card = S..R 50
- Iqama verification fee
- Service setup fees = S..R 5000
- Service charges for each transfer:
- Local Bank Accounts = S..R 7
- Same Day fees = 7 SR
- Future day fees = 5 SR
- Local Bank Accounts = S..R 7
- Global Bank Accounts = S..R 80
- Card issue = S..R 1000
- Annual fee =S..R 300
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