The Instant Payment Service “sarie” is a new service to facilitate money transfers below SAR 20,000 which allows Riyad Bank customers to transfer locally between participating banks around the clock. Additionally, customers are able to transfer money using alternative identifiers such as (Mobile number, Email, National ID, Iqama) with all ease.
Instant Transfers to local banks
Transferring money 24 hours 7 days a week
Using alternative identifiers for transfer, such as (mobile number, the national ID number/Iqama or Email)
Transfer without adding or activating a beneficiary in the quick transfers limit
sarie transfers limit:
The Users can make Instant Transfers either to saved list of beneficiaries or transfers without the need to create and activate beneficiaries; i.e. transfers can perform by entering beneficiaries IBAN number or a proxy identifier such as Saudi National ID/Iqama number, Mobile Number or the email ID.
An explicit consent from customers are required through channels in order to activate and use proxy transfer services. Whilst the Customers will also have the option in digital channels to opt out of proxy transfer services at any time.
Instant Transfer limits through saved or added Beneficiary: The maximum limit for instant transfers to saved or added beneficiary is SAR 20,000, the transactions above this limit will be processed through normal local bank transfer method without any change.
Limits for Quick Transfers using IBAN or Alias: The Users will have utility to make quick transfers by entering the Beneficiary’s IBAN or Alias and without the need to create and activate beneficiary beforehand. The maximum transfer limit for this service is SAR 2500 and it is configurable for Users to set the desired limit within the maximum range, by default the limit will remain as zero.
Is transferring to alternative identifiers requires adding and activating beneficiary?
|Limit in (SAR)
||Add a beneficiary
|From 0 to 2,500
|From 2,500 to 20,000
||YES, add and activate
What are the fees when using Instant Payments Service “sarie”?
|Limit in (SAR)
||CHARGING FEES IN (SAR, EXCLUDING VAT)
|From 0 to 500
|From 500 to 20,000