The Saudi Central Bank (SAMA) has launched the “Sarie” Instant Payment System where the money across various banks will be transferred immediately.
Five Key Features of Sarie System
- Sarie services will allow the bank customers to send and receive local transactions up to SAR 20,000 around the clock instantly (even after the bank working hours).
- The transfer fee for the instant transfer would be SAR 1 + VAT. It is way cheaper than the current rates of interbank transfers.
- The Sarie system would allow the sender to verify the identity of the beneficiary before making the transfer. As before, this system is not available for interbank transfers.
- The Sarie will allow the transfer of money with the Iqama Number, Phone number, or Email address. There would be no need for the IBAN or the account number for the transfer up to SAR 20,000.
- Sarie also offers the quick transfer service, which allows payments of amounts less than SR 2,500 without adding and activating the beneficiary. As before, all transfers require beneficiary activation.