Tag: Saudi Instant Money

5 Features of Instant Payment System in Kingdom
Saudi Arabia

5 Features of Instant Payment System in Kingdom

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 SystemSarie 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 ...
Sarie Instant Payment System Launches by Saudi Central Bank
Saudi Arabia

Sarie Instant Payment System Launches by Saudi Central Bank

The Saudi Central Bank (SAMA) on Saturday launched Instant Payment System in Saudi Arabia “SARIE”.Also Read: 7 Mobile Apps Everyone Must Have in Saudi ArabiaSaudi Central Bank Launched the Instant Payment SystemSarie allows banking clients to send and receive low-value local transactions 24 hours for a low fee, not exceeding one riyal.Additionally, the system also offers transfers using the mobile number as an identifier instead of the IBAN for transactions between banks and verifying the recipient’s bank account’s validity before completing the transaction.Most Trending: How to Apply Family Visit Visa Online in Saudi Arabia in 2021?Furthermore, any financial transaction of less than SR 20,000 will be instantly credited to the recipient’s account by the system....
Instant Money Transfers between Banks in Saudi Arabia
Saudi Arabia

Instant Money Transfers between Banks in Saudi Arabia

Instant payment system interbank launch on Sunday, 21st February 2021, the Central Bank of Saudi Arabia will launch the quick money transfer system, which will enable financial institutions, companies, and individuals to complete transfers between different banks instantly, 24 hours a day, seven days a week.Also Read: 7 Mobile Apps Everyone Must Have in Saudi ArabiaInterbank Faster Money Transfers in Saudi ArabiaThe bank affirmed that the system developed by “Saudi Payments”, once activated, will enable beneficiaries to implement immediate financial transfers between accounts in local banks, with less fees than the current system of interbank transfers.Also Read: Saudization in Restaurants, Malls and Education ProfessionsThey noted that the system will work seamle...