A Saudi woman shows Saudi riyal banknotes at a money exchange shop, in Riyadh. Photo for illustrative purposes. Image Credit: Reuters

Abu Dhabi

Saudi Arabia’s Ministry of Commerce has addressed the problems facing companies and institutions in financial transfers outside the Kingdom, in cooperation with the Saudi Arabian Monetary Agency (SAMA), Saudi media reported.

SAMA said it allowed working hours of financial transfer centers affiliated to banks and all other exchanges be extended throughout the week, including Friday and Saturday between 7am until 5.30pm, according to the discretion of each bank, provided that the branch's hours are not less than the times specified in SAMA’s instructions, Al Watan newspaper reported.

Electronic channels

SAMA affirmed it will continue to work on developing electronic channels, especially applications for smart devices to enable customers to obtain all services related to electronic transfer, but within the framework of limiting the use of traditional transfer channels, and making use of electronic channels to make transfers such as self-service (kiosk), automated teller machines (ATMs), and smartphone applications.

The monetary agency confirmed that banks should continue to work with exemption from electronic banking services fees, which include exemption from transfer fees via electronic channels such as: self-service devices (kiosk), automated exchange, and applications of smart phones, as well as applying transfer fees outside the Kingdom through traditional channels (bank branches or transfer centers) at a minimum of 25 riyals, with commitment not to exceed the maximum fees mentioned in the bank tariff.