SAMA removes restrictions on 5 banking services

Saudi Central Bank (SAMA) has removed 5 restrictions imposed on individual bank accounts last week to combat financial fraud. As per the new circular;

  • The online account opening is reinstated.
  • Non-Saudis are allowed to add international beneficiaries online.
  • The local transfer limit has been set from SR 60,000 to the previous limit.
  • The local transfer would be done immediately.
  • There is no minimum time limit for international transfers.

In other words, now everything is back to normal as it used to be before the issuance of the SAMA circular imposing restrictions on individual bank accounts.

Source: Saudi Central Bank

Al Rajhi Bank Tweet

On April 08, 2022 Al Rajhi bank tweeted the following picture on its Twitter page which was removed a few hours later. It contained all the restrictions imposed by SAMA on individual bank accounts.

SAMA restricts 5 banking services for expats

Source: Saudi Central Bank

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Steve has vast experience in writing about Saudi rules, regulations, guides, and procedures.