The Instant Payment System "sarie" is owned by the Saudi Central Bank (SAMA). The system is designed to facilitate the process of low-value fund transfers between local banks and speed up the transfer of low-value funds, enabling instant, 24/7, year-round execution. sarie offers additional features to enhance user convenience, such as using aliases for IBAN (such as mobile number, national ID number, Iqama, or email) to transfer funds up to 2500 without needing to add or activate a customer.
Features and Benefits
This service allows a customer to transfer funds in Saudi Riyals between accounts opened in local banks in a secure environment. Some of its benefits are:
- Instant transfer execution between banks in the kingdom
- Secure means to transfer funds
- Available through SAIB internet Banking
- Automated money transfers using IBAN account numbers guaranteeing receipt of funds by the beneficiary.
- Ability to execute transfers using alternative beneficiary identifiers (for amounts less than 2500) without the need to add and activate beneficiaries
Eligibility Criteria
- An active current account in the Saudi Investment Bank is required to use the service.
- Registration requires agreeing to share some personal data with the Saudi Payments Company (SARIE).
- To receive transfers up to 2500, a one-time personal identifier set up is required.
- The Bank of the beneficiary must be among the Banks registered in IPS services
Account Verification
This service allows customers to verify beneficiary name and bank before verification for both quick transfers IPS and add/activate new beneficiary services by entering the international Bank Account Number (IBAN). This services is only available to banks registered in IPS services
Account Finder Service
This service allows customer to inquire about active accounts linked to national ID or Iqama in all the banks participated in SARIE services only.
Fees
| Service | Fee |
|---|---|
| Same day transfer through the branch | 25 per transfer |
| Next business day transfer through the branch | 15 per transfer |
| Same day transfer through the Internet Banking/Mobile App | 7 per transfer |
| Next business day transfer through the Internet Banking/Mobile App | 5 per transfer |
| Cancelation or amendment request to local bank via SWIFT messages | 20 |
| Inquiry request to local bank via SWIFT messages | 20 |
| Electronic transfer through instant payment system | 0.5 for 500 or less |
| 1 for more than 500 | |
| Branch transfer through instant payment system | 5 for 500 or less |
| 10 for more than 500 |
* Charges will be deducted as per customer’s classification.
* Transfers will be subject to funds being available in the account.
