SARIE Service

SARIE Service

SARIE Service

The features you need to know:

SARIE

SARIE is an electronic payment system that SAMA made available to the banks operating in KSA in order to process customers’ instructions to transfer funds in SAR in favor of accounts held with other local banks.

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:

  • Secure means to transfer funds the same day within SARIE cut-off timing.

  • Secure alternative to payments made by cash, cheques or bank drafts.

  • Automated money transfers using IBAN account numbers guaranteeing receipt of funds by the beneficiary.

  • Lower financial risks achieved by eliminating the need for carrying cash.

Please be aware of the following requirements:

Eligibility Criteria 

The service is restricted to customers maintaining their accounts with SAIB. The service is not provided to walk-in customers.

charges and minimum required balance 

  • The charge is SAR 25.00 per transfer for same day payment, if effected at the branch.
  • The charge is SAR 15.00 per transfer for payment on the following business day, if effected at the branch.
  • The charge is SAR 7.00 per transfer for same day payment, if effected in Internet banking..
  • The charge is SAR 5.00 per transfer for payment on the following business day, if effected in Internet banking.
  • Charges will be deducted as per customer’s classification .
  • Transfers will be effected if funds are available in the account.
  • The charges is SAR 20.00 To send cancelation/ amendment request to local bank via SWIFT messages.
  • The charges is SAR 20.00 To send Inquires to local bank via SWIFT messages.

Service Standards 

All instructions received and sent to Payments Unit by 15:00 PM shall be processed on the same day from Sunday to Thursday.

charges and minimum required balance 

  • The charge is SAR 25.00 per transfer for same day payment, if effected at the branch.
  • The charge is SAR 15.00 per transfer for payment on the following business day, if effected at the branch.
  • The charge is SAR 7.00 per transfer for same day payment, if effected in Internet banking..
  • The charge is SAR 5.00 per transfer for payment on the following business day, if effected in Internet banking.
  • Charges will be deducted as per customer’s classification .
  • Transfers will be effected if funds are available in the account.
  • The charges is SAR 20.00 To send cancelation/ amendment request to local bank via SWIFT messages.
  • The charges is SAR 20.00 To send Inquires to local bank via SWIFT messages.