SWIFT is an electronic payment system made available to the banks operating globally in order to process customers’ instructions to transfer funds in various foreign currencies in favor of accounts held with other banks worldwide.
This service allows a customer to transfer funds in foreign currencies between accounts opened in banks in a secure environment.
Some of its benefits are:
Lower financial risks achieved by eliminating the need for carrying cash.
Automated money transfers using IBAN account numbers and banks' Swift Codes guaranteeing speedy receipt of funds by the beneficiary.
The service is restricted to customers maintaining their accounts with SAIB. The service is not provided to walk-in customers.
- Teller will receive customer instructions verbally and obtain the client signature after input the instruction in the system.
- Also, the customer may present written instructions by using SAIB's Transfer/Draft Application standard form.
- SWIFT instructions can be made via Bank Electronic channels provided that the customer has registered for the service and agreed on the financial limits by signing the "Enrollment Details" form at the Branch
All instructions received and sent to the Payments Department by 14:30 PM shall be processed the same day receive (with two business days value).
charges and minimum required balance
- SAR 75.00 SWIFT charges for personal banking customers (individual) if effected at the branch.
- SAR 140.00 SWIFT charges for Business Customer - Personal Banking (non-individual) if effected at the branch.
- For Corporate customers SAR 115.00 handling charge + SAR10.00 - 50.00 fees (1 per thousand, min 10.00 & max 50).
- Schedule will be followed based on customer segmentation.
- SWIFT transfers done through internet banking will be only SAR 50.00 for Personal Banking Customers and Business Customer.