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.

payment_icon

Instant transfer execution between banks in the kingdom.

safe_icon

Secure means to transfer funds.

internet_bank_icon

Available through SAIB internet Banking.

transf_icon

 Ability to execute transfers using alternative beneficiary identifiers (for amounts less than   2500) without the need to add and activate beneficiaries.

automated_trans_icon

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

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

ServiceFee
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.