Saudi banks can cut, cancel banking service fees: Talaat Hafez

Banks in Saudi Arabia have the right to reduce or waive off service fees according to their internal bylaws, Al-Madina newspaper reported on Tuesday, citing Talaat Hafez, secretary-general of the Media and Banking Awareness Committee of Saudi Banks.

The banking fees imposed by the Saudi Arabian Monetary Authority (SAMA), the Kingdom’s central bank, represent the maximum limit, Hafez said. 

The 3 percent fees, stated in the Kingdom’s bank tariff guidelines, are related to credit card cash withdrawals for amounts exceeding SAR 5,000.

Fees for credit card cash withdrawals were set at SAR 75 for amounts less than SAR 5,000 and SAR 300 for amounts more than SAR 5,000.

Meanwhile, ATM cash withdrawals through the Mada network will still be free, Hafez said.