In order to send a SWIFT payment to SAUDI ARABIA it is highly recommended to meet the following recommendations:
When sending payments to Saudi Arabia, the remitter should obtain all necessary bank information from the beneficiary, including the SWIFT BIC, IBAN, and beneficiary bank address. Payments utilize Saudi Arabia's Real Time Gross Settlement system, SARIE, which processes high- and low-value transfers.
- Ensure that the ordering customer's account number, full name, and full address are included in payment instructions. For the beneficiary, include the IBAN, full name, and address, along with their national identification/residence permit number (for individuals) or tax ID/business identification number (for corporations). Use of initials can delay funds receipt.
- Intermediary Bank (SWIFT MT103 F56): If an intermediary bank is used, include the intermediary bank's SWIFT BIC in Field 56.
- Beneficiary Bank (SWIFT MT103 F57): Provide the SWIFT BIC with branch identifier (if required), full name, and address of the beneficiary bank. The SWIFT BIC consists of 8 or 11 alphanumeric characters, in the format xxxxSAxx or xxxxSAxxxxx.
- When sending a payment message to the Saudi Arabian Monetary Authority (SAMA), ensure the correct transaction and branch codes are included in the account number line of Field 57 to route the payment to the appropriate branch within SAMA.
- Reason for Payment (SWIFT MT103 F70): The purpose of the payment is mandatory and must be clearly identified (e.g., rent, salary, medical expenses, office expenses).
- Note: The local market in Saudi Arabia is closed on Fridays.
- P2P payments are not permitted.
Further information can be found at the Saudi Central Bank website: www.sama.gov.sa.
For the following financial institutions in SAUDI ARABIA you can find a list of their correspondent banks with the currencies and nostro accounts. Also you will find an instructions how to track the payments and other useful information which will help you to send/receive a SWIFT funds transfer or investigate a status of existing payment.