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Payment Instructions

General instructions for international payments to banks in SAUDI ARABIA:

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.

IBAN: Yes, IBAN is used in Saudi Arabia. The structure is SA followed by a 2-digit check number, a 2-digit national identifier, and an 18-character account number, totaling 24 characters: SA2!n2!n18!c. Example: SA98 7654 3219 1234 5678 9123.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of MOHAMED YOUSUF NAGHI MOTORS COMPANY, LLC for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from MOHAMED YOUSUF NAGHI MOTORS COMPANY, LLC, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.