Transferring Funds Between Saudi Local Bank Accounts

Learn how to transfer funds between Saudi local bank accounts using online banking, mobile apps, ATMs, and services like STC Pay and Urpay..

Transferring funds between two local bank accounts in Saudi Arabia can typically be done through several methods, including online banking, mobile banking apps, ATM machines, or physically visiting a bank branch. The exact process may vary slightly depending on the banks involved, but here is a general overview of how you can do it through online banking, which is one of the most convenient methods:

Transfer Between Same Bank

Transferring funds between accounts within the same bank in Saudi Arabia is quick and typically incurs no charges. If transferring online and for amounts above the quick transfer limits, you need to add and activate a beneficiary. Additionally, you have the option to deposit money at ATMs into other accounts within the same bank.

Read: How to Pay Your Bills at ATMs Without a Card or Bank Account

Online Banking

Log In to Your Online Banking Account: Use your credentials to access your online banking account through the bank’s website or mobile app.
Navigate to the Funds Transfer Section: Look for an option labeled something like “Transfer,” “Funds Transfer,” “Payments and Transfers,” or similar.
Add Beneficiary (If Needed): If you haven’t already added the recipient’s account as a beneficiary, you will need to do so. This typically requires the beneficiary’s account number with IBAN, name, and sometimes their bank’s name. Banks also require you to verify the new beneficiary, which might involve waiting for a verification code via SMS or a call from the bank.
Enter Transfer Details: Once the beneficiary is added and verified, select them as the recipient for your transfer. Enter the amount you wish to transfer and any other required details, such as the transfer reason.
Review and Confirm: Double-check all the details you’ve entered to ensure they are correct. Mistakes in account numbers or names can lead to funds being transferred to the wrong account.
Authorization: Confirm the transaction. You may need to authorize it using a one-time password (OTP) sent to your registered mobile phone or email, or through other security measures set by your bank.
Receive Confirmation: After successfully completing the transfer, you should receive a confirmation message or email with the transaction details. Keep this information for your records.

Read: How to Open a New Account with Al Rajhi Bank Online

Mobile Banking App

The process for mobile banking apps is very similar to online banking. You log in to your account on the app, go to the transfer section, and follow similar steps to complete the transfer.

ATMs and Bank Branches

ATMs: Some ATMs allow for fund transfers between accounts of the same bank or even between different banks. The process involves inserting your card, entering your PIN, selecting the transfer option, and following the prompts.
Bank Branches: You can visit a branch of your bank, fill out a funds transfer form with the necessary details, and submit it to a bank teller who will process the transaction for you.

App-Based Transfer Services

You can also make local bank transfers using third-party apps like STC Pay and Urpay. These platforms offer a convenient way to transfer money into local bank accounts, often integrating additional features like bill payments and international transfers. The use of such apps is becoming increasingly popular due to their ease of use and the flexibility they offer for managing financial transactions on the go.

Important Tips

Fees: There are fees associated with local bank transfers, and these may vary from bank to bank. For example, Al Rajhi Bank charges SAR 7 for same-day electronic transfers. For transfers conducted through branches, the fee is SAR 25 for same-day service and SAR 15 for next-day service.
Transfer Limits: Generally, you can transfer up to SAR 2,500 without adding a beneficiary through the QuickPay service. However, if you wish to transfer more, you will need to add a beneficiary to your account and activate it.
Working Hours: Some transfers may be processed instantly, while others could take up to the next working day, depending on the option you choose.

It’s always a good idea to check with your bank for the most accurate and up-to-date information regarding fund transfers, as procedures and requirements can change.