Saudi inter-bank money transfer within 24 hours in the offing

At present, the cutoff time for transferring money from one bank to another is 3 p.m1; official

  
A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

REUTERS/Faisal Al Nasser
 

RIYADH — Fahd Al-Akeel, executive director of Saudi Payments, a subsidiary of the Saudi Arabian Monetary Authority (SAMA), confirmed that the system for instant financial transfers between local banks within 24 hours will be implemented before the end of this year.

Speaking to Al-Ekhbaria, he said: “Before the end of the year, we will introduce the system of instant transfers to process transactions, and it will be within 24 hours. At present, the cutoff time for transferring money from one bank to another is 3 p.m. Any transfer made after the cutoff time is executed the next day,” he added.

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