Remittance services are among the most important services provided by the banking sector in the Kingdom. This service is provided through banks’ remittance centers and licensed remittance companies.

In light of the growing numbers and amounts of transfer transactions and the noticeable increase in the numbers of remittance centers and their branches in the Kingdom, they face various challenges—particularly in technical, operational and procedural aspects—in order to be able to interact professionally with developments in local and international legislations, regulations and rules related to money transfer procedures.

In order for remittance centers to be able to maintain their competitive capabilities, achieve maximum customer satisfaction and provide distinctive services, these centers need modern development strategies through a clear vision; application of a well thought-out methodology; and utilization of modern banking technologies in this field.

In an effort to advance and elevate this sector to a more developed, competitive and organized environment, SAMA has developed the Guide to Rules Governing Banks’ Remittance Centers which includes a set of objectives, regulations, and various developmental features.

Subsequently, this Guide will be developed in line with developmental and organizational changes and procedures.