Working hours of the money transfer centers affiliated with banks
| No: 381000098190 | Date(g): 12/6/2017 | Date(h): 18/9/1438 |
Translated Document
Effective from 2017-06-12 - Jun 11 2017
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Referring to paragraph (4) of the first edition of the "Guide to Rules Governing Banks’ Remittance Centers" which included the approval of Friday as an official weekly holiday for all remittance centers, as communicated in SAMA Circular No. 381000063572 dated 14/06/1438 H.
Taking into account the study conducted by SAMA regarding the percentage of operations that were carried out on Fridays in previous years, and with the desire to gradually apply the instructions, and considering the public interest in not incentivizing shadow markets, if any bank wishes to exempt some branches of remittance centers to operate on Fridays for a year, it may submit a request to SAMA for non-objection, including the names of the branches, their locations, and the required working hours, provided that they are in accordance with the Guide to Rules Governing Banks’ Remittance Centers, and the request does not exceed 20% of the total number of branches of the bank's remittance centers.*
* Under SAMA Circulars No. 2304/41 dated 09/09/1439 H and No. 49029/67 dated 05/08/1440 H, extending the exception for bank transfer centers to operate on Fridays has been extended for two years, provided that it aligns with the approved working hours regulations mentioned above. A request for non-objection can be submitted to SAMA, including the names of the branches, their locations, and the required working hours, and the request should not exceed 10% of the total number of branches of the bank's remittance centers.